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Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q1 2023

Holdings as of Mar 31, 2023, filed May 10, 2023. Long positions only; changes compare share counts with Q4 2022.

Institution overview
Positions
368
−55 vs. Q4 2022
Portfolio value
$1.15B
+$184.4M (+19.1%) vs. Q4 2022
Filed
May 10, 2023
SEC
Holdings of Capula Management Ltd in Q1 2023
SecurityClassSharesValue% of portfolioShare changeActionHistory
First Rep BK San Francisco C33616C100COM175$2.45K<0.1%+175New–
DALDelta Air Lines, Inc.COM NEW153$5.34K<0.1%+153NewHistory
IPInternational Paper CoCOM323$11.6K<0.1%+323NewHistory
AVTRAvantor, Inc.COM644$13.6K<0.1%+644NewHistory
RFRegions Financial CorpCOM999$18.5K<0.1%+999NewHistory
BLMNBloomin' Brands, Inc.COM805$20.6K<0.1%+805NewHistory
FANGDiamondback Energy, Inc.Stock158$21.4K<0.1%−1,626−91.1%ReducedHistory
TSCOTractor Supply CoCOM105$24.7K<0.1%+105NewHistory
RACEFerrari N.V.COM120$29.9K<0.1%+120NewHistory
KMIKinder Morgan, Inc.Stock1,931$33.8K<0.1%−75,095−97.5%ReducedHistory
DDDuPont de Nemours, Inc.COM474$34.0K<0.1%+474NewHistory
STZConstellation Brands, Inc.Stock158$35.7K<0.1%−6,488−97.6%ReducedHistory
AIGAmerican International Group, Inc.Stock709$35.7K<0.1%+709NewHistory
WDAYWorkday, Inc.CL A190$39.3K<0.1%−2,926−93.9%ReducedHistory
PSAPublic StorageCOM150$45.3K<0.1%+150NewHistory
MRNAModerna, Inc.Stock310$47.6K<0.1%+310NewHistory
KKellanovaStock752$50.4K<0.1%−5,724−88.4%ReducedHistory
FDXFedEx CorpStock235$53.7K<0.1%−2,319−90.8%ReducedHistory
PANWPalo Alto Networks IncStock286$57.1K<0.1%+286NewHistory
MUMicron Technology IncStock1,073$64.7K<0.1%+1,073NewHistory
BSXBoston Scientific CorpStock1,357$67.9K<0.1%+1,357NewHistory
SOSouthern CoStock1,035$72.0K<0.1%+1,035NewHistory
ISRGIntuitive Surgical IncCOM NEW336$85.8K<0.1%+336NewHistory
TJXTJX Companies IncStock1,101$86.3K<0.1%+1,101NewHistory
SWNSouthwestern Energy CoCOM17,460$87.3K<0.1%+17,460NewHistory
NOWServiceNow, Inc.Stock198$92.0K<0.1%+198NewHistory
MDLZMondelez International, Inc.Stock1,333$92.9K<0.1%+1,333NewHistory
ADIAnalog Devices IncStock483$95.3K<0.1%−5,367−91.7%ReducedHistory
BKNGBooking Holdings Inc.Stock37$98.1K<0.1%+37NewHistory
GILDGilead Sciences, Inc.Stock1,189$98.7K<0.1%−13,251−91.8%ReducedHistory
AXPAmerican Express CoStock602$99.3K<0.1%+602NewHistory
UAAUnder Armour, Inc.Stock11,469$108.8K<0.1%−88,521−88.5%ReducedHistory
LUMNLumen Technologies, Inc.Stock41,949$111.2K<0.1%−89,261−68.0%ReducedHistory
SPGIS&P Global Inc.Stock323$111.4K<0.1%+323NewHistory
IBMInternational Business Machines CorpStock857$112.3K<0.1%−105,792−99.2%ReducedHistory
INTUIntuit Inc.Stock253$112.8K<0.1%−9,147−97.3%ReducedHistory
SESea LtdSPONSORD ADS1,345$116.4K<0.1%+1,345NewHistory
