Skip to main content
Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q2 2023

Holdings as of Jun 30, 2023, filed Aug 14, 2023. Long positions only; changes compare share counts with Q1 2023.

Institution overview
Positions
263
−105 vs. Q1 2023
Portfolio value
$830.9M
−$319.3M (−27.8%) vs. Q1 2023
Filed
Aug 14, 2023
SEC
Holdings of Capula Management Ltd in Q2 2023
SecurityClassSharesValue% of portfolioShare changeActionHistory
NETCloudflare, Inc.CL A COM9,518$622.2K0.1%+9,518NewHistory
AMRAlpha Metallurgical Resources, Inc.COM3,780$621.3K0.1%+3,780NewHistory
GEGeneral Electric CoStock5,631$618.6K0.1%+5,631NewHistory
RGAReinsurance Group of America IncCOM NEW4,440$615.8K0.1%+4,440NewHistory
WRKWestRock CoCOM21,180$615.7K0.1%+21,180NewHistory
CNKCinemark Holdings, Inc.COM37,180$613.5K0.1%+37,180NewHistory
ACHAccendra Health IncStock32,200$613.1K0.1%+32,200NewHistory
INSWInternational Seaways, Inc.COM15,900$608.0K0.1%+15,900NewHistory
OIO-I Glass, Inc.COM28,500$607.9K0.1%+28,500NewHistory
GBXGreenbrier Companies IncStock14,020$604.3K0.1%+14,020NewHistory
PEBPebblebrook Hotel TrustCOM43,080$600.5K0.1%+43,080NewHistory
KBHKB HomeCOM11,540$596.7K0.1%+11,540NewHistory
SKXSkechers USA IncCL A11,300$595.1K0.1%+11,300NewHistory
LTCLTC Properties IncREIT17,900$591.1K0.1%+17,900NewHistory
Clearway Energy, Inc.18539C105CL A21,420$578.3K0.1%+21,420New–
XRXXerox Holdings CorpCOM NEW38,840$578.3K0.1%+13,900+55.7%AddedHistory
IOVAIovance Biotherapeutics, Inc.COM81,520$573.9K0.1%+81,520NewHistory
HOGHarley-Davidson, Inc.COM16,180$569.7K0.1%+16,180NewHistory
QCOMQualcomm IncStock4,781$569.1K0.1%+869+22.2%AddedHistory
SASRSandy Spring Bancorp IncCOM25,040$567.9K0.1%+25,040NewHistory
LGNDLigand Pharmaceuticals IncCOM NEW7,820$563.8K0.1%+7,820NewHistory
LUMNLumen Technologies, Inc.Stock245,900$555.7K0.1%+203,951+486.2%AddedHistory
ARWRArrowhead Pharmaceuticals, Inc.COM15,560$554.9K0.1%+15,560NewHistory
AXSMAxsome Therapeutics, Inc.COM7,720$554.8K0.1%+7,720NewHistory
iShares Tr464287184CHINA LG-CAP ETF20,000$543.8K0.1%−2,466,070−99.2%Reduced–
BTUPeabody Energy CorpCOM24,960$540.6K0.1%+7,220+40.7%AddedHistory
TNKTeekay Tankers Ltd.CL A13,620$520.7K0.1%+1,100+8.8%AddedHistory
PNTPOINT Biopharma Global Inc.COM57,140$517.7K0.1%+57,140NewHistory
SBGISinclair, Inc.CL A37,020$511.6K0.1%+7,320+24.6%AddedHistory
SABRSabre CorpCOM160,000$510.4K0.1%+160,000NewHistory
PEGAPegasystems IncCOM10,320$508.8K0.1%+1,180+12.9%AddedHistory
MSGSMadison Square Garden Sports Corp.CL A2,700$507.7K0.1%+871+47.6%AddedHistory
PAYCPaycom Software, Inc.Stock1,580$507.6K0.1%+1,580NewHistory
