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Livermore
Livermore
ZHEN

Capula Management Ltd

SEC CIK
0001557017
Latest filing
Aug 14, 2026

Holdings in Q4 2024

Holdings as of Dec 31, 2024, filed Feb 13, 2025. Long positions only; changes compare share counts with Q3 2024.

Institution overview
Positions
240
−45 vs. Q3 2024
Portfolio value
$14.6B
+$6.64B (+83.3%) vs. Q3 2024
Filed
Feb 13, 2025
SEC
Holdings of Capula Management Ltd in Q4 2024
SecurityClassSharesValue% of portfolioShare changeActionHistory
AVOMission Produce, Inc.COM20,128$00.0%+20,128NewHistory
FLNAFilana Therapeutics, Inc.COM11,739$27.7K<0.1%−20,935−64.1%ReducedHistory
TMOThermo Fisher Scientific Inc.Stock93$48.4K<0.1%+93NewHistory
NEENextera Energy IncStock737$52.8K<0.1%−3,840−83.9%ReducedHistory
ABTAbbott LaboratoriesStock485$54.9K<0.1%−3,174−86.7%ReducedHistory
KOSKosmos Energy Ltd.COM16,821$57.5K<0.1%−165,198−90.8%ReducedHistory
PGRProgressive CorpStock244$58.5K<0.1%−1,116−82.1%ReducedHistory
AMGNAmgen IncStock228$59.4K<0.1%−537−70.2%ReducedHistory
DHRDanaher CorpStock274$62.9K<0.1%+189+222.4%AddedHistory
CATCaterpillar IncStock189$68.6K<0.1%+79+71.8%AddedHistory
NETCloudflare, Inc.CL A COM659$71.0K<0.1%+659NewHistory
COPConocoPhillipsStock720$71.4K<0.1%−48,365−98.5%ReducedHistory
CSCOCisco Systems, Inc.Stock1,217$72.0K<0.1%−812−40.0%ReducedHistory
GSGoldman Sachs Group IncStock127$72.7K<0.1%+127NewHistory
MRKMerck & Co., Inc.Stock741$73.7K<0.1%−873−54.1%ReducedHistory
MSMorgan StanleyStock627$78.8K<0.1%−793−55.8%ReducedHistory
HONHoneywell International IncCOM349$78.8K<0.1%+349NewHistory
LOWLowes Companies IncStock329$81.2K<0.1%+309+1,545.0%AddedHistory
KOCoca Cola CoStock1,335$83.1K<0.1%+1,335NewHistory
PMPhilip Morris International Inc.Stock751$90.4K<0.1%+640+576.6%AddedHistory
ABBVAbbVie Inc.Stock521$92.6K<0.1%+154+42.0%AddedHistory
LINLinde PLCStock224$93.8K<0.1%+224NewHistory
NOWServiceNow, Inc.Stock91$96.5K<0.1%+91NewHistory
LXPLXP Industrial TrustCOM12,147$98.6K<0.1%−4,032−24.9%ReducedHistory
WFCWells Fargo & CompanyStock1,518$106.6K<0.1%+340+28.9%AddedHistory
ETNEaton Corp plcStock324$107.5K<0.1%+324NewHistory
BLKBlackRock, Inc.Stock121$124.0K<0.1%+121NewHistory
BKNGBooking Holdings Inc.Stock25$124.2K<0.1%+25NewHistory