UNPUnion Pacific CorpStock582$117.1K<0.1%−4,556−88.7%ReducedHistory
CRGYCrescent Energy CoCL A COM10,780$121.9K<0.1%+10,780NewHistory
HONHoneywell International IncCOM638$121.9K<0.1%−26,880−97.7%ReducedHistory
INTCIntel CorpStock3,913$127.8K<0.1%−136,107−97.2%ReducedHistory
UPSUnited Parcel Service IncStock701$136.0K<0.1%−115,458−99.4%ReducedHistory
LESLLeslie's, Inc.COM12,369$136.2K<0.1%+12,369NewHistory
RKTRocket Companies, Inc.Stock15,349$139.1K<0.1%+15,349NewHistory
KMBKimberly Clark CorpStock1,042$139.9K<0.1%−10,303−90.8%ReducedHistory
ORCLOracle CorpStock1,562$145.1K<0.1%+1,562NewHistory
NEENextera Energy IncStock1,910$147.2K<0.1%−1,128−37.1%ReducedHistory
AMDAdvanced Micro Devices IncStock1,535$150.4K<0.1%−92,458−98.4%ReducedHistory
BABAAlibaba Group Holding LtdADR1,500$153.3K<0.1%+1,500NewHistory
CMCSAComcast CorpStock4,146$157.2K<0.1%−38,859−90.4%ReducedHistory
TXNTexas Instruments IncStock861$160.2K<0.1%−174,180−99.5%ReducedHistory
LINLinde PLCStock471$167.4K<0.1%−4,609−90.7%ReducedHistory
ADBEAdobe Inc.Stock445$171.5K<0.1%−13,924−96.9%ReducedHistory
ACNAccenture plcStock601$171.8K<0.1%+601NewHistory
HCAHCA Healthcare, Inc.COM662$174.6K<0.1%+662NewHistory
DISWalt Disney CoStock1,747$174.9K<0.1%−177,718−99.0%ReducedHistory
DISHDISH Network CORPCL A19,626$183.1K<0.1%+19,626NewHistory
MPCMarathon Petroleum CorpStock1,400$188.8K<0.1%+1,400NewHistory
CRMSalesforce, Inc.Stock958$191.4K<0.1%−115,022−99.2%ReducedHistory
MCDMcDonalds CorpStock695$194.3K<0.1%−60,552−98.9%ReducedHistory
AMATApplied Materials IncStock1,613$198.1K<0.1%+1,613NewHistory
GENGen Digital Inc.Stock11,711$201.0K<0.1%−47,339−80.2%ReducedHistory
MRVLMarvell Technology, Inc.COM4,664$202.0K<0.1%+4,664NewHistory
WCCWesco International IncCOM1,331$205.7K<0.1%+1,331NewHistory
BCBrunswick CorpCOM2,551$209.2K<0.1%+2,551NewHistory
NFGNational Fuel Gas CoStock3,629$209.5K<0.1%+3,629NewHistory
WMTWalmart Inc.Stock1,437$211.9K<0.1%−233,366−99.4%ReducedHistory
RNRRenaissancere Holdings LtdCOM1,060$212.4K<0.1%+1,060NewHistory
TMOThermo Fisher Scientific Inc.Stock369$212.7K<0.1%−1,239−77.1%ReducedHistory
UTHRUnited Therapeutics CorpCOM955$213.9K<0.1%−1,015−51.5%ReducedHistory
ELVElevance Health, Inc.Stock466$214.3K<0.1%−4,262−90.1%ReducedHistory
FOXFox CorpCL B COM6,849$214.4K<0.1%+6,849NewHistory
NNNNNN REIT, Inc.REIT4,860$214.6K<0.1%−5,596−53.5%ReducedHistory
USFDUS Foods Holding Corp.COM5,820$215.0K<0.1%+5,820NewHistory
KMPRKEMPER CorpCOM3,949$215.9K<0.1%+3,949NewHistory
PPLPPL CorpCOM7,832$217.7K<0.1%+7,832NewHistory
MAAMid America Apartment Communities Inc.COM1,464$221.1K<0.1%−146−9.1%ReducedHistory
SNXTD Synnex CorpCOM2,291$221.7K<0.1%+2,291NewHistory
PLTKPlaytika Holding Corp.COM20,069$226.0K<0.1%−6,521−24.5%ReducedHistory