MSCIMSCI Inc.Stock1,080$506.8K0.1%+304+39.2%AddedHistory
ENPHEnphase Energy, Inc.Stock3,020$505.8K0.1%+3,020NewHistory
OSKOshkosh CorpCOM5,840$505.7K0.1%+780+15.4%AddedHistory
MANHManhattan Associates IncStock2,520$503.7K0.1%−700−21.7%ReducedHistory
HLTHilton Worldwide Holdings Inc.COM3,460$503.6K0.1%+3,460NewHistory
FSLRFirst Solar, Inc.Stock2,640$501.8K0.1%+659+33.3%AddedHistory
AGOAssured Guaranty LtdCOM8,980$501.1K0.1%+4,140+85.5%AddedHistory
BABAAlibaba Group Holding LtdADR6,000$500.1K0.1%+4,500+300.0%AddedHistory
CHRWC. H. Robinson Worldwide, Inc.COM NEW5,300$500.1K0.1%+5,300NewHistory
WSMWilliams Sonoma IncCOM3,980$498.1K0.1%+3,980NewHistory
BBWIBath & Body Works, Inc.COM13,280$498.0K0.1%+13,280NewHistory
AMATApplied Materials IncStock3,440$497.2K0.1%+1,827+113.3%AddedHistory
WSTWest Pharmaceutical Services IncCOM1,300$497.2K0.1%−240−15.6%ReducedHistory
LMTLockheed Martin CorpStock1,080$497.2K0.1%+376+53.4%AddedHistory
AIRCApartment Income REIT Corp.COM13,760$496.6K0.1%+13,760NewHistory
PCTYPaylocity Holding CorpCOM2,680$494.5K0.1%+2,680NewHistory
HSYHershey CoCOM1,980$494.4K0.1%+911+85.2%AddedHistory
RMDResmed IncCOM2,260$493.8K0.1%+2,260NewHistory
STLDSteel Dynamics IncCOM4,520$492.4K0.1%+2,092+86.2%AddedHistory
PLTKPlaytika Holding Corp.COM42,440$492.3K0.1%+22,371+111.5%AddedHistory
HUMHumana IncStock1,100$491.8K0.1%−110−9.1%ReducedHistory
DKSDick's Sporting Goods, Inc.Stock3,720$491.7K0.1%+140+3.9%AddedHistory
BURLBurlington Stores, Inc.COM3,120$491.1K0.1%+1,769+130.9%AddedHistory
PDCEPDC Energy, Inc.COM6,900$490.9K0.1%+6,900NewHistory
LIILennox International IncCOM1,500$489.1K0.1%+1,500NewHistory
WSOWatsco IncCOM1,280$488.3K0.1%+1,280NewHistory
SMARSmartsheet IncCOM CL A12,760$488.2K0.1%+5,640+79.2%AddedHistory
CNPCenterpoint Energy IncCOM16,720$487.4K0.1%+16,720NewHistory
MCOMoodys CorpStock1,400$486.8K0.1%+1,400NewHistory
SMGScotts Miracle-Gro CoStock7,760$486.5K0.1%+7,760NewHistory
CGCarlyle Group Inc.COM15,220$486.3K0.1%+260+1.7%AddedHistory
MORNMorningstar, Inc.COM2,480$486.3K0.1%+660+36.3%AddedHistory
CABOCable One, Inc.COM740$486.2K0.1%+60+8.8%AddedHistory
ESTCElastic N.V.ORD SHS7,580$486.0K0.1%+7,580NewHistory
OCOwens CorningStock3,720$485.5K0.1%+3,720NewHistory
BIOBio-Rad Laboratories, Inc.CL A1,280$485.3K0.1%+730+132.7%AddedHistory
SWKSSkyworks Solutions, Inc.Stock4,380$484.8K0.1%+4,380NewHistory
PXDPioneer Natural Resources CoCOM2,340$484.8K0.1%+2,340NewHistory
COSTCostco Wholesale CorpStock900$484.5K0.1%−1,645−64.6%ReducedHistory
EXPDExpeditors International of Washington IncCOM4,000$484.5K0.1%+4,000NewHistory