PHATPhathom Pharmaceuticals, Inc.COM16,083$130.6K<0.1%+16,083NewHistory
ACNAccenture plcStock374$131.6K<0.1%−486−56.5%ReducedHistory
MAMastercard IncStock261$137.4K<0.1%+261NewHistory
BACBank of America CorpStock3,191$140.2K<0.1%−7,095−69.0%ReducedHistory
PBRPetrobras - Petroleo Brasileiro SASPONSORED ADR11,385$146.4K<0.1%+11,385NewHistory
PEPPepsiCo IncStock1,002$152.4K<0.1%−1,016−50.3%ReducedHistory
IBRXImmunityBio, Inc.COM60,101$153.9K<0.1%+60,101NewHistory
VVisa Inc.Stock491$155.2K<0.1%+223+83.2%AddedHistory
QCOMQualcomm IncStock1,136$174.5K<0.1%−1,616−58.7%ReducedHistory
LRCXLam Research CorpStock2,448$176.8K<0.1%+2,448NewHistory
CMCSAComcast CorpStock4,839$181.6K<0.1%+2,144+79.6%AddedHistory
INTUIntuit Inc.Stock291$182.9K<0.1%+31+11.9%AddedHistory
AIZAssurant, Inc.Stock944$201.3K<0.1%+944NewHistory
ARVNArvinas, Inc.COM10,758$206.2K<0.1%−20,794−65.9%ReducedHistory
ASPNAspen Aerogels IncCOM17,523$208.2K<0.1%+17,523NewHistory
Paramount Global92556H107CL A9,378$209.1K<0.1%−27,580−74.6%Reduced–
HDHome Depot, Inc.Stock546$212.4K<0.1%+546NewHistory
RTXRTX CorpStock1,846$213.6K<0.1%+1,846NewHistory
AXPAmerican Express CoStock733$217.5K<0.1%+733NewHistory
ACMRACM Research, Inc.Stock14,441$218.1K<0.1%−33,890−70.1%ReducedHistory
iShares Tr464288281JPMORGAN USD EMG2,454$218.5K<0.1%−211,475−98.9%Reduced–
SPGIS&P Global Inc.Stock444$221.1K<0.1%−628−58.6%ReducedHistory
UAAUnder Armour, Inc.Stock26,727$221.3K<0.1%−83,518−75.8%ReducedHistory
JPMJPMorgan Chase & CoStock924$221.5K<0.1%−1,223−57.0%ReducedHistory
STLAStellantis N.V.SHS18,237$229.4K<0.1%+18,237NewHistory
CPKChesapeake Utilities CorpCOM1,955$237.2K<0.1%+1,955NewHistory
TJXTJX Companies IncStock1,967$237.6K<0.1%−2,298−53.9%ReducedHistory
HALHalliburton CoStock8,796$239.2K<0.1%+8,796NewHistory
STAGSTAG Industrial, Inc.COM7,167$242.4K<0.1%−66−0.9%ReducedHistory
FORForestar Group Inc.COM9,371$242.9K<0.1%+9,371NewHistory
MRNAModerna, Inc.Stock5,914$245.9K<0.1%+5,914NewHistory
GERNGeron CorpCOM70,487$249.5K<0.1%+70,487NewHistory
RSGRepublic Services, Inc.COM1,266$254.7K<0.1%+1,266NewHistory
SIRISirius XM Holdings Inc.COMMON STOCK11,277$257.1K<0.1%+11,277NewHistory
NAVINavient CorpCOM19,587$260.3K<0.1%+19,587NewHistory
TXNTexas Instruments IncStock1,396$261.8K<0.1%+555+66.0%AddedHistory