LEALear CorpCOM NEW1,647$229.7K<0.1%−5,337−76.4%ReducedHistory
AVYAvery Dennison CorpCOM1,286$230.1K<0.1%+1,286NewHistory
VMCVulcan Materials COCOM1,347$231.1K<0.1%−1,499−52.7%ReducedHistory
TTCToro CoCOM2,079$231.1K<0.1%+2,079NewHistory
PFGCPerformance Food Group CoCOM3,871$233.6K<0.1%−4,069−51.2%ReducedHistory
BNYBank of New York Mellon CorpStock5,142$233.7K<0.1%−16,038−75.7%ReducedHistory
EQRXEQRx, Inc.COM120,500$233.8K<0.1%+120,500NewHistory
CNCCentene CorpStock3,761$237.7K<0.1%+3,761NewHistory
PINCPremier, Inc.CL A7,349$237.9K<0.1%−13,501−64.8%ReducedHistory
PEPPepsiCo IncStock1,322$241.0K<0.1%−15,610−92.2%ReducedHistory
CAGConagra Brands Inc.Stock6,417$241.0K<0.1%−21,335−76.9%ReducedHistory
AGOAssured Guaranty LtdCOM4,840$243.3K<0.1%+4,840NewHistory
DLBDolby Laboratories, Inc.COM CL A2,860$244.3K<0.1%−11,090−79.5%ReducedHistory
WSCWillScot Holdings CorpCOM CL A5,240$245.7K<0.1%+5,240NewHistory
HEI.AHeico CorpCL A1,820$247.3K<0.1%−3,124−63.2%ReducedHistory
LWLamb Weston Holdings, Inc.Stock2,368$247.5K<0.1%−9,098−79.3%ReducedHistory
ROSTRoss Stores, Inc.COM2,342$248.6K<0.1%+2,342NewHistory
RBARB Global Inc.COM4,429$249.3K<0.1%+4,429NewHistory
LOPEGrand Canyon Education, Inc.COM2,189$249.3K<0.1%−6,601−75.1%ReducedHistory
EEFTEuronet Worldwide, Inc.COM2,229$249.4K<0.1%+2,229NewHistory
BHFBrighthouse Financial, Inc.COM5,680$250.5K<0.1%+5,680NewHistory

Options (165)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

The largest 100 of 165 by value.

Option positions of Capula Management Ltd in Q1 2023
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$859.7M$163.3M
AAPLApple Inc.Stock$265.8M$206.8M
MSFTMicrosoft CorpStock$217.2M$182.0M
GOOGLAlphabet Inc.Stock$127.5M$147.6M
AMZNAmazon Com IncStock$96.2M$134.5M
State Street Financial Select Sector SPDR ETF81369Y605ETF$55.0M$165.6M
State Street SPDR S&P Regional Banking ETF78464A698ETF$197.4M$14.2M
iShares Iboxx $ Investment Grade Corporate Bond ETF464287242ETF–$164.4M
BACBank of America CorpStock$92.1M$71.9M
NVDANVIDIA CorpStock$57.5M$63.8M
CSCOCisco Systems, Inc.Stock$58.0M$54.9M
iShares Tr464287184CHINA LG-CAP ETF$88.6M$14.8M
WMTWalmart Inc.Stock$45.3M$56.9M
CVXChevron CorpStock$21.9M$79.0M
HDHome Depot, Inc.Stock$33.1M$65.8M
INTCIntel CorpStock$9.50M$89.1M
JNJJohnson & JohnsonStock$40.8M$48.8M
TJXTJX Companies IncStock$15.2M$74.0M
iShares Russell 2000 ETF464287655ETF$69.2M$10.7M
iShares Tr464287234MSCI EMG MKT ETF$39.5M$39.5M
AVGOBroadcom Inc.Stock$38.2M$38.1M
METAMeta Platforms, Inc.Stock$38.0M$37.6M
LOWLowes Companies IncStock$43.7M$31.1M
AMGNAmgen IncStock$31.5M$41.8M
TXNTexas Instruments IncStock$11.9M$57.6M
JPMJPMorgan Chase & CoStock$52.9M$16.4M
UNHUnitedHealth Group IncStock$33.1M$33.1M
ABBVAbbVie Inc.Stock$30.1M$32.7M
IBMInternational Business Machines CorpStock$13.6M$44.4M