AVYAvery Dennison CorpCOM2,820$484.5K0.1%+1,534+119.3%AddedHistory
DOCSDoximity, Inc.CL A14,240$484.4K0.1%+1,220+9.4%AddedHistory
TGTTarget CorpStock3,660$482.8K0.1%+1,953+114.4%AddedHistory
TDCTeradata CorpStock9,020$481.8K0.1%+2,731+43.4%AddedHistory
UPSUnited Parcel Service IncStock2,680$480.4K0.1%+1,979+282.3%AddedHistory
CLXClorox CoStock3,020$480.3K0.1%+3,020NewHistory
ADPAutomatic Data Processing IncStock2,176$478.3K0.1%−377−14.8%ReducedHistory
GMEGameStop Corp.Stock19,660$476.8K0.1%+19,660NewHistory
MOHMolina Healthcare, Inc.COM1,580$476.0K0.1%+1,580NewHistory
NWSANews CorpCL A24,320$474.2K0.1%+24,320NewHistory
PLDPrologis, Inc.REIT3,860$473.4K0.1%+3,860NewHistory
NWSNews CorpCL B23,960$472.5K0.1%+23,960NewHistory
MTDMettler Toledo International IncCOM360$472.2K0.1%+360NewHistory
NNOXNano-X Imaging Ltd.ORD SHS30,440$471.5K0.1%+30,440NewHistory
ALLYAlly Financial Inc.Stock17,420$470.5K0.1%+17,420NewHistory
JHGJanus Henderson Group Ltd.ORD SHS17,120$466.5K0.1%+17,120NewHistory
PYPLPayPal Holdings, Inc.Stock6,980$465.8K0.1%−496−6.6%ReducedHistory
NBRNabors Industries LtdSHS4,980$463.3K0.1%+4,980NewHistory
RPRXRoyalty Pharma plcSHS CLASS A15,020$461.7K0.1%+15,020NewHistory
NSANational Storage Affiliates TrustCOM SHS BEN IN13,240$461.1K0.1%+1,751+15.2%AddedHistory
EEFTEuronet Worldwide, Inc.COM3,920$460.1K0.1%+1,691+75.9%AddedHistory
BHFBrighthouse Financial, Inc.COM9,700$459.3K0.1%+4,020+70.8%AddedHistory
MRTXMirati Therapeutics, Inc.COM12,680$458.1K0.1%+12,680NewHistory
NDAQNasdaq, Inc.COM9,160$456.6K0.1%+9,160NewHistory
SYYSysco CorpStock6,140$455.6K0.1%+6,140NewHistory
RIVNRivian Automotive, Inc.Stock27,260$454.2K0.1%+27,260NewHistory
CAHCardinal Health IncStock4,780$452.0K0.1%+4,780NewHistory

Options (83)

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

Option positions of Capula Management Ltd in Q2 2023
SecurityClassPutsCalls
AAPLApple Inc.Stock$248.6M$155.3M
SPYSPDR S&P 500 ETF TrustETF$299.0M$93.1M
UPSUnited Parcel Service IncStock$183.1M$184.0M
Invesco QQQ Trust Series I46090E103ETF$166.2M$197.6M
iShares Russell 2000 ETF464287655ETF$149.6M$212.7M
MSFTMicrosoft CorpStock$128.8M$93.3M
GOOGLAlphabet Inc.Stock$41.8M$32.9M
IBMInternational Business Machines CorpStock$2.41M$68.4M
JPMJPMorgan Chase & CoStock$19.9M$40.8M
AMZNAmazon Com IncStock$28.0M$30.0M
CSCOCisco Systems, Inc.Stock$19.3M$33.7M
SBUXStarbucks CorpStock$25.6M$25.5M
iShares Tr464287234MSCI EMG MKT ETF$39.6M–
NVDANVIDIA CorpStock$12.1M$22.3M
HZNPHorizon Therapeutics Public Ltd CoSHS–$30.9M
NKENIKE, Inc.Stock$15.4M$15.4M
PGProcter & Gamble CoStock–$29.9M
