Brevan Howard Capital Management LP

CIK 0001512857 · Q1 2026

13F Equity AUM

$11.3B

+25.1% QoQ

Positions

2,069

+425 QoQ

AUM Rank

#605

Top 5%

Skill Alpha (FF)

+0.2%/yr^ns

No Clear Edge

Rank #2,176 · Top 27%

vs S&P -5.9%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 31.4%Top 10: 45.7%Top 20: 54.9%

IBIT8.3%

NDQ7.6%

HYG6.3%

TLT4.6%

LQD4.6%

NVDA4.5%

TSLA3.7%

PDD2.6%

FXI1.9%

GQ91.6%

Others (2059)54.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services49.0%

Technology14.8%

Consumer Cyclical11.3%

Industrials5.4%

Communication Services3.9%

Healthcare3.6%

Energy2.8%

Basic Materials2.1%

Other7.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 2069Median: 0.01%Avg: 0.05%

0–0.5%

2043(41.6%)

0.5–1%

12(8.3%)

1–3%

7(10.6%)

3–5%

4(17.4%)

5%+

3(22.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 2,054Unique: 15vs 20 funds

28.1%Moderate

2,069

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

36.2%

GEODE CAPITAL MANAGEMENT, LLC

53.9%

BlackRock, Inc.

46.9%

VANGUARD CAPITAL MANAGEMENT LLC

53.8%

BANK OF AMERICA CORP /DE/

37.6%

STATE STREET CORP

49.8%

JPMORGAN CHASE & CO

33.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

54.8%

FMR LLC

42.5%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New820Increased651Decreased591Exited395

New Positions

FXI1.9%

+6.0M

XLF1.2%

+2.8M

EWZ1.1%

+3.1M

EEM0.7%

+1.3M

CRWD0.5%

+144K

XLP0.4%

+600K

COP0.4%

+306K

FTI0.3%

+418K

XLY0.2%

+231K

ASML0.2%

+18K

Increased

SNOW 0 10/01/290.3%

+15.0M(+150%)

SO 4.5 06/15/270.2%

+10.0M(+100%)

BABA 0.5 06/01/310.5%

+9.0M(+32%)

PCG 4.25 12/01/270.2%

+7.5M(+60%)

AGNC1.1%

+7.1M(+129%)

IBIT8.3%

+5.7M(+31%)

TLT4.6%

+4.8M(+417%)

HYG6.3%

+4.0M(+82%)

NB0.3%

+3.7M(+134%)

OPEN0.1%

+1.6M(+4932%)

Decreased

DUK 4.125 04/15/260.1%

-13,000,000(-57%)

PNW 4.75 06/15/270.1%

-10,000,000(-44%)

FE 4 05/01/260.1%

-5,000,000(-25%)

NAKA0.0%

-4,349,867(-51%)

W3U0.0%

-4,186,054(-88%)

BAC0.1%

-2,748,835(-90%)

B0.0%

-1,492,589(-100%)

LQD4.6%

-1,190,000(-20%)

WMT0.2%

-831,128(-85%)

BABA0.5%

-758,172(-61%)

Exited

-57,081,120

-162,970

-613,003

-660,000

-1,606,857

-33,000,000

-132,000

-30,000,000

-200,000

-24,000,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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