Capula Management Ltd
CIK
1557017
Location
Grand Cayman, E9
Portfolio Value
Large
$11,876,855,543
Diversification
Diversified
Reports for
Capula Investment US LP
Capula Investment Management LLP
CAPULA INVESTMENT MANAGEMENT ASIA Ltd
Capula Investment Management Singapore Pte. Ltd
Capula Investment Management Switzerland Sarl
Capula Investment Management (ME) Ltd
Filing Date
Global Rank
#416
/ 8,517
▲ 116
Top Industry
Semiconductors
15.5%
3Y Alpha vs SPY
+0.8%
Period ended 47 days ago
Filed Aug 14, 2026 · 2d
26 quarters · since Mar 2020
Clone Performance
Aug 2023–Aug 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Not a measure of this manager's performance.
Most of Capula Management Ltd's reported book is option positions, which a stock-only clone
cannot replicate. The figures below are the return of the
61% that is ordinary stock — as little as
17% in one quarter — so a manager whose options
thesis lost money can still show a large gain here.
Cloned portfolio
+80.8%
SPY
+76.6%
Annualised alpha
+1.0%
Max drawdown
−21.0%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends; a captured split can shorten the simulated window. It tracks 61% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
299 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Top Position
31.6%
−27.5 pts
Top 5
49.2%
−25.3 pts
Top 10
62.4%
−17.0 pts
HHI
1,146
Diversified−2,422
Portfolio Trend
26 quarters · across all stocks
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 36.8% | $4,373,196,445 |
| Technology | 22.8% | $2,708,208,702 |
| Consumer Cyclical | 16.1% | $1,911,102,727 |
| Industrials | 7.5% | $891,806,256 |
| Communication Services | 3.6% | $426,586,634 |
| Financial Services | 3.5% | $414,228,458 |
| Consumer Defensive | 3.0% | $359,215,519 |
| Healthcare | 3.0% | $353,521,323 |
| Basic Materials | 2.1% | $246,218,069 |
| Utilities | 1.2% | $139,195,425 |
| Energy | 0.4% | $47,174,758 |
| Real Estate | 0.1% | $6,401,227 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| PPL | PPL Corp | +22,048,800 | 22,521,600 | $11,788,085 | |
| NOVT | Novanta Inc | +19,780,000 | 20,000,000 | $13,642,973 | |
| BABA | Alibaba Group Holding Ltd | +6,743,263 | 6,931,309 | $665,267,036 | |
| UBER | Uber Technologies, Inc | +4,386,605 | 4,424,088 | $319,242,189 | |
| WBD | Warner Bros. Discovery, Inc. | +4,145,281 | 5,477,200 | $146,022,152 | |
| PDD | PDD Holdings Inc. | +3,775,365 | 3,946,949 | $301,073,269 | |
| NKE | NIKE, Inc. | +3,170,885 | 3,200,767 | $131,391,485 | |
| WMT | Walmart Inc. | +2,426,772 | 2,514,080 | $284,744,699 | |
| PYPL | PayPal Holdings, Inc. | +2,358,035 | 2,364,121 | $102,082,744 | |
| MSTR | Strategy Inc | +1,985,926 | 2,009,082 | $174,649,497 | |
| BA | Boeing Co | +1,888,788 | 1,922,180 | $416,094,304 | |
| INTC | Intel Corp | +1,832,042 | 2,162,063 | $301,888,856 | |
| TALK | Talkspace, Inc. | +1,086,580 | 1,586,580 | $8,250,216 | |
| AES | Aes Corp | +991,372 | 3,502,352 | $51,344,480 | |
| KVUE | Kenvue Inc. | +820,075 | 3,067,547 | $58,620,822 | |
