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Livermore
Livermore
ZHEN

Brevan Howard Capital Management LP

SEC CIK
0001512857
Latest filing
Aug 14, 2026

The latest 13F from Brevan Howard Capital Management LP covers Q2 2026 (filed Aug 14, 2026): 1,914 long positions worth $7.11B. The top 10 holdings make up 29.7% of the portfolio, and the largest is iShares Core S&P 500 ETF at 12.6%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
523
Est. +$1.79B
Added
701
Est. +$2.03B
Reduced
672
Est. −$6.46B
Sold out
621
Est. −$1.59B

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    12.6%$898.2M
  2. IBITiShares Bitcoin Trust ETF
    3.4%$239.9MHistory
  3. AAPLApple Inc.
    2.4%$168.7MHistory
  4. MSFTMicrosoft Corp
    2.2%$156.1MHistory
  5. State Street SPDR S&P Regional Banking ETF78464A698
    2.1%$148.1M

Share of portfolio

Top 5 holdings and the other 1,909 positions, by share of portfolio value

  1. iShares Core S&P 500 ETF12.6%
  2. IBIT3.4%
  3. AAPL2.4%
  4. MSFT2.2%
  5. State Street SPDR S&P Regional Banking ETF2.1%
  6. Other 1,909 positions77.4%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core S&P 500 ETF464287200
    +$898.2MNew
  2. State Street SPDR S&P Regional Banking ETF78464A698
    +$146.9MAdded
  3. AAPLApple Inc.
    +$124.9MAddedHistory
  4. AMDAdvanced Micro Devices Inc
    +$120.9MAddedHistory
  5. LLYEli Lilly & Co
    +$71.9MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. iShares Core S&P 500 ETF464287200
    +12.63 pp0.0% → 12.6%
  2. State Street SPDR S&P Regional Banking ETF78464A698
    +2.07 pp<0.1% → 2.1%
  3. AAPLApple Inc.
    +1.98 pp0.4% → 2.4%History
  4. AMDAdvanced Micro Devices Inc
    +1.76 pp<0.1% → 1.8%History
  5. LLYEli Lilly & Co
    +1.14 pp0.2% → 1.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Invesco QQQ Trust Series I46090E103
    −$1.09BReduced
  2. IBITiShares Bitcoin Trust ETF
    −$569.3MReducedHistory
  3. iShares Tr464288513
    −$493.4MReduced
  4. NVDANVIDIA Corp
    −$460.8MReducedHistory
  5. MSFTMicrosoft Corp
    −$444.9MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Invesco QQQ Trust Series I46090E103
    −8.77 pp8.8% → <0.1%
  2. IBITiShares Bitcoin Trust ETF
    −6.23 pp9.6% → 3.4%History
  3. iShares Tr464288513
    −4.97 pp5.2% → 0.3%
  4. TSLATesla, Inc.
    −3.65 pp4.3% → 0.6%History
  5. NVDANVIDIA Corp
    −3.32 pp5.2% → 1.8%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$7.11B
−$2.62B (−26.9%) vs. prior quarter
Positions
1,914
−98 vs. prior quarter
Top 10 concentration
29.7%
Top 10 as share of value
Turnover
45.2%
Q2 2026, one quarter
Average holding period
4.3 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $9.73B (Q1 2026)

Q1 2021: $150.5MQ2 2021: $119.7MQ3 2021: $164.7MQ4 2021: $113.9MQ1 2022: $132.9MQ2 2022: $136.7MQ3 2022: $262.6MQ4 2022: $343.1MQ1 2023: $454.2MQ2 2023: $544.1MQ3 2023: $337.5MQ4 2023: $994.4MQ1 2024: $1.10BQ2 2024: $1.53BQ3 2024: $2.07BQ4 2024: $4.04BQ1 2025: $3.57BQ2 2025: $9.09BQ3 2025: $6.97BQ4 2025: $5.23BQ1 2026: $9.73BQ2 2026: $7.11B
Q1 2021Q2 2026
13F filings of Brevan Howard Capital Management LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 20261,914$7.11BiShares Core S&P 500 ETFIBITAAPLvs. Q1 2026SEC
Q1 2026May 15, 20262,012$9.73BIBITInvesco QQQ Trust Series IiShares Trvs. Q4 2025SEC
Q4 2025Feb 17, 20261,629$5.23BFirst Tr Exchange Traded FDIBITGOOGLvs. Q3 2025SEC
Q3 2025Nov 14, 20251,801$6.97BIBITMSFTGOOGLvs. Q2 2025SEC
Q2 2025Aug 14, 20251,728$9.09BIBITBlackRock ETF Trust II iShares Larg Cap AddedGOOGLvs. Q1 2025SEC
Q1 2025May 15, 20251,077$3.57BIBITiShares TrAAPLvs. Q4 2024SEC
Q4 2024Feb 14, 2025963$4.04BIBITiShares TrState Street Financial Select Sector SPDR ETFvs. Q3 2024SEC
Q3 2024Nov 14, 20241,050$2.07BiShares TrMSFTNVDAvs. Q2 2024SEC
Q2 2024Aug 14, 2024970$1.53BiShares TrAAPLState Street Financial Select Sector SPDR ETFvs. Q1 2024SEC
Q1 2024May 15, 2024913$1.10BWDAYPXDCMEvs. Q4 2023SEC
Q4 2023Feb 14, 2024958$994.4MiShares TriShares TrInvesco QQQ Trust Series Ivs. Q3 2023SEC
Q3 2023Nov 14, 2023326$337.5MiShares IncCMENIO Inc.vs. Q2 2023SEC
Q2 2023Aug 14, 2023153$544.1MiShares TriShares TriShares Incvs. Q1 2023SEC
Q1 2023May 15, 202391$454.2MiShares TriShares TrMRNAvs. Q4 2022SEC
Q4 2022Feb 14, 202371$343.1MMRNAiShares TriShares Iboxx $ Investment Grade Corporate Bond ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202259$262.6MMRNAState Street Energy Select Sector SPDR ETFiShares Trvs. Q2 2022SEC
Q2 2022Aug 15, 202236$136.7MMRNAGlobal X Uranium ETFCMEvs. Q1 2022SEC
Q1 2022May 16, 202225$132.9MCMEGlobal X Uranium ETFBIDUvs. Q4 2021SEC
Q4 2021Feb 14, 202217$113.9MVanEck ETF TrustCMEBIDUvs. Q3 2021SEC
Q3 2021Nov 12, 202128$164.7MInvesco QQQ Trust Series IVanEck ETF TrustBIDUvs. Q2 2021SEC
Q2 2021Aug 13, 202129$119.7MVanEck ETF TrustCMEBIDUvs. Q1 2021SEC
Q1 2021May 14, 202133$150.5MVanEck ETF TrustPBRCME–SEC