Brevan Howard Capital Management LP

ST. HELIER, Y9 · CIK 1512857 · 13F filing filed 2026-08-14

Exempt reporting adviser since 2012 · limited partnership

Private funds30 (30 hedge) · $295.9bn gross assets
Main officeSt Helier
Websitebrevanhoward.com
Form ADV · 2026-07-20SEC adviser record

Legal entityBREVAN HOWARD CAPITAL MANAGEMENT LP (JE)

Kindhedge funds, futures, FCA fund manager
Others nearbyLondon, Singapore, Hong Kong, Tel Aviv, Abu Dhabi, Geneva
FamilyBrevan Howard Capital Management LP · 8 related pages

As an employer

Offices in1 country
Private fundshedge 30

$7.1bn reported value -29.0% vs Q1 2026

1,914positions

29.7%in top 10

527 new 702 added 675 reduced 625 sold out vs Q1 2026

Options: 72 call positions ($3.5bn notional), 44 put positions ($2.8bn notional) – listed below, not included above.

This report includes the holdings of 4 other managers that share the investment decisions:

Brevan Howard (Hong Kong) Ltd – reports through this filing
Brevan Howard Investment Management Ltd – reports through this filing
Brevan Howard Investment Products Ltd – reports through this filing
Brevan Howard US Investment Management, LP – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P500 ETF IVV	IVV	1,202,676	$898.2m12.63%	12.63%	New
2	ISHARES BITCOIN TRUST ETF SHS BEN INT IBIT	IBIT	7,205,004	$239.9m3.37%	3.37%	Reduced -17.1m	-17,099,784 -70.4%
3	APPLE INC COM AAPL	AAPL	583,127	$168.7m2.37%	2.37%	Added +431.6k	+431,560 284.7%
4	MICROSOFT CORP COM MSFT	MSFT	418,592	$156.1m2.19%	2.19%	Reduced -1.2m	-1,192,818 -74.0%
5	SPDR SER TR S&P REGL BKG KRE	KRE	1,978,054	$148.1m2.08%	2.08%	Added +2.0m	+1,962,603 12702.1%
6	NVIDIA CORPORATION COM NVDA	NVDA	657,548	$131.6m1.85%	1.85%	Reduced -2.3m	-2,302,880 -77.8%
7	ADVANCED MICRO DEVICES INC COM AMD	AMD	217,647	$126.4m1.78%	1.78%	Added +208.2k	+208,161 2194.4%
8	ELI LILLY & CO COM LLY	LLY	77,094	$92.5m1.30%	1.30%	Added +60.0k	+59,975 350.3%
9	AMAZON COM INC COM AMZN	AMZN	348,404	$83.0m1.17%	1.17%	Added +274.8k	+274,764 373.1%
10	CHEVRON CORP NEW COM CVX	CVX	404,553	$67.1m0.94%	0.94%	Added +307.4k	+307,368 316.3%
11	SANDISK CORP COM SNDK	SNDK	25,408	$57.8m0.81%	0.81%	Reduced -106.2k	-106,151 -80.7%
12	BLOOM ENERGY CORP COM CL A BE	BE	196,567	$57.1m0.80%	0.80%	Added +177.3k	+177,315 921.0%
13	SELECT SECTOR SPDR TR SBI CONS DISCR XLY	XLY	482,681	$56.6m0.80%	0.80%	Added +251.7k	+251,737 109.0%
14	MICRON TECHNOLOGY INC COM MU	MU	40,561	$46.8m0.66%	0.66%	Reduced -182.0k	-181,955 -81.8%
15	TESLA INC COM TSLA	TSLA	109,058	$45.9m0.64%	0.64%	Reduced -1.0m	-1,014,817 -90.3%
16	GOLDMAN SACHS GROUP INC COM GS	GS	36,298	$36.8m0.52%	0.52%	Added +32.5k	+32,456 844.8%
17	NIOCORP DEVS LTD COM NEW NB	NB	7,075,000	$34.1m0.48%	0.48%	Added +590.0k	+590,000 9.1%
18	T-MOBILE US INC COM TMUS	TMUS	192,627	$32.3m0.45%	0.45%	Added +105.0k	+105,011 119.8%
