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Livermore
Livermore
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Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

The latest 13F from Capula Management Ltd covers Q2 2026 (filed Aug 14, 2026): 303 long positions worth $22.8B. The top 10 holdings make up 87.4% of the portfolio, and the largest is iShares Core S&P 500 ETF at 66.0%. 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
80
Est. +$770.6M
Added
93
Est. +$11.0B
Reduced
119
Est. −$1.54B
Sold out
190
Est. −$528.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    66.0%$15.0B
  2. SPYSPDR S&P 500 ETF Trust
    15.1%$3.43BHistory
  3. BABAAlibaba Group Holding Ltd
    1.4%$320.9MHistory
  4. BABoeing Co
    0.9%$206.1MHistory
  5. WDCWestern Digital Corp
    0.8%$179.0MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core S&P 500 ETF464287200
    +$8.21BAdded
  2. BABAAlibaba Group Holding Ltd
    +$309.9MAddedHistory
  3. BABoeing Co
    +$204.5MAddedHistory
  4. WDCWestern Digital Corp
    +$179.0MNewHistory
  5. UBERUber Technologies, Inc
    +$158.8MAddedHistory

Largest weight increases

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

  1. iShares Core S&P 500 ETF464287200
    +14.15 pp51.8% → 66.0%
  2. BABAAlibaba Group Holding Ltd
    +1.28 pp0.1% → 1.4%History
  3. BABoeing Co
    +0.89 pp<0.1% → 0.9%History
  4. WDCWestern Digital Corp
    +0.79 pp0.0% → 0.8%History
  5. UBERUber Technologies, Inc
    +0.70 pp<0.1% → 0.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$1.17BReducedHistory
  2. Clearwater Analytics Hldgs I185123106
    −$63.3MSold out
  3. Amicus Therapeutics Inc03152W109
    −$46.2MSold out
  4. Sealed Air Corp New81211K100
    −$38.6MSold out
  5. Hologic Inc436440101
    −$35.2MSold out

Largest weight decreases

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

  1. SPYSPDR S&P 500 ETF Trust
    −19.86 pp34.9% → 15.1%History
  2. Clearwater Analytics Hldgs I185123106
    −0.55 pp0.6% → 0.0%
  3. Amicus Therapeutics Inc03152W109
    −0.40 pp0.4% → 0.0%
  4. NVDANVIDIA Corp
    −0.35 pp0.5% → 0.2%History
  5. Sealed Air Corp New81211K100
    −0.34 pp0.3% → 0.0%

Metrics

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

Portfolio value
$22.8B
+$11.3B (+98.5%) vs. prior quarter
Positions
303
−110 vs. prior quarter
Top 10 concentration
87.4%
Top 10 as share of value
Turnover
12.1%
Q2 2026, one quarter
Average holding period
8.0 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 $22.8B (Q2 2026)

Q1 2021: $479.4MQ2 2021: $551.5MQ3 2021: $1.29BQ4 2021: $1.41BQ1 2022: $360.4MQ2 2022: $712.3MQ3 2022: $814.1MQ4 2022: $965.8MQ1 2023: $1.15BQ2 2023: $830.9MQ3 2023: $1.54BQ4 2023: $1.59BQ1 2024: $2.95BQ2 2024: $8.94BQ3 2024: $7.98BQ4 2024: $14.6BQ1 2025: $13.5BQ2 2025: $8.15BQ3 2025: $13.4BQ4 2025: $15.4BQ1 2026: $11.5BQ2 2026: $22.8B
Q1 2021Q2 2026
13F filings of Capula Management Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026303$22.8BiShares Core S&P 500 ETFSPYBABAvs. Q1 2026SEC
Q1 2026May 14, 2026413$11.5BiShares Core S&P 500 ETFSPYClearwater Analytics Hldgs Ivs. Q4 2025SEC
Q4 2025Feb 13, 2026317$15.4BVanguard S&P 500 ETFSPYIBITvs. Q3 2025SEC
Q3 2025Nov 14, 2025311$13.4BiShares Core S&P 500 ETFSPYIBITvs. Q2 2025SEC
Q2 2025Aug 13, 2025249$8.15BiShares Core S&P 500 ETFSPYIBITvs. Q1 2025SEC
Q1 2025May 14, 2025374$13.5BiShares Core S&P 500 ETFSPYNVDAvs. Q4 2024SEC
Q4 2024Feb 13, 2025240$14.6BSPYNVDAIBITvs. Q3 2024SEC
Q3 2024Nov 13, 2024285$7.98BSPYNVDAIBITvs. Q2 2024SEC
Q2 2024Aug 5, 2024283$8.94BiShares Core S&P 500 ETFSPYNVDAvs. Q1 2024SEC
Q1 2024May 9, 2024369$2.95BSPYGOOGLiShares Trvs. Q4 2023SEC
Q4 2023Feb 12, 2024224$1.59BSPYGOOGLiShares Trvs. Q3 2023SEC
Q3 2023Nov 3, 2023312$1.54BSPYGOOGLMETAvs. Q2 2023SEC
Q2 2023Aug 14, 2023263$830.9MVanguard Intermediate-Term Corporate Bond ETFSPYInvesco QQQ Trust Series Ivs. Q1 2023SEC
Q1 2023May 10, 2023368$1.15BSPYiShares TrInvesco QQQ Trust Series Ivs. Q4 2022SEC
Q4 2022Feb 14, 2023423$965.8MiShares TrSPYMSFTvs. Q3 2022SEC
Q3 2022Nov 14, 2022294$814.1MAAPLSPYGOOGLvs. Q2 2022SEC
Q2 2022Aug 15, 202295$712.3MSPYAAPLDIAvs. Q1 2022SEC
Q1 2022May 17, 202252$360.4MSPYInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q4 2021SEC
Q4 2021Feb 14, 202235$1.41BSPYInvesco QQQ Trust Series IiShares Trvs. Q3 2021SEC
Q3 2021Nov 15, 2021494$1.29BSPYAAPLMSFTvs. Q2 2021SEC
Q2 2021Aug 13, 2021434$551.5MSPYInvesco QQQ Trust Series ICVSvs. Q1 2021SEC
Q1 2021May 14, 2021160$479.4MSPYAAPLAMZN–SEC