STZConstellation Brands, Inc.Stock$28.2M$28.2M
Invesco QQQ Trust Series I46090E103ETF$47.5M$7.38M
PEPPepsiCo IncStock$25.1M$27.3M
LLYEli Lilly & CoStock$26.4M$22.3M
DDDuPont de Nemours, Inc.COM$25.6M$21.8M
CCitigroup IncStock$27.2M$18.7M
NFLXNetflix IncStock$22.8M$20.8M
KOCoca Cola CoStock$12.2M$30.8M
MAMastercard IncStock$20.0M$21.8M
AXPAmerican Express CoStock$20.8M$20.8M
ADBEAdobe Inc.Stock$20.7M$20.7M
MSMorgan StanleyStock$31.7M$9.09M
FDXFedEx CorpStock$19.1M$19.2M
VVisa Inc.Stock$19.0M$19.0M
RACEFerrari N.V.COM–$36.4M
CRMSalesforce, Inc.Stock$14.3M$22.1M
GSGoldman Sachs Group IncStock$13.3M$22.4M
DEDeere & CoStock$23.1M$11.6M
LMTLockheed Martin CorpStock$17.3M$17.3M
PFEPfizer IncStock$9.99M$24.3M
CVSCVS Health CorpStock$18.9M$13.7M
DISWalt Disney CoStock$15.0M$17.6M
PGProcter & Gamble CoStock$24.8M$7.64M
AMDAdvanced Micro Devices IncStock$19.6M$12.7M
MCDMcDonalds CorpStock$13.3M$18.7M
UNPUnion Pacific CorpStock$13.2M$17.9M
CATCaterpillar IncStock$15.4M$15.4M
TMOThermo Fisher Scientific Inc.Stock–$30.5M
HCAHCA Healthcare, Inc.COM$14.8M$14.8M
WFCWells Fargo & CompanyStock$18.2M$10.3M
TSLATesla, Inc.Stock$13.9M$13.8M
DLTRDollar Tree, Inc.COM$13.6M$13.6M
DHRDanaher CorpStock$12.3M$14.3M
UPSUnited Parcel Service IncStock$17.5M$9.12M
NEENextera Energy IncStock$1.79M$24.1M
ABTAbbott LaboratoriesStock$12.7M$12.7M
BKNGBooking Holdings Inc.Stock$12.7M$11.1M
RTXRTX CorpStock$12.8M$10.6M
MOAltria Group, Inc.Stock$14.1M$8.92M
SPDR Index Shs FDS78463X202ST STR EU 50 ETF$22.4M–
SBUXStarbucks CorpStock$9.42M$11.3M
BMYBristol Myers Squibb CoStock$11.9M$8.48M
INTUIntuit Inc.Stock$9.72M$9.63M
GLDSPDR Gold TrustETF–$18.3M
PCARPaccar IncCOM$9.15M$9.15M
PANWPalo Alto Networks IncStock$6.71M$10.7M
SPGIS&P Global Inc.Stock$8.62M$8.62M
XOMExxonMobil Holdings CorpCOM$9.13M$8.08M
MRNAModerna, Inc.Stock$8.55M$8.45M
MMM3M CoStock$7.36M$9.40M
CSXCSX CorpStock$7.49M$9.02M
TOLToll Brothers, Inc.COM$8.25M$8.10M
VZVerizon Communications IncStock$4.22M$11.7M
WBAWalgreens Boots Alliance, Inc.COM$7.88M$7.88M
ETNEaton Corp plcStock$10.5M$4.75M
NSCNorfolk Southern CorpStock$7.42M$7.42M
QCOMQualcomm IncStock$6.79M$7.81M
TSCOTractor Supply CoCOM$7.24M$7.24M
WDAYWorkday, Inc.CL A$7.23M$7.23M
KMIKinder Morgan, Inc.Stock$2.63M$11.8M
NKENIKE, Inc.Stock$12.9M$1.50M
TMUST-Mobile US, Inc.Stock$7.63M$6.50M
DALDelta Air Lines, Inc.COM NEW$7.98M$5.95M
LINLinde PLCStock$6.82M$7.04M
BSXBoston Scientific CorpStock$6.84M$6.84M
COSTCostco Wholesale CorpStock$6.86M$6.81M
CMICummins IncStock$6.40M$6.40M
HUMHumana IncStock$6.31M$6.31M
GDGeneral Dynamics CorpStock$6.12M$6.12M
KHCKraft Heinz CoStock$6.09M$6.09M
TTETotalEnergies SESPONSORED ADS–$11.8M

Sold out since Q4 2022 (247)

Positions held at the end of Q4 2022 that are gone from this filing.