19	CLOUDFLARE INC NOTE 8/1 · principal NET 0 08.15.26 · principal	NET 0 08.15.26	25,000,000	$32.2m0.45%	0.45%	Added +5.0m	+5,000,000 25.0%
20	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	26,600,000	$31.3m0.44%	0.44%	Reduced -10.9m	-10,900,000 -29.1%
21	WALMART INC COM WMT	WMT	269,063	$30.5m0.43%	0.43%	Added +124.6k	+124,568 86.2%
22	ABBVIE INC COM ABBV	ABBV	115,264	$29.0m0.41%	0.41%	Added +41.7k	+41,681 56.6%
23	ISHARES TR 20 YR TR BD ETF TLT	TLT	323,830	$28.0m0.39%	0.39%	Reduced -2.4m	-2,426,170 -88.2%
24	CITIGROUP INC COM NEW C	C	196,119	$27.7m0.39%	0.39%	Added +55.7k	+55,749 39.7%
25	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	53,556	$26.8m0.38%	0.38%	Added +36.0k	+36,046 205.9%
26	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	265,119	$26.6m0.37%	0.37%	Added +64.6k	+64,611 32.2%
27	EXXON MOBIL CORP COM XOM	XOM	194,607	$26.6m0.37%	0.37%	Added +75.2k	+75,157 62.9%
28	STERLING INFRASTRUCTURE INC COM STRL	STRL	31,476	$26.4m0.37%	0.37%	Added +30.5k	+30,524 3206.3%
29	BANK AMERICA CORP COM BAC	BAC	463,648	$26.4m0.37%	0.37%	Added +284.7k	+284,724 159.1%
30	MKS INC. COM MKSI	MKSI	58,288	$25.9m0.36%	0.36%	Added +50.0k	+50,004 603.6%
31	CARPENTER TECHNOLOGY CORP COM CRS	CRS	41,535	$25.6m0.36%	0.36%	Added +32.0k	+31,987 335.0%
32	ELECTRONIC ARTS INC COM EA	EA	122,639	$25.1m0.35%	0.35%	Reduced -5.9k	-5,901 -4.6%
33	CYBERARK SOFTWARE LTD NOTE 6/1 · principal CYBR 0 06.15.30 · principal	CYBR 0 06.15.30	15,000,000	$24.7m0.35%	0.35%	New
34	META PLATFORMS INC CL A META	META	43,649	$24.6m0.35%	0.35%	Reduced -165.2k	-165,173 -79.1%
35	CENTERPOINT ENERGY INC NOTE 4.250% 8/1 · principal CNP 4.25 08.15.26 · principal	CNP 4.25 08.15.26	20,000,000	$24.3m0.34%	0.34%	Unchanged
36	CARDINAL HEALTH INC COM CAH	CAH	101,388	$24.1m0.34%	0.34%	Added +87.1k	+87,082 608.7%
37	CME GROUP INC COM CME	CME	107,048	$23.6m0.33%	0.33%	Added +4.3k	+4,342 4.2%
38	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	61,932	$23.6m0.33%	0.33%	New
39	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	85,961	$23.4m0.33%	0.33%	Added +79.1k	+79,123 1157.1%
40	FLAGSTAR FINANCIAL INC COM NEW FLG	FLG	1,559,228	$23.3m0.33%	0.33%	Added +1.5m	+1,544,802 10708.5%
41	ATI INC COM ATI	ATI	117,553	$23.2m0.33%	0.33%	Added +54.8k	+54,843 87.5%
42	ALPHABET INC CAP STK CL A GOOGL	GOOGL	63,194	$22.6m0.32%	0.32%	Reduced -17.8k	-17,790 -22.0%
43	WOODWARD INC COM WWD	WWD	52,661	$22.4m0.31%	0.31%	Added +21.9k	+21,950 71.5%
44	GLOBAL PMTS INC NOTE 1.500% 3/0 · principal GPN 1.5 03.01.31 · principal	GPN 1.5 03.01.31	25,000,000	$22.3m0.31%	0.31%	Reduced -2.0m	-2,000,000 -7.4%
45	COSTCO WHSL CORP NEW COM COST	COST	23,800	$22.3m0.31%	0.31%	Added +317	+317 1.4%
46	BROADCOM INC COM AVGO	AVGO	57,290	$21.6m0.30%	0.30%	Added +36.2k	+36,190 171.5%
