13F
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MKP Capital Management, L.L.C.

13F equity value
$3.0B
Positions
19
Top 10 concentration
92.2%
Quarters / total new picks
23 / 139
13F equity value over time
$0M$2B$3B2017201820192020202120222023202420252026

"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 23 quarters, returned +1.9% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 43.5% of quarters (excess t = 0.33, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.5%
t-stat
0.33
Quarterly win rate
44%
Annualized excess
-14.2%
$1 → follow vs universe
$0.81 vs $1.79
Cumulative return: $1 invested in new picks vs universe
1.00 20181231: universe 0.98920190630: universe 1.06420190930: universe 1.14420191231: universe 0.92320200930: universe 1.13220201231: universe 1.18320210331: universe 1.19420210630: universe 1.28920210930: universe 1.15720211231: universe 0.98520220331: universe 1.05720220630: universe 0.98020220930: universe 1.05220230331: universe 1.10920230630: universe 1.06920230930: universe 1.21320231231: universe 1.26820240630: universe 1.38320240930: universe 1.37120250331: universe 1.49420250630: universe 1.54120250930: universe 1.73320251231: universe 1.793 20181231: follow 1.02720190630: follow 1.18820190930: follow 1.25120191231: follow 0.96420200930: follow 1.04820201231: follow 1.16420210331: follow 1.12420210630: follow 1.10820210930: follow 1.09020211231: follow 0.86120220331: follow 0.84320220630: follow 0.27820220930: follow 0.34620230331: follow 0.40020230630: follow 0.45220230930: follow 0.56220231231: follow 0.55620240630: follow 0.74420240930: follow 0.72320250331: follow 0.80020250630: follow 0.81120250930: follow 0.84120251231: follow 0.815 0.26 1.10 1.94 20182019202020212022202320242025 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 19 holdings of 19 · 2026 Q1

Ticker Value Weight QoQ
IVV $1.1B
34.8%
TRIM
SPYM $1.0B
34.4%
NEW
BRK/B $206M
6.8%
NEW
AAPL $163M
5.4%
ADD
AMZN $75M
2.5%
NEW
GOOGL $72M
2.4%
ADD
EEM $49M
1.6%
TRIM
JPM $49M
1.6%
NEW
CRWV $45M
1.5%
NEW
GOOG $43M
1.4%
NEW
BE $42M
1.4%
NEW
EWZ $41M
1.4%
TRIM
BSX $34M
1.1%
NEW
ASML $33M
1.1%
NEW
TMO $29M
1.0%
NEW
SCHW $28M
0.9%
NEW
GDX $18M
0.6%
NEW
XLE $6M
0.2%
NEW
DVN $5M
0.2%
NEW

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

AMZNASMLBEBRK/BBSXCRWVDVNGDXGOOGJPMSCHWSPYMTMOXLE

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.