Brevan Howard Capital Management portfolio

What changed this quarter

2431 positions with a change (481 new, 692 added to, 664 trimmed, 594 sold); also, 16 entered through an IPO, 14 exited through an acquisition or merger, 4 entered through a spin-off. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Invesco QQQ Trust Series 1 ETF−99.8%fewer sharesReduced
  8.8% → under 0.1%
• Ishares Bitcoin Trust ETF−70%fewer sharesReduced
  9.6% → 3.5%
• Ishares Tr−96%fewer sharesReduced
  5.3% → 0.3%
• NVIDIA−78%fewer sharesReduced
  5.2% → 1.9%
• Tesla−90%fewer sharesReduced
  4.3% → 0.7%
• PDD Holdings−3.0 ppof portfolioSold out
  3.0% → —
• iShares 20+ Year Treasury BD ETF−88%fewer sharesReduced
  2.5% → 0.4%
• SPDR Gold Shares ETF−1.9 ppof portfolioSold out
  1.9% → —
• State Street SPDR S&P Regional Bank ETF+12,702%more sharesIncreased
  under 0.1% → 2.2%
• Apple+285%more sharesIncreased
  0.4% → 2.5%
• State Street Financial Select Sector ETF−99.7%fewer sharesReduced
  1.3% → under 0.1%
• Advanced Micro Devices+2,194%more sharesIncreased
  under 0.1% → 1.9%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• iShares Core S&P 500 ETFIVV13.3%
• Ishares Bitcoin Trust ETFIBIT3.5%
• AppleAAPL2.5%
• MicrosoftMSFT2.3%
• State Street SPDR S&P Regional Bank ETFKRE2.2%
• NVIDIANVDA1.9%
• Advanced Micro DevicesAMD1.9%
• Eli LillyLLY1.4%
• Amazon.comAMZN1.2%
• ChevronCVX1.0%
• SandiskSNDK0.9%
• Bloom EnergyBE0.8%
• State Street Consumer Disc Select Sect ETFXLY0.8%
• Micron TechnologyMU0.7%
• TeslaTSLA0.7%
• Goldman Sachs GroupGS0.5%
• AlphabetGOOGL · GOOG0.5%
• NioCorp DevelopmentsNB0.5%
• T-mobile USTMUS0.5%
• WalmartWMT0.5%
• AbbVieABBV0.4%
• iShares 20+ Year Treasury BD ETFTLT0.4%
• CitigroupC0.4%
• Berkshire HathawayBRK/B0.4%
• Robinhood MarketsHOOD0.4%
• Exxon MobilXOM0.4%
• Sterling InfrastructureSTRL0.4%
• Bank of AmericaBAC0.4%
• MKSMKSI0.4%
• Carpenter TechnologyCRS0.4%
• Electronic ArtsEA0.4%
• Meta PlatformsMETA0.4%
• Cardinal HealthCAH0.4%
• CME GroupCME0.3%
• MACOM Technology Solutions HoldingsMTSI0.3%
• Credo Technology Group HoldingCRDO0.3%
• Flagstar Bank, National AssociationFLG0.3%
• ATIATI0.3%
• WoodwardWWD0.3%
• Costco WholesaleCOST0.3%
• BroadcomAVGO0.3%
• nVent ElectricNVT0.3%
• CVB FinancialCVBF0.3%
• Ishares TrHYG0.3%
• Roivant SciencesROIV0.3%
• Rocket CompaniesRKT0.3%
• TopBuildBLD0.3%
• Roundhill ETF TrustDRAM0.3%
• Alibaba Group HoldingBABA0.3%
• Norfolk SouthernNSC0.2%
• SalesforceCRM0.2%
• NetflixNFLX0.2%
• PopularBPOP0.2%
• Astera LabsALAB0.2%
• Johnson & JohnsonJNJ0.2%
• ConocoPhillipsCOP0.2%
• EatonETN0.2%
• Gilead SciencesGILD0.2%
• Amkor TechnologyAMKR0.2%
• Charles SchwabSCHW0.2%
• Hilton Worldwide HoldingsHLT0.2%
• KenvueKVUE0.2%
• Wells FargoWFC0.2%
• ModernaMRNA0.2%
• Wintrust FinancialWTFC0.2%
• Axos FinancialAX0.2%
• Warner Bros. DiscoveryWBD0.2%
• EchoStarECHO0.2%
• Palantir TechnologiesPLTR0.2%
• EcopetrolEC0.2%
• YPF Sociedad AnonimaYPF0.2%
• BridgeBio PharmaBBIO0.2%
• Quanta ServicesPWR0.2%
• Bank of New York MellonBNY0.2%
• Dell TechnologiesDELL0.2%
• Bread Financial HoldingsBFH0.2%
• OFG BancorpOFG0.2%
• Ralph LaurenRL0.2%
• Space Exploration TechnologiesSPCX0.2%
• MastercardMA0.2%
• FedExFDX0.2%
• Northeast BK Portland MENBN0.2%
• Hut 8HUT0.2%
• VNET GroupVNET0.2%
• CamecoCCJ0.1%
• Coinbase GlobalCOIN0.1%
• IsharesECH0.1%
• Columbia Banking SystemCOLB0.1%
• Ultra Clean HoldingsUCTT0.1%
• Vista Energy, S.A.B. de C.V.VIST0.1%
• Carrier GlobalCARR0.1%
• NateraNTRA0.1%
• Beacon FinancialBBT0.1%
• SyscoSYY0.1%
• Bristol-myers SquibbBMY0.1%
• MasTecMTZ0.1%
• PayPal HoldingsPYPL0.1%
• NextpowerNXT0.1%
• TD SynnexSNX0.1%