47	PINNACLE WEST CAP CORP NOTE 4.750% 6/1 · principal PNW 4.75 06.15.27 · principal	PNW 4.75 06.15.27	18,000,000	$21.6m0.30%	0.30%	Added +5.5m	+5,500,000 44.0%
48	NVENT ELECTRIC PLC SHS NVT	NVT	126,407	$21.4m0.30%	0.30%	Added +110.3k	+110,261 682.9%
49	CVB FINL CORP COM CVBF	CVBF	950,000	$21.4m0.30%	0.30%	Added +54.6k	+54,614 6.1%
50	DROPBOX INC NOTE 3/0 · principal DBX 0 03.01.28 · principal	DBX 0 03.01.28	20,000,000	$20.2m0.28%	0.28%	New
51	ISHARES TR IBOXX HI YD ETF HYG	HYG	250,000	$20.0m0.28%	0.28%	Reduced -6.2m	-6,170,000 -96.1%
52	ROIVANT SCIENCES LTD SHS ROIV	ROIV	517,621	$18.3m0.26%	0.26%	Added +401.0k	+401,019 343.9%
53	WEC ENERGY GROUP INC NOTE 4.375% 6/0 · principal WEC 4.375 06.01.27 · principal	WEC 4.375 06.01.27	15,000,000	$18.3m0.26%	0.26%	Unchanged
54	ROCKET COS INC COM CL A RKT	RKT	1,132,512	$17.8m0.25%	0.25%	Added +480.5k	+480,478 73.7%
55	TOPBUILD CORP COM BLD	BLD	50,139	$17.8m0.25%	0.25%	Added +45.9k	+45,926 1090.1%
56	ROUNDHILL ETF TRUST MEMORY ETF DRAM	DRAM	237,290	$17.5m0.25%	0.25%	New
57	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	178,745	$17.1m0.24%	0.24%	Added +162.9k	+162,867 1025.7%
58	NORFOLK SOUTHN CORP COM NSC	NSC	53,634	$16.9m0.24%	0.24%	Reduced -4.9k	-4,918 -8.4%
59	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 · principal JAZZ 3.125 09.15.30 · principal	JAZZ 3.125 09.15.30	10,000,000	$16.8m0.24%	0.24%	Reduced -5.0m	-5,000,000 -33.3%
60	SALESFORCE INC COM CRM	CRM	106,039	$16.6m0.23%	0.23%	Added +101.1k	+101,060 2029.7%
61	SOUTHERN CO NOTE 4.500% 6/1 · principal SO 4.5 06.15.27 · principal	SO 4.5 06.15.27	15,000,000	$16.6m0.23%	0.23%	Reduced -5.0m	-5,000,000 -25.0%
62	NETFLIX INC COM NFLX	NFLX	231,722	$16.5m0.23%	0.23%	Reduced -579.8k	-579,820 -71.5%
63	POPULAR INC COM NEW BPOP	BPOP	100,000	$16.4m0.23%	0.23%	New
64	ASTERA LABS INC COM ALAB	ALAB	33,091	$16.0m0.22%	0.22%	New
65	JOHNSON & JOHNSON COM JNJ	JNJ	62,412	$15.9m0.22%	0.22%	Added +44.0k	+43,981 238.6%
66	CONOCOPHILLIPS COM COP	COP	152,190	$15.8m0.22%	0.22%	Reduced -153.8k	-153,812 -50.3%
67	EATON CORP PLC SHS ETN	ETN	37,610	$15.8m0.22%	0.22%	New
68	WEC ENERGY GROUP INC NOTE 3.375% 6/0 · principal WEC 3.375 06.01.28 · principal	WEC 3.375 06.01.28	15,000,000	$15.6m0.22%	0.22%	New
69	GILEAD SCIENCES INC COM GILD	GILD	123,329	$15.6m0.22%	0.22%	Added +84.1k	+84,102 214.4%
70	PG&E CORP NOTE 4.250%12/0 · principal PCG 4.25 12.01.27 · principal	PCG 4.25 12.01.27	15,000,000	$15.4m0.22%	0.22%	Reduced -5.0m	-5,000,000 -25.0%
71	DOORDASH INC NOTE 5/1 · principal DASH 0 05.15.30 · principal	DASH 0 05.15.30	15,000,000	$14.8m0.21%	0.21%	New
72	AMKOR TECHNOLOGY INC COM AMKR	AMKR	174,482	$14.7m0.21%	0.21%	Added +151.9k	+151,873 671.7%
73	SCHWAB CHARLES CORP COM SCHW	SCHW	156,731	$14.5m0.20%	0.20%	Reduced -624.9k	-624,924 -80.0%
74	HILTON WORLDWIDE HLDGS INC COM HLT	HLT	43,994	$14.5m0.20%	0.20%	Added +22.6k	+22,621 105.8%
