Capula Management Ltd
SEC Form 13F institutional filer · CIK 0001557017
13F-HR · 253 reported holdings · 2026-03-31
Reported long-US-equity value
$10.55B
Top-10 concentration
97.0%
Capula Management Ltd — $10.5B AUM allocation strategy
Capula Management Ltd files SEC Form 13F and reports $10.5B of long US equity value across 253 reported holdings for 2026-03-31.
Its largest sector bet is Information Technology 1.1%, followed by Communication Services 0.5% and Utilities 0.4%.
The top 10 holdings account for 97% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
Capula Management Ltd — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$10.5B
total across 253 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
97% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$IVV +8.48M sh · +$5.52B+$AES +2.46M sh · +$34.7M+$KVUE +1.3M sh · +$22.4M
Biggest trims (shares)
−$VOO −11.8M sh · −$7.43B−$UBER −2.26M sh · −$185M−$PYPL −1.62M sh · −$94.3M
Exited to nil (held last quarter, gone now)
$DELL ($87.4M last qtr)$SMCI ($23M last qtr)$DLTR ($13.5M last qtr)$VRT ($10.1M last qtr)$LVS ($9.76M last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Semiconductors0.7%—
- Rail Transportation0.4%—
- Personal Care Products0.4%—
- Independent Power Producers & Energy Traders0.3%—
- Broadcasting0.3%—
- Systems Software0.2%—
- Broadline Retail0.2%—
- Automobile Manufacturers0.2%—
- Other holdings97.3%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
5 of 5 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $NVDA | NVIDIA Corporation | 337K | $58.7M | +94.3K | 0.6% |
| $NSC | Norfolk Southern Corporation | 145K | $41.5M | +94.7K | 0.4% |
| $KVUE | Kenvue Inc | 2.25M | $38.7M | +1.3M | 0.4% |
| $AES | The AES Corporation | 2.47M | $34.9M | +2.46M | 0.3% |
| $WBD | Warner Bros. Discovery Inc. Series A | 1.23M | $33.8M | -365K | 0.3% |
…and 248 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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