| QCOM | Qualcomm Inc/De | +783,941 | 844,774 | $156,105,787 | |
| CRDO | Credo Technology Group Holding Ltd | +666,860 | 704,933 | $191,706,528 | |
| AMGN | Amgen Inc | +597,803 | 600,264 | $217,367,599 | |
| UPS | United Parcel Service Inc | +597,387 | 601,784 | $64,691,780 | |
| WDC | Western Digital Corp | +559,515 | 561,315 | $358,523,116 | |
| CZR | Caesars Entertainment, Inc. | +497,000 | 545,500 | $16,463,190 | |
| AVGO | Broadcom Inc. | +487,351 | 639,736 | $241,660,274 | |
| VAL | Valaris Ltd | +455,483 | 510,898 | $37,091,194 | |
| KLAC | Kla Corp | +446,069 | 453,429 | $136,804,063 | |
| PFE | Pfizer Inc | +399,316 | 452,945 | $10,906,915 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| SPY | Spdr S&P 500 ETF Trust | −1,334,313 | 5,022,809 | $3,750,883,075 | |
| NVDA | Nvidia Corp | −1,060,402 | 514,676 | $102,981,519 | |
| IMXI | International Money Express, Inc. | −490,191 | 140,000 | $2,023,000 | |
| LBRDA | Liberty Broadband Corp | −404,001 | 434,293 | $14,444,584 | |
| AAUC | Allied Gold Corp | −309,543 | 692,457 | $16,466,627 | |
| AMZN | Amazon Com Inc | −244,299 | 117,230 | $27,940,598 | |
| UAA | Under Armour, Inc. | −234,697 | 714,943 | $4,568,485 | |
| ZIM | ZIM Integrated Shipping Services Ltd. | −206,368 | 388,400 | $10,098,400 | |
| CDE | Coeur Mining, Inc. | −198,689 | 14,399 | $234,991 | |
| JHX | James Hardie Industries plc | −178,958 | 170,573 | $4,465,601 | |
| AAPL | Apple Inc. | −169,653 | 132,170 | $38,244,710 | |
| META | Meta Platforms, Inc. | −168,326 | 33,953 | $19,125,384 | |
| GOOGL | Alphabet Inc. | −160,416 | 92,714 | $33,034,750 | |
| LYFT | Lyft, Inc. | −147,053 | 59,600 | $870,756 | |
| MSFT | Microsoft Corp | −127,665 | 68,493 | $25,549,257 | |
| MRVL | Marvell Technology, Inc. | −95,326 | 18,987 | $5,656,037 | |
| F | Ford Motor Co | −86,065 | 47,300 | $657,470 | |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | −68,984 | 4,400 | $2,101,308 | |
| CSCO | Cisco Systems, Inc. | −68,440 | 47,224 | $5,546,931 | |
| BP | Bp PLC | −65,567 | 34,433 | $1,272,299 | |
| NSC | Norfolk Southern Corp | −65,381 | 79,368 | $24,968,378 | |
| EXC | Exelon Corp | −65,208 | 33,508 | $1,562,142 | |
| BMY | Bristol Myers Squibb Co | −61,040 | 19,473 | $1,122,033 | |
| JPM | Jpmorgan Chase & Co | −54,250 | 11,351 | $3,715,522 | |
| AMD | Advanced Micro Devices Inc | −54,002 | 30,068 | $17,466,801 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| ULTA | Ulta Beauty, Inc. | 260,000 | $117,254,800 | |
| AAOI | Applied Optoelectronics, Inc. | 760,749 | $112,712,571 | |
| SOFI | SoFi Technologies, Inc. | 6,000,000 | $107,580,000 | |
| ECHO | EchoStar CORP | 1,001,799 | $101,682,598 | |
| VRT | Vertiv Holdings Co | 202,028 | $67,643,014 | |
| OGN | Organon & Co. | 3,049,207 | $41,286,262 | |
| CLS | Celestica Inc | 112,000 | $40,857,600 | |
| ZS | Zscaler, Inc. | 244,000 | $34,440,600 | |
| LULU | lululemon athletica inc. | 301,576 | $34,433,947 | |
