Institutional Manager · CIK 0001557017
Capula Management Ltd
Grand Cayman, E9 · File #028-17203
Latest AUM
$19.96B
Positions
960
Top-10 Concentration
82.0%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | VANGUARD INDEX FDS | 922908363 | +1,368,300 | +$858.1M | +$11,800 |
| EXITED | ISHARES TR | 464287242 | -4,000,000 | -$445.9M | $0 |
| REDUCE | INVESCO QQQ TR | IVZ | -532,123 | -$326.9M | +$8.4M |
| ADD | VANECK ETF TRUST | 92189F676 | +732,151 | +$263.7M | +$52,309 |
| ADD | ISHARES TR | 464287200 | +316,758 | +$217.0M | +$4.7M |
| EXITED | ISHARES TR | 464287655 | -545,000 | -$131.9M | $0 |
| REDUCE | ISHARES SILVER TR | SLV | -1,795,781 | -$115.7M | +$39.7M |
| ADD | INTERNATIONAL BUSINESS MACHS | INTR | +338,300 | +$100.2M | +$23,885 |
| ADD | ALIBABA GROUP HLDG LTD | BBAAY | +601,574 | +$88.2M | -$688,846 |
| EXITED | ISHARES TR | 464288513 | -1,000,000 | -$81.2M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025960 pos · $19.96B
- 13F HOLDINGS REPORTQ/E Sep 2025913 pos · $20.09B
- 13F HOLDINGS REPORTQ/E Jun 2025715 pos · $10.76B
- 13F HOLDINGS REPORTQ/E Mar 2025860 pos · $17.98B
- 13F HOLDINGS REPORTQ/E Dec 2024479 pos · $17.19B
- 13F HOLDINGS REPORTQ/E Sep 2024528 pos · $9.85B
- 13F HOLDINGS REPORTQ/E Jun 2024466 pos · $12.19B
- 13F HOLDINGS REPORTQ/E Mar 2024544 pos · $4.22B
- 13F HOLDINGS REPORTQ/E Dec 2023554 pos · $4.77B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | VANGUARD INDEX FDS | 922908363 | 10,534,516 | $6.61B | 41.28% |
| 2 | SPDR S&P 500 ETF TR | SPY | 5,611,486 | $3.83B | 23.91% |
| 3 | VANGUARD INDEX FDS | 922908363 | 1,369,100 | $858.6M | 5.36% |
| 4 | ISHARES BITCOIN TRUST ETF | IBIT | 9,481,233 | $470.7M | 2.94% |
| 5 | ISHARES TR | 464287200 | 616,758 | $422.4M | 2.64% |
| 6 | VANECK ETF TRUST | 92189F676 | 733,700 | $264.2M | 1.65% |
| 7 | ISHARES ETHEREUM TR | 46438R105 | 9,227,427 | $207.0M | 1.29% |
| 8 | ISHARES TR | 464287234 | 3,082,600 | $168.6M | 1.05% |
| 9 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 2,112,794 | $161.1M | 1.01% |
| 10 | INVESCO QQQ TR | IVZ | 220,000 | $135.1M | 0.84% |
| 11 | ISHARES SILVER TR | SLV | 1,581,300 | $101.9M | 0.64% |
| 12 | INTERNATIONAL BUSINESS MACHS | INTR | 340,000 | $100.7M | 0.63% |
| 13 | INTERNATIONAL BUSINESS MACHS | INTR | 340,000 | $100.7M | 0.63% |
| 14 | INTERNATIONAL BUSINESS MACHS | INTR | 340,000 | $100.7M | 0.63% |
| 15 | INTERNATIONAL BUSINESS MACHS | INTR | 340,000 | $100.7M | 0.63% |
| 16 | META PLATFORMS INC | META | 150,000 | $99.0M | 0.62% |
| 17 | ALIBABA GROUP HLDG LTD | BBAAY | 637,500 | $93.4M | 0.58% |
| 18 | ALIBABA GROUP HLDG LTD | BBAAY | 637,500 | $93.4M | 0.58% |
| 19 | ALIBABA GROUP HLDG LTD | BBAAY | 637,500 | $93.4M | 0.58% |
| 20 | ALIBABA GROUP HLDG LTD | BBAAY | 637,500 | $93.4M | 0.58% |