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Capula Management LTD
Capula Management Limited is a British hedge fund and alternative asset manager founded in 2005 by Yan Huo and Masao Asai. Headquartered in Mayfair, London, with affiliated offices in the US, Japan, Hong Kong, and Singapore, Capula is one of the largest hedge funds in Europe, known for innovative fixed-income, macro, and crisis alpha strategies. The firm primarily serves institutional investors—including pension funds, sovereign wealth funds, foundations, and endowments—and employs over 400 people. Capula is recognized for its strong risk management, quantitative approaches, and consistent performance across global markets.
Investment Strategy
Capula specializes in innovative investment strategies with a primary focus on fixed income arbitrage, macro trading, and crisis alpha strategies, aiming for low or negative correlation to traditional equity and bond markets. The firm employs quantitative-driven processes, proprietary research, and dynamic hedging to deliver absolute return, enhanced fixed income, and macro solutions for institutions. The flagship fund is the world's largest fixed-income arbitrage fund, pursuing relative value opportunities in global bond markets, while other strategies target returns during market crises and macroeconomic shifts using robust risk management frameworks.
Latest 13F Filing Activity
Capula Management LTD filed their most recent 13F report on Jun 30, 2025 disclosing 247 equity positions and 380 options positions with a total 13F market value of $11B. The fund increased holdings in SPDR S&P 500 Etf TR, Ishares Bitcoin Trust Etf, Invesco QQQ TR among other positions. Capula Management LTD reduced exposure to Ishares TR, Nvidia Corporation, Microstrategy Inc. among others.
Top Holdings
Equity Positions (247)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
I IVV | ISHARES TR | 44.18% | $4.75B | 7,658,145 | $561.90 | $620.90 | -$3.89B |
S SPY | SPDR S&P 500 ETF TR | 18.28% | $1.97B | 3,185,123 | $584.77 | $617.85 | +$751.7M |
I IBIT | ISHARES BITCOIN TRUST ETF | 5.39% | $580.3M | 9,481,233 | $41.75 | $61.21 | +$217.9M |
Q QQQ | INVESCO QQQ TR | 1.37% | $147.0M | 266,518 | $537.52 | $551.64 | +$128.4M |
F FBTC | FIDELITY WISE ORIGIN BITCOIN | 1.31% | $140.7M | 1,497,174 | $56.61 | $93.99 | -$168.7M |
Options Positions (380)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
Q QQQ | INVESCO QQQ TR | Bought | Call | $808.2M | 14,650 | $551.64 | $529.33 | +10,871 | +$630.9M |
Q QQQ | INVESCO QQQ TR | Bought | Put | $361.3M | 6,550 | $551.64 | $504.68 | +2,952 | +$192.6M |
S SMH | VANECK ETF TRUST | Bought | Put | $189.0M | 6,777 | $278.88 | $234.62 | +2,327 | +$94.9M |
S SMH | VANECK ETF TRUST | Bought | Call | $165.3M | 5,927 | $278.88 | $251.58 | +3,527 | +$114.5M |
E EEM | ISHARES TR | Bought | Call | $145.1M | 30,071 | $48.24 | $44.17 | +6,571 | +$42.4M |
Industry Allocation
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