| BMNR | Bitmine Immersion Technologies, Inc. | 2,400,000 | $31,944,000 | |
| BKNG | Booking Holdings Inc. | 166,801 | $29,730,610 | |
| BLD | QXO Insulation, LLC | 80,000 | $28,362,400 | |
| USO | United States Oil Fund, LP | 140,000 | $14,901,600 | |
| UNF | Unifirst Corp | 55,000 | $14,545,300 | |
| TECH | BIO-TECHNE Corp | 150,000 | $10,597,500 | |
| APGE | Apogee Therapeutics, Inc. | 45,000 | $5,972,850 | |
| UHAL | U-Haul Holding Co /NV/ | 101,811 | $5,874,494 | |
| LLYVA | Liberty Live Holdings, Inc. | 55,468 | $5,616,689 | |
| RYAAY | Ryanair Holdings PLC | 80,370 | $5,203,957 | |
| BF-A | Brown Forman Corp | 182,929 | $4,875,057 | |
| NVO | Novo Nordisk A S | 100,000 | $4,794,000 | |
| AMKR | Amkor Technology, Inc. | 42,232 | $3,641,665 | |
| BE | Bloom Energy Corp | 11,919 | $3,607,880 | |
| IBIT | iShares Bitcoin Trust ETF | 100,000 | $3,329,000 | |
| FOXA | Fox Corp | 54,135 | $2,535,683 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| DBRG | DigitalBridge Group, Inc. | 1,665,769 | $25,686,157 | |
| ORCL | Oracle Corp | 88,632 | $13,038,653 | |
| VSEC | Vse Corp | 199,728 | $11,196,359 | |
| XOM | ExxonMobil Holdings Corp | 63,007 | $10,689,767 | |
| SNPS | Synopsys Inc | 21,217 | $8,412,116 | |
| SN | SharkNinja, Inc. | 59,973 | $6,351,140 | |
| INTU | Intuit Inc. | 11,130 | $4,812,389 | |
| PANW | Palo Alto Networks Inc | 29,987 | $4,807,515 | |
| ADBE | Adobe Inc. | 18,262 | $4,439,126 | |
| FSLR | First Solar, Inc. | 22,104 | $4,360,235 | |
| ETN | Eaton Corp plc | 11,651 | $4,167,212 | |
| ALSN | Allison Transmission Holdings Inc | 33,692 | $3,943,985 | |
| CMI | Cummins Inc | 7,264 | $3,908,177 | |
| KMI | Kinder Morgan, Inc. | 114,069 | $3,824,732 | |
| DOCS | Doximity, Inc. | 163,030 | $3,798,599 | |
| WMB | Williams Companies, Inc. | 51,367 | $3,738,490 | |
| FCX | Freeport-Mcmoran Inc | 62,932 | $3,699,142 | |
| SLV | iShares Silver Trust | 53,400 | $3,638,676 | |
| AVO | Mission Produce, Inc. | 258,000 | $3,550,080 | |
| NUE | Nucor Corp | 20,905 | $3,535,034 | |
| WM | Waste Management Inc | 15,342 | $3,525,438 | |
| RAMP | LiveRamp Holdings, Inc. | 132,391 | $3,511,009 | |
| CTVA | Corteva, Inc. | 41,933 | $3,510,211 | |
| NRG | Nrg Energy, Inc. | 23,104 | $3,376,418 | |
| HUBB | Hubbell Inc | 6,825 | $3,349,299 | |
| No positions match the current search. | ||||
299 tracked positions ·
$11,876,855,543 total
· filing declares
1,029 positions · $27,981,981,492
· as of Jun 30, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 299 positions by value
· page 1 of 6
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| SPY |
Spdr S&P 500 ETF Trust
PUT
CALL
+ SHARES
|
Reduced | 5,022,809 | $3,750,883,075 | 31.58% | |
| BABA |
Alibaba Group Holding Ltd
PUT
CALL
+ SHARES
Consumer Cyclical
|
Added | 6,931,309 | $665,267,036 | 5.60% | |
| QQQ |
Invesco Qqq Trust, Series 1
PUT
CALL
+ SHARES
|
Added | 819,771 | $603,679,364 | 5.08% | |
| BA |
Boeing Co
PUT
CALL
+ SHARES
Industrials
|
Added | 1,922,180 | $416,094,304 | 3.50% | |
| TSLA |
Tesla, Inc.