CDECoeur Mining, Inc.COM NEW47,297$270.5K<0.1%+47,297NewHistory
VMEOVimeo, Inc.COMMON STOCK42,745$273.6K<0.1%+42,745NewHistory
EDConsolidated Edison IncStock3,086$275.4K<0.1%+3,086NewHistory
GIIIG III Apparel Group LtdCOM8,532$278.3K<0.1%−19,297−69.3%ReducedHistory
Paramount Global92556H206CL B26,876$281.1K<0.1%−57,215−68.0%Reduced–
GOGOGogo Inc.COM34,879$282.2K<0.1%+34,879NewHistory
PBIPitney Bowes IncCOM39,246$284.1K<0.1%−110,405−73.8%ReducedHistory
LUCKLucky Strike Entertainment CorpCL A COM28,661$286.9K<0.1%+28,661NewHistory
BABoeing CoStock1,623$287.3K<0.1%+1,623NewHistory
CARSCars.com Inc.COM16,666$288.8K<0.1%+16,666NewHistory
MCYMercury General CorpCOM4,349$289.1K<0.1%+4,349NewHistory
UDMYUdemy, Inc.COM35,164$289.4K<0.1%+35,164NewHistory
PAYOPayoneer Global Inc.COM28,881$290.0K<0.1%+28,881NewHistory
KHCKraft Heinz CoStock9,563$293.7K<0.1%−5,222−35.3%ReducedHistory
NFLXNetflix IncStock330$294.1K<0.1%−59,705−99.5%ReducedHistory
GMGeneral Motors CoCOM5,539$295.1K<0.1%−65−1.2%ReducedHistory
TGITriumph Group IncCOM15,898$296.7K<0.1%+15,898NewHistory
MMM3M CoStock2,302$297.2K<0.1%+2,302NewHistory
BANCBanc of California, Inc.COM19,296$298.3K<0.1%+19,296NewHistory
AGOAssured Guaranty LtdCOM3,320$298.8K<0.1%+3,320NewHistory
BROBrown & Brown, Inc.Stock2,954$301.4K<0.1%+2,954NewHistory
XNCRXencor IncCOM13,120$301.5K<0.1%+13,120NewHistory
SBUXStarbucks CorpStock3,308$301.9K<0.1%+3,070+1,289.9%AddedHistory
ALLAllstate CorpStock1,571$302.9K<0.1%+420+36.5%AddedHistory
VSTVistra Corp.Stock2,198$303.0K<0.1%+2,198NewHistory
PTONPeloton Interactive, Inc.CL A COM35,077$305.2K<0.1%+35,077NewHistory
TDOCTeladoc Health, Inc.COM33,576$305.2K<0.1%+33,576NewHistory
MATXMatson, Inc.COM2,266$305.5K<0.1%+2,266NewHistory
DMCDel Monte CorpORD9,264$307.7K<0.1%−25,280−73.2%ReducedHistory
CENXCentury Aluminum CoCOM16,963$309.1K<0.1%+16,963NewHistory
SUPNSupernus Pharmaceuticals, Inc.COM8,574$310.0K<0.1%+8,574NewHistory
LNCLincoln National CorpCOM9,791$310.5K<0.1%+9,791NewHistory
RITMRithm Capital Corp.REIT28,704$310.9K<0.1%+3,164+12.4%AddedHistory
TILEInterface IncCOM12,798$311.6K<0.1%−36,230−73.9%ReducedHistory
ISRGIntuitive Surgical IncCOM NEW600$313.2K<0.1%+1+0.2%AddedHistory
ANETArista Networks, Inc.Stock2,845$314.5K<0.1%+2,845NewHistory