METAMeta Platforms, Inc.Stock$14.7M$14.6M
State Street Energy Select Sector SPDR ETF81369Y506ETF–$28.4M
QCOMQualcomm IncStock$14.1M$12.6M
BMYBristol Myers Squibb CoStock$12.8M$12.8M
ABBVAbbVie Inc.Stock$5.75M$19.2M
WMTWalmart Inc.Stock$10.5M$13.8M
EMREmerson Electric CoStock$11.6M$11.6M
TSLATesla, Inc.Stock$10.7M$11.7M
NFLXNetflix IncStock$9.69M$9.69M
MCDMcDonalds CorpStock$5.97M$13.2M
JNJJohnson & JohnsonStock$9.93M$8.28M
COSTCostco Wholesale CorpStock$5.81M$11.3M
AMDAdvanced Micro Devices IncStock$7.65M$8.94M
AVGOBroadcom Inc.Stock$7.55M$7.72M
TXNTexas Instruments IncStock$7.99M$5.92M
ADBEAdobe Inc.Stock$6.99M$6.75M
RTXRTX CorpStock$7.54M$6.17M
MSMorgan StanleyStock$6.66M$6.66M
LRCXLam Research CorpCOM$5.27M$7.46M
INTCIntel CorpStock$6.11M$5.75M
INTUIntuit Inc.Stock$5.18M$5.91M
DDDuPont de Nemours, Inc.COM$3.21M$7.86M
WDAYWorkday, Inc.CL A$4.74M$4.74M
AMATApplied Materials IncStock$4.74M$4.52M
CVXChevron CorpStock$4.41M$4.41M
PDDPDD Holdings Inc.SPONSORED ADS$4.34M$4.32M
BACBank of America CorpStock$4.30M$4.30M
ISRGIntuitive Surgical IncCOM NEW$2.94M$5.61M
ATVIActivision Blizzard, Inc.COM–$8.43M
MUMicron Technology IncStock$3.71M$4.30M
BKNGBooking Holdings Inc.Stock$3.51M$4.32M
CMCSAComcast CorpStock$3.44M$3.68M
MDLZMondelez International, Inc.Stock$3.48M$3.56M
UNHUnitedHealth Group IncStock$3.36M$3.36M
HSICHenry Schein IncCOM$6.72M–
ADIAnalog Devices IncStock$3.35M$3.35M
TMUST-Mobile US, Inc.Stock$3.24M$2.85M
GMGeneral Motors CoCOM$5.78M–
SGENSeagen Inc.COM–$5.77M
HONHoneywell International IncCOM$539.5K$4.90M
KHCKraft Heinz CoStock–$5.33M
MDTMedtronic plcStock$2.58M$2.58M
MRNAModerna, Inc.Stock$2.66M$2.31M
GEGeneral Electric CoStock$4.93M–
PYPLPayPal Holdings, Inc.Stock$2.16M$2.74M
GSGoldman Sachs Group IncStock–$4.52M
AMGNAmgen IncStock$2.29M$2.06M
KLACKLA CorpCOM NEW$2.23M$2.04M
VVisa Inc.Stock$1.66M$1.66M
MAMastercard IncStock$1.65M$1.65M
NTAPNetApp, Inc.Stock$1.60M$1.60M
ZMZoom Communications, Inc.Stock$855.3K$2.11M
DICEDICE Therapeutics, Inc.COM$2.93M–
BMBLBumble Inc.COM CL A$2.68M–
ADPAutomatic Data Processing IncStock$1.10M$1.12M
WFCWells Fargo & CompanyStock–$1.94M
CAGConagra Brands Inc.Stock$1.85M–
DDOGDatadog, Inc.CL A COM$1.61M$216.4K
TTDTrade Desk, Inc.Stock$841.7K$841.7K
GDGeneral Dynamics CorpStock$1.61M–
PEPPepsiCo IncStock$815.0K$796.4K
NETCloudflare, Inc.CL A COM$1.43M$170.0K
MARMarriott International IncStock$863.3K$624.5K
BABAAlibaba Group Holding LtdADR–$958.5K
GILDGilead Sciences, Inc.Stock$316.0K$316.0K
SESea LtdSPONSORD ADS–$232.2K

Sold out since Q1 2023 (270)

Positions held at the end of Q1 2023 that are gone from this filing.