PUT
CALL
+ SHARES
Consumer Cyclical
|
Added | 978,835 | $411,697,999 | 3.47% | |
| WDC |
Western Digital Corp
PUT
+ SHARES
Technology
|
Added | 561,315 | $358,523,116 | 3.02% | |
| UBER |
Uber Technologies, Inc
PUT
CALL
+ SHARES
Technology
|
Added | 4,424,088 | $319,242,189 | 2.69% | |
| INTC |
Intel Corp
PUT
CALL
+ SHARES
Technology
|
Added | 2,162,063 | $301,888,856 | 2.54% | |
| PDD |
PDD Holdings Inc.
PUT
CALL
+ SHARES
Consumer Cyclical
|
Added | 3,946,949 | $301,073,269 | 2.53% | |
| WMT |
Walmart Inc.
PUT
CALL
+ SHARES
Consumer Defensive
|
Added | 2,514,080 | $284,744,699 | 2.40% | |
| AVGO |
Broadcom Inc.
PUT
CALL
+ SHARES
Technology
|
Added | 639,736 | $241,660,274 | 2.03% | |
| AMGN |
Amgen Inc
PUT
+ SHARES
Healthcare
|
Added | 600,264 | $217,367,599 | 1.83% | |
| LIN |
Linde PLC
PUT
+ SHARES
Basic Materials
|
Added | 400,280 | $207,721,302 | 1.75% | |
| CRDO |
Credo Technology Group Holding Ltd
PUT
+ SHARES
Technology
|
Added | 704,933 | $191,706,528 | 1.61% | |
| MSTR |
Strategy Inc
PUT
CALL
+ SHARES
Technology
|
Added | 2,009,082 | $174,649,497 | 1.47% | |
| QCOM |
Qualcomm Inc/De
PUT
CALL
+ SHARES
Technology
|
Added | 844,774 | $156,105,787 | 1.31% | |
| WBD |
Warner Bros. Discovery, Inc.
PUT
CALL
+ SHARES
Communication Services
|
Added | 5,477,200 | $146,022,152 | 1.23% | |
| KLAC |
Kla Corp
PUT
CALL
+ SHARES
Technology
|
Added | 453,429 | $136,804,063 | 1.15% | |
| NKE |
NIKE, Inc.
PUT
CALL
+ SHARES
Consumer Cyclical
|
Added | 3,200,767 | $131,391,485 | 1.11% | |
| ADI |
Analog Devices Inc
PUT
CALL
+ SHARES
Technology
|
Added | 302,893 | $120,300,011 | 1.01% | |
| ULTA |
Ulta Beauty, Inc.
PUT
+ SHARES
Consumer Cyclical
|
NEW | 260,000 | $117,254,800 | 0.99% | |
| AAOI |
Applied Optoelectronics, Inc.
PUT
+ SHARES
Technology
|
NEW | 760,749 | $112,712,571 | 0.95% | |
| SOFI |
SoFi Technologies, Inc.
PUT
+ SHARES
Financial Services
|
NEW | 6,000,000 | $107,580,000 | 0.91% | |
| NVDA |
Nvidia Corp
PUT
CALL
+ SHARES
Technology
|
Reduced | 514,676 | $102,981,519 | 0.87% | |
| PYPL |
PayPal Holdings, Inc.