75	KENVUE INC COM KVUE	KVUE	744,809	$14.2m0.20%	0.20%	Reduced -96.4k	-96,439 -11.5%
76	WELLS FARGO CO NEW COM WFC	WFC	155,867	$13.0m0.18%	0.18%	Added +107.4k	+107,422 221.7%
77	MODERNA INC COM MRNA	MRNA	181,105	$12.7m0.18%	0.18%	Added +91.5k	+91,511 102.1%
78	WINTRUST FINL CORP COM WTFC	WTFC	78,625	$12.6m0.18%	0.18%	Added +76.8k	+76,761 4118.1%
79	AXOS FINANCIAL INC COM AX	AX	128,644	$12.5m0.18%	0.18%	Reduced -6.5k	-6,485 -4.8%
80	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	460,731	$12.3m0.17%	0.17%	Added +152.4k	+152,353 49.4%
81	ALPHABET INC CAP STK CL C GOOG	GOOG	34,247	$12.1m0.17%	0.17%	Reduced -17.3k	-17,347 -33.6%
82	ECHOSTAR CORP CL A ECHO	ECHO	117,896	$12.0m0.17%	0.17%	Added +78.0k	+78,033 195.8%
83	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	102,164	$11.9m0.17%	0.17%	Reduced -689.1k	-689,082 -87.1%
84	ECOPETROL S A SPONSORED ADS EC	EC	828,314	$11.9m0.17%	0.17%	New
85	YPF SOCIEDAD ANONIMA SPON ADR CL D YPF	YPF	258,000	$11.8m0.17%	0.17%	Added +93.0k	+93,000 56.4%
86	BRIDGEBIO PHARMA INC COM BBIO	BBIO	155,727	$11.6m0.16%	0.16%	Added +74.2k	+74,157 90.9%
87	QUANTA SVCS INC COM PWR	PWR	16,079	$11.6m0.16%	0.16%	Added +402	+402 2.6%
88	BANK NEW YORK MELLON CORP COM BNY	BNY	79,651	$11.5m0.16%	0.16%	Added +27.9k	+27,907 53.9%
89	DELL TECHNOLOGIES INC CL C DELL	DELL	26,411	$11.4m0.16%	0.16%	Added +20.6k	+20,587 353.5%
90	BREAD FINANCIAL HOLDINGS INC COM BFH	BFH	104,486	$11.3m0.16%	0.16%	Added +101.1k	+101,084 2971.3%
91	FIRSTENERGY CORP NOTE 3.875% 1/1 · principal FE 3.875 01.15.31 · principal	FE 3.875 01.15.31	10,000,000	$11.1m0.16%	0.16%	New
92	OFG BANCORP COM OFG	OFG	225,000	$11.0m0.16%	0.16%	New
93	FIRSTENERGY CORP NOTE 3.625% 1/1 · principal FE 3.625 01.15.29 · principal	FE 3.625 01.15.29	10,000,000	$10.9m0.15%	0.15%	New
94	RALPH LAUREN CORP CL A RL	RL	26,624	$10.7m0.15%	0.15%	Added +20.1k	+20,124 309.6%
95	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	62,400	$10.7m0.15%	0.15%	New
96	MASTERCARD INCORPORATED CL A MA	MA	20,541	$10.5m0.15%	0.15%	Added +18.3k	+18,310 820.7%
97	FEDEX CORP COM FDX	FDX	33,129	$10.4m0.15%	0.15%	Added +12.6k	+12,612 61.5%
98	NORTHEAST BK PORTLAND ME COM NBN	NBN	78,242	$10.4m0.15%	0.15%	Added +3.0k	+3,042 4.0%
99	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI · principal SMCI 7 06.01.29 · principal	SMCI 7 06.01.29	20,000,000	$10.2m0.14%	0.14%	New
100	HUT 8 CORP COM HUT	HUT	88,470	$10.2m0.14%	0.14%	Added +68.5k	+68,542 343.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PDD HOLDINGS INC PDD	PDD	180,500	$295.1m180.5k shares
ISHARES TR FXI	FXI	6,030,000	$216.5m6.0m shares
ISHARES TR LQD	LQD	1,975,000	$215.3m2.0m shares
SPDR GOLD TR GLD	GLD	427,603	$184.0m427.6k shares
ISHARES INC EWZ	EWZ	3,070,495	$117.9m3.1m shares
VANECK ETF TRUST GDX	GDX	496,884	$45.6m496.9k shares
ISHARES INC EWY	EWY	292,385	$36.0m292.4k shares