The largest 100 of 270 by value last quarter.

Positions of Capula Management Ltd sold out since Q1 2023
SecurityClassShares in Q1 2023Value in Q1 2023% of portfolio in Q1 2023History
JPMJPMorgan Chase & CoStock339,517$44.2M3.8%History
MSMorgan StanleyStock302,212$26.5M2.3%History
CCitigroup IncStock389,387$18.3M1.6%History
CVSCVS Health CorpStock236,816$17.6M1.5%History
WFCWells Fargo & CompanyStock459,071$17.2M1.5%History
PGProcter & Gamble CoStock94,274$14.0M1.2%History
CATCaterpillar IncStock42,994$9.84M0.9%History
HDHome Depot, Inc.Stock31,700$9.36M0.8%History
DHRDanaher CorpStock30,778$7.76M0.7%History
GSGoldman Sachs Group IncStock22,057$7.22M0.6%History
LLYEli Lilly & CoStock19,806$6.80M0.6%History
MOAltria Group, Inc.Stock143,605$6.41M0.6%History
JNJJohnson & JohnsonStock39,867$6.18M0.5%History
ABTAbbott LaboratoriesStock58,561$5.93M0.5%History
NSCNorfolk Southern CorpStock25,865$5.48M0.5%History
APENApollo Endosurgery, Inc.COM546,965$5.43M0.5%History
ETNEaton Corp plcStock31,440$5.39M0.5%History
Shaw Communications Inc82028K200CL B CONV126,256$5.11M0.4%–
State Street Technology Select Sector SPDR ETF81369Y803ETF32,449$4.90M0.4%–
State Street Consumer Discretionary Select Sector SPDR ETF81369Y407ETF29,669$4.44M0.4%–
State Street Industrial Select Sector SPDR ETF81369Y704ETF43,320$4.38M0.4%–
MMM3M CoStock40,162$4.22M0.4%History
State Street Materials Select Sector SPDR ETF81369Y100ETF52,120$4.20M0.4%–
State Street Energy Select Sector SPDR ETF81369Y506ETF49,060$4.06M0.4%–
State Street Real Estate Select Sector SPDR ETF81369Y860ETF108,700$4.06M0.4%–
State Street Financial Select Sector SPDR ETF81369Y605ETF120,680$3.88M0.3%–
Amryt Pharma PLC03217L106SPONSORED ADS246,460$3.59M0.3%–
PFEPfizer IncStock86,963$3.55M0.3%History
WBAWalgreens Boots Alliance, Inc.COM99,584$3.44M0.3%History
CSXCSX CorpStock110,503$3.31M0.3%History
FISFidelity National Information Services, Inc.Stock58,893$3.20M0.3%History
NFLXNetflix IncStock8,190$2.83M0.2%History
PCARPaccar IncCOM36,550$2.68M0.2%History
DEDeere & CoStock6,314$2.61M0.2%History
DLTRDollar Tree, Inc.COM17,608$2.53M0.2%History
AAPLApple Inc.Stock15,190$2.50M0.2%History
XOMExxonMobil Holdings CorpCOM21,683$2.38M0.2%History
MSFTMicrosoft CorpStock7,663$2.21M0.2%History
CBChubb LtdStock10,510$2.04M0.2%History
VZVerizon Communications IncStock51,049$1.99M0.2%History
SCHWSchwab Charles CorpStock37,673$1.97M0.2%History
RTXRTX CorpStock19,672$1.93M0.2%History
DOWDow Inc.Stock29,764$1.63M0.1%History
KHCKraft Heinz CoStock41,002$1.59M0.1%History
CICigna GroupStock5,861$1.50M0.1%History
BLKBlackRock, Inc.COM2,224$1.49M0.1%History
NTAPNetApp, Inc.Stock22,167$1.42M0.1%History
AMTAmerican Tower CorpREIT6,571$1.34M0.1%History
