13F
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Brevan Howard Capital Management LP

13F equity value
$10.0B
Positions
2,012
Top 10 concentration
43.6%
Quarters / total new picks
19 / 4,252
13F equity value over time
$0M$5B$10B2020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 19 quarters, returned +4.1% per quarter — versus +2.4% per quarter from simply owning every 13F stock. It beat that baseline in only 52.6% of quarters (excess t = 0.72, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.6%
t-stat
0.72
Quarterly win rate
53%
Annualized excess
+6.9%
$1 → follow vs universe
$2.00 vs $1.50
Cumulative return: $1 invested in new picks vs universe
1.00 20210331: universe 1.00920210630: universe 1.09020211231: universe 0.92720220331: universe 0.99620220630: universe 0.92220220930: universe 0.99120221231: universe 0.92020230331: universe 0.97020230630: universe 0.93520230930: universe 1.06120231231: universe 1.10920240331: universe 1.13320240630: universe 1.23620240930: universe 1.22620241231: universe 1.14420250331: universe 1.24720250630: universe 1.28620250930: universe 1.44720251231: universe 1.496 20210331: follow 1.13120210630: follow 1.31620211231: follow 1.22320220331: follow 1.42620220630: follow 1.25820220930: follow 1.39620221231: follow 1.39420230331: follow 1.40820230630: follow 1.34320230930: follow 1.48420231231: follow 1.55620240331: follow 1.53920240630: follow 1.65720240930: follow 1.62620241231: follow 1.49120250331: follow 1.62620250630: follow 1.66020250930: follow 1.89220251231: follow 2.003 0.85 1.50 2.16 20212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 2012 · 2026 Q1

Ticker Value Weight QoQ
IBIT $934M
9.3%
ADD
QQQ $855M
8.5%
ADD
HYG $511M
5.1%
NEW
NVDA $503M
5.0%
ADD
TSLA $418M
4.2%
ADD
PDD $295M
2.9%
NEW
TLT $238M
2.4%
ADD
FXI $216M
2.2%
NEW
LQD $215M
2.1%
ADD
GLD $184M
1.8%
ADD
XLF $123M
1.2%
NEW
EWZ $118M
1.2%
NEW
META $115M
1.1%
ADD
PLTR $112M
1.1%
ADD
BA $102M
1.0%
ADD
SNDK $84M
0.8%
ADD
UBER $79M
0.8%
ADD
NFLX $77M
0.8%
ADD
MU $75M
0.8%
ADD
SCHW $72M
0.7%
ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

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Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.