Brevan Howard Capital Management LP Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$9.2B

Holdings

1,644

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (1,644 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	IBITISHARES BITCOIN TRUST ETF	18,607,558	$922.0M	10.07%	Put
2	LQDISHARES TR	5,915,000	$650.0M	7.10%	Put
3	NVDANVIDIA CORPORATION	2,603,652	$482.0M	5.26%	Put
4	FTKIFIRST TR EXCHANGE TRADED FD	57,081,120	$450.0M	4.91%
5	HYGISHARES TR	4,903,200	$394.0M	4.30%	Put
6	PDDPDD HOLDINGS INC	197,000	$357.0M	3.90%	Put
7	NDQINVESCO QQQ TR	400,000	$244.0M	2.66%	Call
8	TLTISHARES TR	2,160,000	$187.0M	2.04%	Put
9	BABAALIBABA GROUP HLDG LTD	1,240,550	$178.0M	1.94%	Put
10	GOOGLALPHABET INC	549,884	$171.0M	1.87%
11	BACBANK AMERICA CORP	3,062,959	$167.0M	1.82%	Call
12	GOOGALPHABET INC	480,053	$149.0M	1.63%
13	IVVISHARES TR	162,970	$112.0M	1.22%
14	WMTWALMART INC	975,623	$108.0M	1.18%	Call
15	XLUSELECT SECTOR SPDR TR	1,920,000	$81.0M	0.88%	Put
16	BIDUNBAIDU INC	613,003	$77.0M	0.84%	Put
17	ORCLORACLE CORP	402,175	$77.0M	0.84%	Call
18	AAPLAPPLE INC	274,033	$73.0M	0.80%
19	AVGOBROADCOM INC	211,631	$73.0M	0.80%
20	XHBSPDR SERIES TRUST	660,000	$67.0M	0.73%	Call
21	BBARRICK MNG CORP	1,499,501	$65.0M	0.71%
22	TSLATESLA INC	147,564	$65.0M	0.71%	Put
23	AGNCAGNC INVT CORP	5,549,356	$59.0M	0.64%	Put
24	ASHRDBX ETF TR	1,606,857	$52.0M	0.57%	Call
25	XLBSELECT SECTOR SPDR TR	1,000,000	$44.0M	0.48%	Put
26	BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD	28,500,000	$44.0M	0.48%
27	W3UWESTERN UN CO	4,732,955	$42.0M	0.46%	Call
28	NEMNEWMONT CORP	404,407	$40.0M	0.44%
29	LLYELI LILLY & CO	38,562	$40.0M	0.44%	Call
30	TRVCCITIGROUP INC	348,099	$40.0M	0.44%	Call
31	SPOT 0 03/15/26SPOT 0 03/26	33,000,000	$37.0M	0.40%
32	SNOWSNOWFLAKE INC	174,765	$36.0M	0.39%	Put
33	JPMJPMORGAN CHASE & CO.	111,236	$35.0M	0.38%
34	COHRCOHERENT CORP	184,303	$33.0M	0.36%
35	F 0 03/15/26F 0 03/26	30,000,000	$31.0M	0.34%
36	IWMISHARES TR	132,000	$31.0M	0.34%	Put
37	CMCSACOMCAST CORP NEW	1,043,013	$30.0M	0.33%	Call
38	CMECME GROUP INC	111,950	$30.0M	0.33%
39	EVRG 4.5 12/15/27EVRG 4.5 12/27	25,000,000	$30.0M	0.33%
40	XOMEXXON MOBIL CORP	258,617	$28.0M	0.31%	Put
41	SNDKSANDISK CORP	123,362	$28.0M	0.31%
42	XLKSELECT SECTOR SPDR TR	200,000	$28.0M	0.31%	Put
43	PNW 4.75 06/15/27PINNACLE WEST CAP CORP	22,500,000	$24.0M	0.26%
44	LITELUMENTUM HLDGS INC	67,356	$24.0M	0.26%
45	KBESPDR SERIES TRUST	400,000	$24.0M	0.26%	Call
46	AKAM 1.125 02/15/29AKAM 1.125 02/29	24,000,000	$23.0M	0.25%
47	DUK 4.125 04/15/26DUK 4.125 04/26	23,000,000	$23.0M	0.25%
48	GDXVANECK ETF TRUST	272,053	$23.0M	0.25%
49	AMZNAMAZON COM INC	97,543	$22.0M	0.24%