PUT
CALL
+ SHARES
Financial Services
|
Added | 2,364,121 | $102,082,744 | 0.86% | |
| ECHO |
EchoStar CORP
PUT
+ SHARES
Communication Services
|
NEW | 1,001,799 | $101,682,598 | 0.86% | |
| AXON |
Axon Enterprise, Inc.
PUT
+ SHARES
Industrials
|
Added | 160,000 | $89,697,600 | 0.76% | |
| GEV |
GE Vernova Inc.
PUT
CALL
+ SHARES
Industrials
|
Added | 62,663 | $73,620,251 | 0.62% | |
| ANET |
Arista Networks, Inc.
PUT
CALL
+ SHARES
Technology
|
Added | 400,400 | $68,019,952 | 0.57% | |
| VRT |
Vertiv Holdings Co
PUT
+ SHARES
Industrials
|
NEW | 202,028 | $67,643,014 | 0.57% | |
| HLT |
Hilton Worldwide Holdings Inc.
PUT
+ SHARES
Consumer Cyclical
|
Added | 200,897 | $66,388,422 | 0.56% | |
| UPS |
United Parcel Service Inc
PUT
CALL
+ SHARES
Industrials
|
Added | 601,784 | $64,691,780 | 0.54% | |
| KVUE |
Kenvue Inc.
Consumer Defensive
|
Added | 3,067,547 | $58,620,822 | 0.49% | |
| MAR |
Marriott International Inc /Md/
PUT
+ SHARES
Consumer Cyclical
|
Added | 152,973 | $56,690,264 | 0.48% | |
| AES |
Aes Corp
Utilities
|
Added | 3,502,352 | $51,344,480 | 0.43% | |
| PLTR |
Palantir Technologies Inc.
PUT
CALL
+ SHARES
Technology
|
Added | 432,974 | $50,515,074 | 0.43% | |
| CEG |
Constellation Energy Corp
PUT
CALL
+ SHARES
Utilities
|
Added | 197,074 | $48,947,268 | 0.41% | |
| COIN |
Coinbase Global, Inc.
PUT
CALL
+ SHARES
Financial Services
|
Added | 324,151 | $47,387,634 | 0.40% | |
| EA |
Electronic Arts Inc.
CALL
+ SHARES
Communication Services
|
Added | 230,049 | $47,169,246 | 0.40% | |
| AMAT |
Applied Materials Inc /De
PUT
CALL
+ SHARES
Technology
|
Reduced | 61,370 | $44,370,510 | 0.37% | |
| CDNS |
Cadence Design Systems Inc
PUT
+ SHARES
Technology
|
Added | 112,113 | $42,078,251 | 0.35% | |
| OGN |
Organon & Co.
Healthcare
|
NEW | 3,049,207 | $41,286,262 | 0.35% | |
| CLS |
Celestica Inc
PUT
+ SHARES
Technology
|
NEW | 112,000 | $40,857,600 | 0.34% | |
| AAPL |
Apple Inc.
PUT
CALL
+ SHARES
Technology
|
Reduced | 132,170 | $38,244,710 | 0.32% | |
| VAL |
Valaris Ltd
Energy
|
Added | 510,898 | $37,091,194 | 0.31% | |
| IBM |
International Business Machines Corp
PUT
CALL
+ SHARES
Technology
|
Added | 126,436 | $35,555,067 | 0.30% | |
| ZS |
Zscaler, Inc.
PUT
+ SHARES
Technology
|
NEW | 244,000 | $34,440,600 | 0.29% | |
| LULU |
lululemon athletica inc.
PUT
+ SHARES
Consumer Cyclical
|
NEW | 301,576 | $34,433,947 | 0.29% | |
| GOOGL |
Alphabet Inc.
PUT
CALL
+ SHARES
Communication Services
|
Reduced | 92,714 | $33,034,750 | 0.28% | |
| WBS |
Webster Financial Corp
Financial Services
|
Added | 418,906 | $32,012,796 | 0.27% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.