Options (113)

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 113 by value.

Option positions of Capula Management Ltd in Q4 2024
SecurityClassPutsCalls
NVDANVIDIA CorpStock$746.1M$1.52M
State Street Financial Select Sector SPDR ETF81369Y605ETF$53.2M$208.3M
CRWDCrowdStrike Holdings, Inc.Stock$222.4M–
iShares Iboxx $ Investment Grade Corporate Bond ETF464287242ETF$213.7M–
DELLDell Technologies Inc.Stock$144.1M–
AMDAdvanced Micro Devices IncStock$138.6M–
SPYSPDR S&P 500 ETF TrustETF$29.3M$67.4M
CVXChevron CorpStock$87.4M–
MARMarriott International IncStock$83.7M–
MSTRStrategy IncStock$79.6M–
AAPLApple Inc.Stock$69.8M–
IBMInternational Business Machines CorpStock$66.2M–
TGTTarget CorpStock$49.2M–
State Street SPDR S&P Regional Banking ETF78464A698ETF–$48.3M
iShares Tr464287234MSCI EMG MKT ETF$20.9M$25.1M
BIDUBaidu, Inc.ADR$21.1M–
Invesco QQQ Trust Series I46090E103ETF$7.67M$12.8M
iShares Tr464287184CHINA LG-CAP ETF–$13.7M
Kraneshares Trust500767306CSI CHI INTERNET–$13.2M
MSFTMicrosoft CorpStock$6.95M–
BABAAlibaba Group Holding LtdADR$4.48M$2.06M
TSLATesla, Inc.Stock$4.60M–
GOOGLAlphabet Inc.Stock$4.49M–
AMZNAmazon Com IncStock$4.10M–
ADBEAdobe Inc.Stock$3.25M–
CRMSalesforce, Inc.Stock$3.01M–
XOMExxonMobil Holdings CorpCOM$2.95M–
ADIAnalog Devices IncStock$2.93M–
ONOn Semiconductor CorpStock$2.89M–
JNJJohnson & JohnsonStock$2.82M–
METAMeta Platforms, Inc.Stock$2.81M–
SBUXStarbucks CorpStock$2.74M–
HALHalliburton CoStock$2.72M–
GEGeneral Electric CoStock$2.72M–
ORCLOracle CorpStock$2.70M–
MCDMcDonalds CorpStock$2.70M–
AVGOBroadcom Inc.Stock$2.67M–
DDOGDatadog, Inc.CL A COM$2.64M–
WBDWarner Bros. Discovery, Inc.Stock$2.64M–
AMATApplied Materials IncStock$2.62M–
MELIMercadolibre IncCOM$2.55M–
SNOWSnowflake Inc.Stock$2.55M–
MMM3M CoStock$2.52M–
BABoeing CoStock$2.48M–
FCXFreeport-McMoran IncStock$2.48M–
KHCKraft Heinz CoStock$2.46M–
VLOValero Energy CorpStock$2.45M–
ELEstee Lauder Companies IncCL A$2.44M–
ANETArista Networks, Inc.Stock$2.43M–
UBERUber Technologies, IncStock$2.43M–
XYZBlock, Inc.CL A$2.25M–
SPOTSpotify Technology S.A.Stock$2.24M–
PYPLPayPal Holdings, Inc.Stock$2.22M–
PINSPinterest, Inc.CL A$2.17M–
ZSZscaler, Inc.Stock$2.16M–
SHOPShopify Inc.Stock$2.13M–
SESea LtdSPONSORD ADS$2.12M–
Barrick Gold Corp067901108COM$2.09M–
INTCIntel CorpStock$2.00M–
PDDPDD Holdings Inc.SPONSORED ADS$1.94M–
LLYEli Lilly & CoStock$1.47M–
COSTCostco Wholesale CorpStock$1.37M–
WMTWalmart Inc.Stock$1.30M–
KLACKLA CorpCOM NEW$1.26M–
NFLXNetflix IncStock$1.25M–
VZVerizon Communications IncStock$939.8K$303.9K
MRVLMarvell Technology, Inc.COM$1.23M–
ISRGIntuitive Surgical IncCOM NEW$1.20M–
JPMJPMorgan Chase & CoStock$1.20M–
PBRPetrobras - Petroleo Brasileiro SASPONSORED ADR$1.16M–
UNHUnitedHealth Group IncStock$961.1K–
VVisa Inc.Stock$853.3K–
XUnited States Steel CorpCOM–$849.8K
PGProcter & Gamble CoStock$838.3K–
MAMastercard IncStock$737.2K–
TXNTexas Instruments IncStock$712.5K$18.8K
HDHome Depot, Inc.Stock$622.4K–
SPGIS&P Global Inc.Stock$498.0K$99.6K
LRCXLam Research CorpStock$512.8K–
BKNGBooking Holdings Inc.Stock$496.8K–
QCOMQualcomm IncStock$491.6K–
ABBVAbbVie Inc.Stock$390.9K–
CMCSAComcast CorpStock$386.6K–
INTUIntuit Inc.Stock$377.1K–
BACBank of America CorpStock$294.5K$74.7K
HONHoneywell International IncCOM$316.2K–
MRKMerck & Co., Inc.Stock$308.4K–
NETCloudflare, Inc.CL A COM$280.0K–
KOCoca Cola CoStock$273.9K–
PEPPepsiCo IncStock$273.7K–
CSCOCisco Systems, Inc.Stock$266.4K–
TMOThermo Fisher Scientific Inc.Stock$260.1K–
LINLinde PLCStock$251.2K–
ACNAccenture plcStock$246.3K–
ABTAbbott LaboratoriesStock$237.5K–
PMPhilip Morris International Inc.Stock$228.7K–
WFCWells Fargo & CompanyStock$217.7K–
NOWServiceNow, Inc.Stock$212.0K–
COPConocoPhillipsStock$208.3K–
DHRDanaher CorpStock$206.6K–

Sold out since Q3 2024 (166)

Positions held at the end of Q3 2024 that are gone from this filing.

