Capula Management Ltd

CIK

1557017

Location

Grand Cayman, E9

Portfolio Value

Micro $66,420,411

Diversification

Highly concentrated

Filing Date

Global Rank

#376 / 8,232 ▼ 57

Top Industry

Semiconductors 16.2%

3Y Alpha vs SPY

-1.2%

Period ended 2 months ago

Filed May 14, 2026 · 31d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+71.0%

SPY

+76.3%

Annualised alpha

-1.2%

Max drawdown

−21.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

431 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

56.7%

+19.8 pts

Top 5

71.6%

+18.7 pts

Top 10

76.2%

+11.2 pts

HHI

3,292

Highly concentrated+1,794

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Unclassified	61.7%	$4,494,137,186	3
Technology	13.0%	$947,814,049	82
Consumer Cyclical	8.4%	$610,791,528	52
Communication Services	3.8%	$277,856,981	24
Healthcare	3.3%	$240,376,982	44
Industrials	2.9%	$209,053,483	59
Financial Services	2.2%	$156,653,227	64
Utilities	1.3%	$97,385,463	20
Consumer Defensive	1.2%	$88,440,520	22
Energy	0.9%	$68,776,526	26
Basic Materials	0.9%	$66,420,411	18
Real Estate	0.4%	$27,865,041	17

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
FOLD	AMICUS THERAPEUTICS, INC.	+3,161,610	3,191,610	$46,150,680
CWAN	Clearwater Analytics Holdings, Inc.	+2,552,962	2,677,322	$63,318,664
AES	Aes Corp	+2,462,833	2,510,980	$35,379,707
KVUE	Kenvue Inc.	+1,301,854	2,247,472	$38,746,417
NVDA	Nvidia Corp	+650,182	1,575,078	$274,693,602
TSLA	Tesla, Inc.	+599,690	898,824	$334,137,821
SPY	Spdr S&P 500 ETF Trust	+436,345	6,357,122	$4,134,290,720
SEMR	SEMrush Holdings, Inc.	+393,831	488,521	$5,832,940
SEE	SEALED AIR CORP/DE	+352,289	918,694	$38,631,082
HOLX	HOLOGIC INC	+268,942	465,126	$35,158,873
INTC	Intel Corp	+202,632	330,021	$14,563,826
AMZN	Amazon Com Inc	+197,483	361,529	$75,295,644
LYFT	Lyft, Inc.	+188,945	206,653	$2,748,484
QQQ	Invesco Qqq Trust, Series 1	+132,557	617,152	$356,207,790
KMI	Kinder Morgan, Inc.	+105,569	114,069	$3,824,732
NSC	Norfolk Southern Corp	+94,749	144,749	$41,542,963
CSCO	Cisco Systems, Inc.	+93,037	115,664	$8,974,369
PLTR	Palantir Technologies Inc.	+79,844	155,038	$22,678,958
MSFT	Microsoft Corp	+60,987	196,158	$72,611,806
STLA	Stellantis N.V.	+58,484	168,700	$1,196,083
AVGO	Broadcom Inc.	+45,538	152,385	$47,164,680
WMB	Williams Companies, Inc.	+43,805	51,367	$3,738,490
SO	Southern Co	+41,543	48,644	$4,695,118
CDE	Coeur Mining, Inc.	+40,981	213,088	$3,999,661
SBUX	Starbucks Corp	+38,609	48,298	$4,327,017
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
UBER	Uber Technologies, Inc	−4,505,382	37,483	$2,696,151
PYPL	PayPal Holdings, Inc.	−3,224,553	6,086	$275,269
BABA	Alibaba Group Holding Ltd	−3,189,270	188,046	$23,592,250
JD	JD.com, Inc.	−2,541,310	118,690	$3,509,663
SLV	iShares Silver Trust	−2,082,919	53,400	$3,638,676
XOM	Exxon Mobil Corp	−1,621,909	63,007	$10,689,767
SMCI	Super Micro Computer, Inc.	−1,559,200	11,100	$252,747
WBD	Warner Bros. Discovery, Inc.	−1,522,949	1,331,919	$36,574,495
DELL	Dell Technologies Inc.	−1,387,586	24,300	$3,988,359
IBM	International Business Machines Corp	−1,361,526	5,048	$1,223,584
QCOM	Qualcomm Inc/De	−1,283,067	60,833	$7,834,073
NKE	NIKE, Inc.	−1,261,228	29,882	$1,578,367
GOOGL	Alphabet Inc.	−875,531	171,591	$49,342,707
COIN	Coinbase Global, Inc.	−848,345	6,812	$1,189,443
AAPL	Apple Inc.	−623,720	301,823	$76,599,659
CEG	Constellation Energy Corp	−471,940	41,360	$11,549,779
CAT	Caterpillar Inc	−335,638	7,962	$5,640,758
F	Ford Motor Co	−285,205	133,365	$1,539,032
MSTR	Strategy Inc	−234,332	23,156	$2,889,868
AMGN	Amgen Inc	−224,265	2,461	$865,902
BRK-B	Berkshire Hathaway Inc	−193,981	6,036	$2,892,451
APP	AppLovin Corp	−167,946	12,454	$4,956,692
SLB	Slb Limited/Nv	−131,668	17,340	$891,102
TECK	Teck Resources Ltd	−119,543	20,196	$1,045,143
META	Meta Platforms, Inc.	−115,875	202,279	$115,729,883
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
GTLS	Chart Industries Inc	166,320	$34,386,660
PEN	Penumbra Inc	101,779	$33,421,170
AAUC	Allied Gold Corp	1,002,000	$31,102,080
OS	OneStream, Inc.	1,074,711	$25,793,064
DBRG	DigitalBridge Group, Inc.	1,665,769	$25,686,157
MASI	Masimo Corp	142,800	$25,399,836
CSGS	Csg Systems International Inc	257,088	$20,551,613
SNCY	Sun Country Airlines Holdings, LLC	1,218,670	$20,132,428
PPL	PPL Corp	472,800	$18,060,960
ZIM	ZIM Integrated Shipping Services Ltd.	594,768	$15,672,136
CTRA	Coterra Energy Inc.	412,352	$14,490,049
TPH	Tri Pointe Homes, Inc.	294,100	$13,743,293
JHG	Janus Henderson Group PLC	225,417	$11,579,671
PKST	Peakstone Realty Trust	531,511	$11,103,264
WBS	Webster Financial Corp	145,990	$10,134,625
IMXI	International Money Express, Inc.	630,191	$9,957,017
EHAB	Enhabit, Inc.	645,000	$9,088,050
FERG	Ferguson Enterprises Inc. /DE/	30,461	$7,105,332
JHX	James Hardie Industries plc	349,531	$6,620,117
TERN	Terns Pharmaceuticals, Inc.	120,976	$6,377,854
SN	SharkNinja, Inc.	59,973	$6,351,140
UAA	Under Armour, Inc.	949,640	$5,612,371
VAL	Valaris Ltd	55,415	$5,432,886
BIDU	Baidu, Inc.	44,090	$4,912,507
EXC	Exelon Corp	98,716	$4,839,057
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
IBIT	iShares Bitcoin Trust ETF	9,481,233	$470,743,218
ETHA	iShares Ethereum Trust ETF	9,227,427	$206,971,187
FBTC	Fidelity Wise Origin Bitcoin Fund	2,112,794	$161,058,286
FETH	Fidelity Ethereum Fund	2,074,703	$61,431,955
EXAS	EXACT SCIENCES CORP	413,170	$41,961,545
SNOW	Snowflake Inc.	166,048	$36,424,289
ASTS	AST SpaceMobile, Inc.	443,243	$32,192,739
DLTR	Dollar Tree, Inc.	220,099	$27,074,377
GLD	Spdr Gold Trust	60,000	$23,778,600
LVS	Las Vegas Sands Corp	300,000	$19,527,000
LULU	lululemon athletica inc.	80,000	$16,624,800
AL	SUMISHO AIR LEASE CORP	243,831	$15,661,265
NGD	New Gold Inc. /FI	1,369,532	$11,928,623
VRT	Vertiv Holdings Co	62,511	$10,127,407
HUM	Humana Inc	22,015	$5,638,701
HAL	Halliburton Co	180,000	$5,086,800
HPQ	Hp Inc	197,724	$4,405,289
ULTA	Ulta Beauty, Inc.	7,000	$4,235,070
BIIB	Biogen Inc.	21,295	$3,747,707
CCL	Carnival Corp Ltd.	108,308	$3,307,725
NWE	NorthWestern Energy Group, Inc.	46,512	$3,001,884
DKNG	DraftKings Inc.	77,931	$2,685,502
SUI	Sun Communities Inc	21,451	$2,657,993
STE	STERIS plc	10,432	$2,644,720
HTO	H2o America	53,476	$2,619,789
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