EVERGY INC EVRG 4.5 12.15.27	EVRG 4.5 12.15.27	25,000,000	$33.5m25.0m shares
KRANESHARES TRUST KWEB	KWEB	1,117,500	$31.8m1.1m shares
ISHARES TR EEM	EEM	556,362	$31.6m556.4k shares
SNOWFLAKE INC SNOW 0 10.01.29	SNOW 0 10.01.29	25,000,000	$30.2m25.0m shares
TECHNIPFMC PLC FTI	FTI	417,708	$28.9m417.7k shares
ON SEMICONDUCTOR CORP ON 0.5 03.01.29	ON 0.5 03.01.29	18,000,000	$17.4m18.0m shares
CISCO SYS INC CSCO	CSCO	221,143	$17.2m221.1k shares
FIRSTENERGY CORP FE 4 05.01.26	FE 4 05.01.26	15,000,000	$16.3m15.0m shares
ENERGY FUELS INC UUUU	UUUU	668,755	$12.2m668.8k shares
DUKE ENERGY CORP NEW DUK 4.125 04.15.26	DUK 4.125 04.15.26	10,000,000	$11.0m10.0m shares
NEBIUS GROUP N.V. NBIS	NBIS	99,400	$10.3m99.4k shares
SPROTT INC SII	SII	70,000	$9.8m70.0k shares
HUDBAY MINERALS INC HBM	HBM	374,816	$7.8m374.8k shares
OPENDOOR TECHNOLOGIES INC OPEN	OPEN	1,647,734	$7.7m1.6m shares
BANCO BRADESCO S A BBD	BBD	2,154,711	$7.6m2.2m shares
VIZSLA SILVER CORP VZLA	VZLA	2,300,000	$7.5m2.3m shares
BRIGHTHOUSE FINL INC BHF	BHF	120,793	$7.2m120.8k shares
BITFARMS LTD BITF	BITF	3,499,900	$6.8m3.5m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
INVESCO QQQ TR QQQ · Call	QQQ	Call	667,200	$491.3m667.2k shares	New
ISHARES TR TLT · Put	TLT	Put	5,335,000	$461.1m5.3m shares	New
ISHARES TR HYG · Put	HYG	Put	5,000,000	$399.9m5.0m shares	New
ISHARES TR TLT · Call	TLT	Call	3,835,000	$331.4m3.8m shares	Added
ISHARES TR LQD · Put	LQD	Put	2,805,000	$305.9m2.8m shares	Added
TESLA INC TSLA · Put	TSLA	Put	626,800	$263.6m626.8k shares	New
SPDR SER TR KRE · Put	KRE	Put	3,515,700	$263.2m3.5m shares	New
TESLA INC TSLA · Call	TSLA	Call	603,400	$253.8m603.4k shares	New
ISHARES BITCOIN TRUST ETF IBIT · Call	IBIT	Call	7,230,000	$240.7m7.2m shares	New
ISHARES TR LQD · Call	LQD	Call	2,200,000	$240.0m2.2m shares	New
NVIDIA CORPORATION NVDA · Call	NVDA	Call	1,074,175	$214.9m1.1m shares	New
AMAZON COM INC AMZN · Call	AMZN	Call	900,000	$214.5m900.0k shares	Added
ISHARES BITCOIN TRUST ETF IBIT · Put	IBIT	Put	5,273,700	$175.6m5.3m shares	New
NVIDIA CORPORATION NVDA · Put	NVDA	Put	805,700	$161.2m805.7k shares	New
ALPHABET INC GOOGL · Call	GOOGL	Call	400,000	$142.9m400.0k shares	New
MICROSOFT CORP MSFT · Call	MSFT	Call	333,805	$124.5m333.8k shares	New
KRANESHARES TRUST KWEB · Call	KWEB	Call	4,770,000	$116.7m4.8m shares	New
PDD HOLDINGS INC PDD · Call	PDD	Call	84,600	$103.3m84.6k shares	New
INVESCO QQQ TR QQQ · Put	QQQ	Put	100,000	$73.6m100.0k shares	New
BOEING CO BA · Put	BA	Put	326,800	$70.7m326.8k shares	Added
JD.COM INC JD · Call	JD	Call	2,735,600	$69.4m2.7m shares	New
ISHARES INC EWY · Call	EWY	Call	310,000	$62.6m310.0k shares	New
BOEING CO BA · Call	BA	Call	271,300	$58.7m271.3k shares	Added
CROWDSTRIKE HLDGS INC CRWD · Call	CRWD	Call	75,400	$57.5m75.4k shares	New
CROWDSTRIKE HLDGS INC CRWD · Put	CRWD	Put	75,400	$57.5m75.4k shares	New