Capula Management Ltd
CIK
1557017
Location
Grand Cayman, E9
Portfolio Value
Small
$947,814,049
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 SPYHypothetical 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, 2025Top 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 |
|---|---|---|
| Unclassified | 61.7% | $4,494,137,186 |
| Technology | 13.0% | $947,814,049 |
| Consumer Cyclical | 8.4% | $610,791,528 |
| Communication Services | 3.8% | $277,856,981 |
| Healthcare | 3.3% | $240,376,982 |
| Industrials | 2.9% | $209,053,483 |
| Financial Services | 2.2% | $156,653,227 |
| Utilities | 1.3% | $97,385,463 |
| Consumer Defensive | 1.2% | $88,440,520 |
| Energy | 0.9% | $68,776,526 |
| Basic Materials | 0.9% | $66,420,411 |
| Real Estate | 0.4% | $27,865,041 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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. | ||||
82 positions ·
$947,814,049 total
· Technology 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
Showing 1–50
of 82 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| NVDA |
Nvidia Corp
Technology
|
Added | 1,575,078 | $274,693,602 | 28.98% | |
| AAPL |
Apple Inc.
Technology
|
Reduced | 301,823 | $76,599,659 | 8.08% | |
| MSFT |
Microsoft Corp
Technology
|
Added | 196,158 | $72,611,806 | 7.66% | |
| CWAN |
Clearwater Analytics Holdings, Inc.
Technology
|
Added | 2,677,322 | $63,318,664 | 6.68% | |
| AVGO |
Broadcom Inc.
Technology
|
Added | 152,385 | $47,164,680 | 4.98% | |
| AMAT |
Applied Materials Inc /De
Technology
|
Reduced | 91,347 | $31,221,491 | 3.29% | |
| OS |
OneStream, Inc.
Technology
|
NEW | 1,074,711 | $25,793,064 | 2.72% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Added | 73,384 | $24,800,122 | 2.62% | |
| PLTR |
Palantir Technologies Inc.
Technology
|
Added | 155,038 | $22,678,958 | 2.39% | |
| CSGS |
Csg Systems International Inc
Technology
|
NEW | 257,088 | $20,551,613 | 2.17% | |
| MU |
Micron Technology Inc
Technology
|
Added | 59,345 | $20,049,114 | 2.12% | |
| AMD |
Advanced Micro Devices Inc
Technology
|
Added | 84,070 | $17,102,359 | 1.80% | |
| INTC |
Intel Corp
Technology
|
Added | 330,021 | $14,563,826 | 1.54% | |
| ORCL |
Oracle Corp
Technology
|
Reduced | 88,632 | $13,038,653 | 1.38% | |
| LRCX |
Lam Research Corp
Technology
|
Reduced | 57,664 | $12,320,490 | 1.30% | |
| ASML |
Asml Holding NV
Technology
|
Added | 9,239 | $12,203,148 | 1.29% | |
| MRVL |
Marvell Technology, Inc.
Technology
|
Reduced | 114,313 | $11,322,702 | 1.19% | |
| KLAC |
Kla Corp
Technology
|
Reduced | 7,360 | $10,836,937 | 1.14% | |
| TXN |
Texas Instruments Inc
Technology
|
Added | 53,898 | $10,463,757 | 1.10% | |
| ADI |
Analog Devices Inc
Technology
|
Added | 32,645 | $10,385,679 | 1.10% | |
| IMXI |
International Money Express, Inc.
Technology
|
NEW | 630,191 | $9,957,017 | 1.05% | |
| CSCO |
Cisco Systems, Inc.
Technology
|
Added | 115,664 | $8,974,369 | 0.95% | |
| CRM |
Salesforce, Inc.
Technology
|
Added | 45,455 | $8,485,084 | 0.90% | |
| SNPS |
Synopsys Inc
Technology
|
Added | 21,217 | $8,412,116 | 0.89% | |
| QCOM |
Qualcomm Inc/De
Technology
|
Reduced | 60,833 | $7,834,073 | 0.83% | |
| SEMR |
SEMrush Holdings, Inc.
Technology
|
Added | 488,521 | $5,832,940 | 0.62% | |
| CRWD |
CrowdStrike Holdings, Inc.
Technology
|
Added | 14,857 | $5,800,320 | 0.61% | |
| CDNS |
Cadence Design Systems Inc
Technology
|
Added | 18,655 | $5,183,664 | 0.55% | |
| SNDK |
Sandisk Corp
Technology
|
Added | 8,000 | $5,082,719 | 0.54% | |
| INTU |
Intuit Inc.
Technology
|
Added | 11,130 | $4,812,389 | 0.51% | |
| PANW |
Palo Alto Networks Inc
Technology
|
Reduced | 29,987 | $4,807,515 | 0.51% | |
| ADBE |
Adobe Inc.
Technology
|
Added | 18,262 | $4,439,126 | 0.47% | |
| FSLR |
First Solar, Inc.
Technology
|
Added | 22,104 | $4,360,235 | 0.46% | |
| SHOP |
Shopify Inc.
Technology
|
Added | 34,189 | $4,055,499 | 0.43% | |
| DELL |
Dell Technologies Inc.
Technology
|
Reduced | 24,300 | $3,988,359 | 0.42% | |
| CRWV |
CoreWeave, Inc.
Technology
|
Added | 48,804 | $3,780,845 | 0.40% | |
| CRDO |
Credo Technology Group Holding Ltd
Technology
|
NEW | 38,073 | $3,573,912 | 0.38% | |
| RAMP |
LiveRamp Holdings, Inc.
Technology
|
NEW | 132,391 | $3,511,009 | 0.37% | |
| NXPI |
NXP Semiconductors N.V.
Technology
|
Added | 15,682 | $3,087,158 | 0.33% | |
| MSTR |
Strategy Inc
Technology
|
Reduced | 23,156 | $2,889,868 | 0.30% | |
| NET |
Cloudflare, Inc.
Technology
|
Added | 13,526 | $2,790,954 | 0.29% | |
| TER |
Teradyne, Inc
Technology
|
NEW | 9,371 | $2,778,126 | 0.29% | |
| LYFT |
Lyft, Inc.
Technology
|
Added | 206,653 | $2,748,484 | 0.29% | |
| UBER |
Uber Technologies, Inc
Technology
|
Reduced | 37,483 | $2,696,151 | 0.28% | |
| HUBS |
Hubspot Inc
Technology
|
NEW | 11,027 | $2,691,690 | 0.28% | |
| NOW |
ServiceNow, Inc.
Technology
|
Added | 24,921 | $2,605,490 | 0.27% | |
| ALAB |
Astera Labs, Inc.
Technology
|
Added | 23,571 | $2,583,381 | 0.27% | |
| IOT |
Samsara Inc.
Technology
|
NEW | 74,267 | $2,353,521 | 0.25% | |
| MPWR |
Monolithic Power Systems Inc
Technology
|
NEW | 2,102 | $2,298,221 | 0.24% | |
| FTNT |
Fortinet, Inc.
Technology
|
Added | 25,867 | $2,113,851 | 0.22% |