VVisa Inc.Stock5,699$1.28M0.1%History
SPDR Series Trust78464A714ST STR SP RETAIL19,089$1.21M0.1%–
CMICummins IncStock5,065$1.21M0.1%History
SHWSherwin Williams CoCOM5,037$1.13M0.1%History
TMUST-Mobile US, Inc.Stock6,669$965.9K0.1%History
AMZNAmazon Com IncStock8,775$906.4K0.1%History
TAT&T Inc.Stock38,056$732.6K0.1%History
CALMCal-Maine Foods IncCOM NEW11,060$673.4K0.1%History
SKYChampion Homes, Inc.Stock8,820$663.5K0.1%History
ZETAZeta Global Holdings Corp.CL A58,440$632.9K0.1%History
LOWLowes Companies IncStock3,102$620.3K0.1%History
PARRPar Pacific Holdings, Inc.COM NEW20,500$598.6K0.1%History
AGNCAGNC Investment Corp.REIT59,208$596.8K0.1%History
SONOSonos IncCOM29,660$581.9K0.1%History
WIREEncore Wire CorpCOM3,120$578.2K0.1%History
ANDEAndersons, Inc.COM13,980$577.7K0.1%History
KDKyndryl Holdings, Inc.Stock39,020$575.9K0.1%History
ACGLArch Capital Group Ltd.Stock8,473$575.1K<0.1%History
DOVDOVER CorpCOM3,766$572.2K<0.1%History
INFNInfinera CorpCOM73,440$569.9K<0.1%History
ITRIItron, Inc.COM10,240$567.8K<0.1%History
WWWWolverine World Wide IncCOM33,120$564.7K<0.1%History
MAMastercard IncStock1,552$564.0K<0.1%History
LZBLa-Z-Boy IncCOM19,280$560.7K<0.1%History
ALGTAllegiant Travel COCOM6,080$559.2K<0.1%History
NEONeogenomics IncCOM NEW31,840$554.3K<0.1%History
AALAmerican Airlines Group Inc.Stock37,557$554.0K<0.1%History
Golden Ocean Group LtdG39637205SHS NEW56,580$538.6K<0.1%–
JOBYJoby Aviation, Inc.COMMON STOCK123,420$535.6K<0.1%History
TNETTrinet Group, Inc.COM6,600$532.0K<0.1%History
TSLATesla, Inc.Stock2,563$531.7K<0.1%History
SPHRSphere Entertainment Co.CL A8,900$525.7K<0.1%History
FASTFastenal CoStock9,736$525.2K<0.1%History
STRLSterling Infrastructure, Inc.COM13,820$523.5K<0.1%History
EXEExpand Energy CorpCOM6,876$522.9K<0.1%History
DBRGDigitalBridge Group, Inc.CL A NEW43,360$519.9K<0.1%History
VRSNVerisign IncCOM2,460$519.9K<0.1%History
STGWStagwell IncCOM CL A69,860$518.4K<0.1%History
JELDJELD-WEN Holding, Inc.COM40,680$515.0K<0.1%History
CRNCCerence Inc.COM18,320$514.6K<0.1%History
EIGEmployers Holdings, Inc.COM12,320$513.6K<0.1%History
OPLNOPENLANE, Inc.COM37,500$513.0K<0.1%History
OPENOpendoor Technologies Inc.COM290,900$512.0K<0.1%History
MGIMoneygram International IncCOM NEW48,760$508.1K<0.1%History
HHyatt Hotels CorpCOM CL A4,540$507.5K<0.1%History
DMCDel Monte CorpORD16,820$506.4K<0.1%History
PRTAProthena Corp Public Ltd CoSHS10,420$505.1K<0.1%History
DNAGinkgo Bioworks Holdings, Inc.CL A SHS378,160$503.0K<0.1%History
UBERUber Technologies, IncStock15,791$500.6K<0.1%History
RLAYRelay Therapeutics, Inc.COM30,380$500.4K<0.1%History
AAMIAcadian Asset Management Inc.COM21,120$498.0K<0.1%History
NEWRNew Relic, Inc.COM6,540$492.4K<0.1%History