The largest 100 of 247 by value last quarter.

Positions of Capula Management Ltd sold out since Q4 2022
SecurityClassShares in Q4 2022Value in Q4 2022% of portfolio in Q4 2022History
iShares Tr464287234MSCI EMG MKT ETF600,000$22.7M2.4%–
CMGChipotle Mexican Grill IncCOM6,968$9.67M1.0%History
WHRWhirlpool CorpStock31,213$4.42M0.5%History
MAXRMaxar Technologies Inc.COM65,000$3.36M0.3%History
ABNBAirbnb, Inc.Stock38,928$3.33M0.3%History
ITWIllinois Tool Works IncStock12,384$2.73M0.3%History
EMREmerson Electric CoStock24,194$2.32M0.2%History
VRSKVerisk Analytics, Inc.COM12,405$2.19M0.2%History
TGTXTG Therapeutics, Inc.COM134,060$1.59M0.2%History
UAUnder Armour, Inc.CL C172,020$1.53M0.2%History
DOCHealthpeak Properties, Inc.COM60,580$1.52M0.2%History
TOLToll Brothers, Inc.COM30,246$1.51M0.2%History
BAXBaxter International IncStock28,878$1.47M0.2%History
ROPRoper Technologies IncStock3,380$1.46M0.2%History
TNLTravel & Leisure Co.COM39,276$1.43M0.1%History
HOGHarley-Davidson, Inc.COM33,864$1.41M0.1%History
NXSTNexstar Media Group, Inc.COMMON STOCK8,046$1.41M0.1%History
ESIElement Solutions IncCOM75,946$1.38M0.1%History
CLXClorox CoStock9,706$1.36M0.1%History
SBACSba Communications CorpCL A4,846$1.36M0.1%History
MTCHMatch Group, Inc.COM32,620$1.35M0.1%History
ESTCElastic N.V.ORD SHS25,810$1.33M0.1%History
NTNXNutanix, Inc.Stock48,520$1.26M0.1%History
HRTHireRight Holdings CorpCOM105,440$1.25M0.1%History
SPRSpirit AeroSystems Holdings, Inc.COM CL A41,570$1.23M0.1%History
PATKPatrick Industries IncCOM20,240$1.23M0.1%History
HRLHormel Foods CorpCOM26,470$1.21M0.1%History
OIIOceaneering International IncStock67,880$1.19M0.1%History
TPRTapestry, Inc.COM30,776$1.17M0.1%History
BFAMBright Horizons Family Solutions Inc.COM17,630$1.11M0.1%History
SPLKSplunk IncCOM12,650$1.09M0.1%History
OKTAOkta, Inc.CL A15,856$1.08M0.1%History
AMKRAmkor Technology, Inc.COM44,490$1.07M0.1%History
SMCISuper Micro Computer, Inc.COM12,870$1.06M0.1%History
MSAMSA Safety IncCOM7,316$1.05M0.1%History
CVCOCavco Industries, Inc.COM4,590$1.04M0.1%History
BERYBerry Global Group, Inc.COM17,140$1.04M0.1%History
MEDMedifast IncCOM8,950$1.03M0.1%History
PSXPhillips 66Stock9,875$1.03M0.1%History
SITCSITE Centers Corp.COM75,120$1.03M0.1%History
CSTMConstellium SECL A SHS85,730$1.01M0.1%History
LNWOLight & Wonder, Inc.COM17,220$1.01M0.1%History
TXTTextron IncCOM14,236$1.01M0.1%History
TDWTidewater IncCOM27,280$1.01M0.1%History
STORStore Capital LLCCOM31,314$1.00M0.1%History
TDGTransDigm Group INCCOM1,590$1.00M0.1%History
LUVSouthwest Airlines CoCOM29,610$997.0K0.1%History
GFFGriffon CorpCOM27,820$995.7K0.1%History
SWKSSkyworks Solutions, Inc.Stock10,770$981.5K0.1%History
INGRIngredion IncCOM9,970$976.4K0.1%History