18 positions · $66,420,411 total · Basic Materials only · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AAUC	Allied Gold Corp Basic Materials	NEW	1,002,000	NEW	$31,102,080	NEW	46.83%
JHX	James Hardie Industries plc Basic Materials	NEW	349,531	NEW	$6,620,117	NEW	9.97%
CDE	Coeur Mining, Inc. Basic Materials	Added	213,088	+40,981	$3,999,661	+30.3%	6.02%
FCX	Freeport-Mcmoran Inc Basic Materials	Added	62,932	+13,254	$3,699,142	+46.6%	5.57%
NUE	Nucor Corp Basic Materials	NEW	20,905	NEW	$3,535,034	NEW	5.32%
CTVA	Corteva, Inc. Basic Materials	NEW	41,933	NEW	$3,510,211	NEW	5.28%
MP	MP Materials Corp. / DE Basic Materials	NEW	66,586	NEW	$3,213,440	NEW	4.84%
VMC	Vulcan Materials CO Basic Materials	Added	5,504	+3,937	$1,498,739	+235.3%	2.26%
SHW	Sherwin Williams Co Basic Materials	Reduced	4,630	-379	$1,484,146	−8.6%	2.23%
LIN	Linde PLC Basic Materials	Added	2,846	+372	$1,410,932	+33.8%	2.12%
TECK	Teck Resources Ltd Basic Materials	Reduced	20,196	-119,543	$1,045,143	−84.4%	1.57%
EQX	Equinox Gold Corp. Basic Materials	Added	70,000	+35,000	$1,012,200	+106.0%	1.52%
APD	Air Products & Chemicals, Inc. Basic Materials	Added	3,400	+1,589	$987,666	+120.8%	1.49%
ECL	Ecolab Inc. Basic Materials	Added	3,365	+2,421	$895,156	+261.2%	1.35%
LYB	LyondellBasell Industries N.V. Basic Materials	NEW	10,536	NEW	$848,780	NEW	1.28%
NEM	NEWMONT Corp /DE/ Basic Materials	Added	6,208	+2,708	$672,016	+92.3%	1.01%
RIO	Rio Tinto PLC Basic Materials	NEW	7,020	NEW	$654,895	NEW	0.99%
CRH	Crh Public Ltd Co Basic Materials	NEW	2,198	NEW	$231,053	NEW	0.35%