The largest 100 of 166 by value last quarter.

Positions of Capula Management Ltd sold out since Q3 2024
SecurityClassShares in Q3 2024Value in Q3 2024% of portfolio in Q3 2024History
Vanguard S&P 500 ETF922908363ETF570,000$300.8M3.8%–
iShares Tr464287234MSCI EMG MKT ETF1,093,766$50.2M0.6%–
HCPHashiCorp, Inc.COM CL A710,229$24.0M0.3%History
SRCLStericycle IncCOM296,475$18.1M0.2%History
VanEck ETF Trust92189F106GOLD MINERS ETF260,213$10.4M0.1%–
State Street Health Care Select Sector SPDR ETF81369Y209ETF65,053$10.0M0.1%–
HAYNHaynes International IncCOM NEW153,844$9.16M0.1%History
State Street Real Estate Select Sector SPDR ETF81369Y860ETF196,497$8.78M0.1%–
PRFTPerficient IncCOM107,128$8.09M0.1%History
iShares Tr464287184CHINA LG-CAP ETF235,460$7.48M0.1%–
FWONKLiberty Media CorpCOM LBTY ONE S C90,757$7.03M0.1%History
SRDXSurmodics IncCOM132,536$5.14M0.1%History
RCMR1 RCM Inc.COM315,118$4.47M0.1%History
HESHess CorpStock29,258$3.97M<0.1%History
SLViShares Silver TrustETF120,000$3.41M<0.1%History
ENVEnvestnet, Inc.COM40,312$2.52M<0.1%History
VanEck Semiconductor ETF92189F676ETF10,192$2.50M<0.1%–
AGRAvangrid, Inc.COM61,015$2.18M<0.1%History
PLTRPalantir Technologies Inc.Stock39,524$1.47M<0.1%History
CMSCMS Energy CorpCOM19,069$1.35M<0.1%History
MPWRMonolithic Power Systems, Inc.COM1,331$1.23M<0.1%History
AFRMAffirm Holdings, Inc.COM CL A27,346$1.12M<0.1%History
LLoews CorpCOM13,744$1.09M<0.1%History
LMTLockheed Martin CorpStock1,858$1.09M<0.1%History
CPRICapri Holdings LtdSHS25,000$1.06M<0.1%History
POWLPowell Industries IncStock4,743$1.05M<0.1%History
GRBKGreen Brick Partners, Inc.COM12,545$1.05M<0.1%History
HBIHanesbrands Inc.COM138,431$1.02M<0.1%History
TXG10x Genomics, Inc.CL A COM44,971$1.02M<0.1%History
UEUrban Edge PropertiesCOM46,714$999.2K<0.1%History
NRGNRG Energy, Inc.Stock10,897$992.7K<0.1%History
HIWHighwoods Properties, Inc.COM29,597$991.8K<0.1%History
ADPAutomatic Data Processing IncStock3,573$988.8K<0.1%History
JWNNordstrom IncStock43,946$988.3K<0.1%History
PLTKPlaytika Holding Corp.COM123,539$978.4K<0.1%History
MACMacerich CoCOM53,448$974.9K<0.1%History
FULTFulton Financial CorpCOM53,451$969.1K<0.1%History
CNRCore Natural Resources, Inc.COM9,197$962.5K<0.1%History
Carnival Corp Ltd.14365C103ADR57,583$959.9K<0.1%–
VIRTVirtu Financial, Inc.CL A31,329$954.3K<0.1%History
OMCLOmnicell, Inc.COM21,879$953.9K<0.1%History
SABRSabre CorpCOM259,148$951.1K<0.1%History
PPCPilgrims Pride CorpStock20,621$949.6K<0.1%History
RUNSunrun Inc.COM52,157$942.0K<0.1%History
CCOICogent Communications Holdings, Inc.COM NEW12,359$938.3K<0.1%History
GBTGGlobal Business Travel Group, Inc.COM CL A120,734$928.4K<0.1%History
ROIVRoivant Sciences Ltd.SHS79,733$920.1K<0.1%History
PWPPerella Weinberg PartnersCLASS A COM47,617$919.5K<0.1%History