EWEdwards Lifesciences CorpStock12,920$964.0K0.1%History
WTMWhite Mountains Insurance Group LtdCOM680$961.7K0.1%History
HTHHilltop Holdings Inc.COM31,940$958.5K0.1%History
AREAlexandria Real Estate Equities, Inc.COM6,580$958.5K0.1%History
ALSNAllison Transmission Holdings IncStock23,040$958.5K0.1%History
TKRTimken CoCOM13,544$957.2K0.1%History
MCYMercury General CorpCOM27,980$956.9K0.1%History
CCICrown Castle Inc.REIT7,050$956.3K0.1%History
CXWCoreCivic, Inc.COM82,520$953.9K0.1%History
JNPRJuniper Networks IncCOM29,810$952.7K0.1%History
BCCBoise Cascade CoCOM13,850$951.1K0.1%History
FRFirst Industrial Realty Trust IncCOM19,690$950.2K0.1%History
PFSIPennyMac Financial Services, Inc.COM16,760$949.6K0.1%History
CSGPCostar Group, Inc.COM12,180$941.3K0.1%History
FRTFederal Realty Investment TrustSH BEN INT NEW9,300$939.7K0.1%History
ZGZillow Group, Inc.CL A30,094$939.2K0.1%History
GLPIGaming & Leisure Properties, Inc.COM18,010$938.1K0.1%History
MANManpowerGroup Inc.COM11,274$938.1K0.1%History
Healthpeak Properties, Inc.71943U104COM64,780$937.4K0.1%–
IBKRInteractive Brokers Group, Inc.Stock12,940$936.2K0.1%History
WTFCWintrust Financial CorpCOM11,070$935.6K0.1%History
WRKWestRock CoCOM26,570$934.2K0.1%History
GVAGranite Construction IncCOM26,510$929.7K0.1%History
RFPResolute Forest Products Inc.COM42,860$925.3K0.1%History
USERUserTesting, Inc.COM122,570$920.5K0.1%History
BGBunge Global SACOM9,220$919.9K0.1%History
GGGGraco IncCOM13,660$918.8K0.1%History
LILAKLiberty Latin America Ltd.COM CL C120,760$917.8K0.1%History
VIRVir Biotechnology, Inc.COM36,050$912.4K0.1%History
EVHEvolent Health, Inc.CL A32,480$912.0K0.1%History
CIENCiena CorpCOM NEW17,830$909.0K0.1%History
DELLDell Technologies Inc.Stock22,520$905.8K0.1%History
HCCWarrior Met Coal, Inc.COM25,870$896.1K0.1%History
BECNQxo Building Products, Inc.COM16,890$891.6K0.1%History
KEXKirby CorpCOM13,820$889.3K0.1%History
KALUKaiser Aluminum CorpCOM PAR $0.0111,700$888.7K0.1%History
STNEStoneCo Ltd.COM93,702$884.5K0.1%History
PENNPENN Entertainment, Inc.COM29,700$882.1K0.1%History
CSLCarlisle Companies IncCOM3,730$879.0K0.1%History
SVCService Properties TrustCOM SH BEN INT120,480$878.3K0.1%History
JXNJackson Financial Inc.COM CL A25,240$878.1K0.1%History
HRMYHarmony Biosciences Holdings, Inc.COM15,610$860.1K0.1%History
MMacy's, Inc.COM41,534$857.7K0.1%History
VRTVVeritiv CorpCOM7,030$855.6K0.1%History
PRMPerimeter Solutions, Inc.COMMON STOCK93,560$855.1K0.1%History
LBRTLiberty Energy Inc.COM CL A53,410$855.1K0.1%History
HGVHilton Grand Vacations Inc.COM22,040$849.4K0.1%History
NBRNabors Industries LtdSHS5,450$844.0K0.1%History
AEOAmerican Eagle Outfitters IncCOM60,220$840.7K0.1%History
ACTEnact Holdings, Inc.COM34,760$838.4K0.1%History