50	CNP 4.25 08/15/26CNP 4.25 08/26	20,000,000	$21.0M	0.23%
51	JBTM 0.25 05/15/26JBTM 0.25 05/26	20,000,000	$20.0M	0.22%
52	BABOEING CO	93,791	$20.0M	0.22%	Put
53	FYBRFRONTIER COMMUNICATIONS PARE	525,494	$20.0M	0.22%
54	EAELECTRONIC ARTS INC	102,000	$20.0M	0.22%
55	JAZZ 3.125 09/15/30JAZZ INVESTMENTS I LTD	15,000,000	$20.0M	0.22%
56	LNT 3.875 03/15/26LNT 3.875 03/26	20,000,000	$20.0M	0.22%
57	FE 4 05/01/26FE 4 05/26	20,000,000	$20.0M	0.22%
58	AMDADVANCED MICRO DEVICES INC	92,234	$19.0M	0.21%	Call
59	ANIP 2.25 09/01/29ANIP 2.25 09/29	15,000,000	$19.0M	0.21%
60	AAALCOA CORP	387,491	$19.0M	0.21%
61	BSXBOSTON SCIENTIFIC CORP	200,756	$18.0M	0.20%
62	JNJJOHNSON & JOHNSON	85,022	$17.0M	0.19%	Call
63	WEC 4.375 06/01/27WEC 4.375 06/27	15,000,000	$16.0M	0.17%
64	SLBSLB LIMITED	473,903	$16.0M	0.17%	Put
65	NSCNORFOLK SOUTHN CORP	58,018	$16.0M	0.17%
66	FCXFREEPORT-MCMORAN INC	325,799	$16.0M	0.17%	Call
67	TBBKBANCORP INC DEL	259,460	$16.0M	0.17%
68	SNOW 0 10/01/29SNOWFLAKE INC	10,000,000	$15.0M	0.16%
69	SFSTIFEL FINL CORP	130,145	$15.0M	0.16%
70	NFLXNETFLIX INC	172,561	$15.0M	0.16%	Call
71	CORZCORE SCIENTIFIC INC NEW	1,088,929	$15.0M	0.16%	Put
72	PAMPAMPA ENERGIA S A	165,940	$14.0M	0.15%
73	GILDGILEAD SCIENCES INC	114,639	$14.0M	0.15%
74	MRVLMARVELL TECHNOLOGY INC	164,807	$14.0M	0.15%
75	BMYBRISTOL-MYERS SQUIBB CO	276,233	$14.0M	0.15%
76	REGNREGENERON PHARMACEUTICALS	19,985	$14.0M	0.15%
77	—NIOCORP DEVS LTD	2,770,416	$14.0M	0.15%	Call
78	CCOCAMECO CORP	157,625	$13.0M	0.14%	Call
79	MRKMERCK & CO INC	124,146	$13.0M	0.14%
80	NOWSERVICENOW INC	81,760	$12.0M	0.13%
81	TSMTAIWAN SEMICONDUCTOR MFG LTD	40,871	$12.0M	0.13%
82	PCG 4.25 12/01/27PG&E CORP	12,500,000	$12.0M	0.13%
83	BIIBBIOGEN INC	71,017	$12.0M	0.13%
84	VISTVISTA ENERGY S.A.B. DE C.V.	250,045	$12.0M	0.13%
85	BBIOBRIDGEBIO PHARMA INC	173,523	$12.0M	0.13%
86	CCBCOASTAL FINL CORP WA	110,000	$12.0M	0.13%
87	PPTAPERPETUA RESOURCES CORP	492,200	$11.0M	0.12%
88	PGPROCTER AND GAMBLE CO	82,703	$11.0M	0.12%
89	KEYKEYCORP	561,580	$10.0M	0.11%
90	QTWO 0.75 06/01/26QTWO 0.75 06/26	10,000,000	$10.0M	0.11%
91	VRTVERTIV HOLDINGS CO	66,451	$10.0M	0.11%
92	ASNDASCENDIS PHARMA A/S	48,260	$10.0M	0.11%
93	WKC 3.25 07/01/28WKC 3.25 07/28	10,000,000	$10.0M	0.11%
94	NBISNEBIUS GROUP N.V.	127,025	$10.0M	0.11%	Call
95	SNDXSYNDAX PHARMACEUTICALS INC	515,129	$10.0M	0.11%
96	SO 4.5 06/15/27SOUTHERN CO	10,000,000	$10.0M	0.11%
97	SOFISOFI TECHNOLOGIES INC	383,874	$10.0M	0.11%
98	AFLAFLAC INC	93,951	$10.0M	0.11%
99	CWCURTISS WRIGHT CORP	20,000	$10.0M	0.11%
100	GSGOLDMAN SACHS GROUP INC	11,706	$10.0M	0.11%

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