NTCTNetscout Systems IncCOM41,735$907.7K<0.1%History
TALOTalos Energy Inc.COM86,995$900.4K<0.1%History
BMYBristol Myers Squibb CoStock17,276$893.9K<0.1%History
IDCCInterDigital, Inc.COM6,205$878.8K<0.1%History
OGEOGE Energy Corp.COM21,377$876.9K<0.1%History
MQMarqeta, Inc.CLASS A COM177,422$872.9K<0.1%History
PINCPremier, Inc.CL A43,594$871.9K<0.1%History
MMacy's, Inc.COM55,199$866.1K<0.1%History
NOVNOV Inc.COM54,199$865.6K<0.1%History
BCRXBiocryst Pharmaceuticals IncCOM113,186$860.2K<0.1%History
SFLSFL Corp Ltd.SHS73,338$848.5K<0.1%History
TRNTrinity Industries IncCOM24,353$848.5K<0.1%History
NXRTNexPoint Residential Trust, Inc.COM19,278$848.4K<0.1%History
DFSDiscover Financial ServicesCOM6,018$844.3K<0.1%History
SPHRSphere Entertainment Co.CL A19,074$842.7K<0.1%History
BLBDBlue Bird CorpCOM17,544$841.4K<0.1%History
ALGTAllegiant Travel COCOM15,164$834.9K<0.1%History
SLMSLM CorpCOM36,381$832.0K<0.1%History
BBIOBridgeBio Pharma, Inc.COM32,671$831.8K<0.1%History
SWTXSpringWorks Therapeutics, Inc.COM25,394$813.6K<0.1%History
DAWNDay One Biopharmaceuticals, Inc.Stock57,545$801.6K<0.1%History
OPENOpendoor Technologies Inc.COM399,058$798.1K<0.1%History
HAPNHappen, Inc.COM NEW69,224$791.2K<0.1%History
BFHBread Financial Holdings, Inc.COM16,534$786.7K<0.1%History
CMPRCIMPRESS plcSHS EURO9,509$779.0K<0.1%History
ASBAssociated Banc-CorpCOM35,513$765.0K<0.1%History
CALYCallaway Golf CoCOM69,564$763.8K<0.1%History
AAAlcoa CorpStock19,598$756.1K<0.1%History
NWLNewell Brands Inc.Stock95,404$732.7K<0.1%History
CVICVR Energy IncCOM31,569$727.0K<0.1%History
PRTAProthena Corp Public Ltd CoSHS43,197$722.7K<0.1%History
STZConstellation Brands, Inc.Stock2,730$703.5K<0.1%History
IONSIonis Pharmaceuticals IncCOM17,365$695.6K<0.1%History
BMBLBumble Inc.COM CL A105,451$672.8K<0.1%History
MRSHMarsh & McLennan Companies, Inc.Stock2,989$666.8K<0.1%History
APAAPA CorpStock27,251$666.6K<0.1%History
EVRGEvergy, Inc.Stock9,165$568.3K<0.1%History
BPOPPopular, Inc.COM NEW5,611$562.6K<0.1%History
OFGOfg BancorpCOM12,200$548.0K<0.1%History
AEPAmerican Electric Power Co IncStock5,291$542.9K<0.1%History
USBUS Bancorp DECOM NEW11,543$527.9K<0.1%History
NJRNew Jersey Resources CorpStock10,937$516.2K<0.1%History
TRGPTarga Resources Corp.COM3,463$512.6K<0.1%History
COCOVita Coco Company, Inc.COM18,024$510.3K<0.1%History
NXQuanex Building Products CORPCOM18,191$504.8K<0.1%History
FCPTFour Corners Property Trust, Inc.COM16,463$482.5K<0.1%History
JDJD.com, Inc.SPON ADS CL A11,866$474.6K<0.1%History
ACIAlbertsons Companies, Inc.COMMON STOCK24,000$443.5K<0.1%History
TRMBTrimble Inc.COM7,039$437.1K<0.1%History
ITWIllinois Tool Works IncStock1,667$436.9K<0.1%History
EEFTEuronet Worldwide, Inc.COM4,354$432.0K<0.1%History
NMIHNMI Holdings, Inc.COM9,527$392.4K<0.1%History