1y return+19.6%S&P 500 +20.9%
3y return+62.1%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2022: $186 against $195 in the S&P 500.2
Capital Fund Management S.a.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| AMZNAmazon Com Inc Com | $258.6M | 1.9% | +24.3% |
| AMDAdvanced Micro Devices Inc Com | $242.4M | 1.7% | +50.1% |
| MSFTMicrosoft Corp Com | $240.6M | 1.7% | −5.9% |
| CCitigroup Inc Com New | $213.1M | 1.5% | +36.8% |
| TSLATesla Inc Com | $208.6M | 1.5% | −25.2% |
| TSMTaiwan Semiconductor Manufac Sponsored Ads | $138.5M | 1.0% | −45.2% |
| CRMSalesforce Inc Com | $135.4M | 1.0% | +354.7% |
| UBERUber Technologies Inc Com | $129.8M | 0.9% | +96.3% |
| HOODRobinhood Mkts Inc Com Cl A | $123.1M | 0.9% | +6.3% |
| SPYState Str Spdr S&p 500 Etf T Tr Unit | $120.4M | 0.9% | New |
| CATCaterpillar Inc Com | $110.9M | 0.8% | +29.5% |
| BRK/BBerkshire Hathaway Inc Del Cl B New | $110.7M | 0.8% | −17.0% |
| ABNBAirbnb Inc Com Cl A | $110.7M | 0.8% | +38.7% |
| GEGe Aerospace Com New | $104.3M | 0.7% | −42.7% |
| CVXChevron Corporation Com | $102.0M | 0.7% | −42.1% |
| INTCIntel Corp Com | $98.5M | 0.7% | +960.9% |
| Asml Hldg Nv N Y Registry ShsCUSIP N07059210 | $98.3M | 0.7% | −21.2% |
| AIGAmerican Intl Group Inc Com New | $97.1M | 0.7% | +15.0% |
| UALUnited Airls Hldgs Inc Com | $87.3M | 0.6% | +102.3% |
| Medtronic PLC ShsCUSIP G5960L103 | $86.0M | 0.6% | +1683.1% |
| SMCISuper Micro Computer Inc Com New | $84.5M | 0.6% | +194.5% |
| JPMJpmorgan Chase & Co Com | $84.1M | 0.6% | +29.1% |
| WFCWells Fargo & Co Com | $83.7M | 0.6% | New |
| NOKNokia Corp Sponsored Adr | $80.5M | 0.6% | +382.9% |
| METAMeta Platforms Inc Cl A | $77.9M | 0.6% | +55.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AMDAdvanced Micro Devices Inc Com | March 31, 2025 | +465.4% | $242.4M |
| WDCWestern Digital Corp Com | September 30, 2025 | +432.0% | $76.5M |
| TSMTaiwan Semiconductor Manufac Sponsored Ads | December 31, 2023 | +359.2% | $138.5M |
| GEGe Aerospace Com New | December 31, 2021 | +295.6% | $104.3M |
| CATCaterpillar Inc Com | March 31, 2025 | +222.9% | $110.9M |
| CCitigroup Inc Com New | December 31, 2021 | +131.8% | $213.1M |
| NOKNokia Corp Sponsored Adr | December 31, 2025 | +105.3% | $80.5M |
| BACBank Of Amer Corp Com | June 30, 2023 | +98.6% | $68.7M |
| UALUnited Airls Hldgs Inc Com | March 31, 2025 | +96.9% | $87.3M |
| Asml Hldg Nv N Y Registry ShsCUSIP N07059210 | December 31, 2025 | +86.0% | $98.3M |
Sold off last quarter
- PLTRPalantir Technologies Inc Cl A was $95.7M
- GEVGe Vernova Inc Com was $69.9M
- MRVLMarvell Technology Inc Com was $65.2M
- Exxon Mobil Corp ComCUSIP 30231G102 was $57.4M
- SYKStryker Corporation Com was $52.4M
- Honeywell Intl Inc ComCUSIP 438516106 was $48.3M
- VSTVistra Corp Com was $39.3M
- COPConocophillips Com was $34.6M
- SESea Ltd Sponsord Ads was $33.1M
- MCOMoodys Corp Com was $32.9M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.2% | +14.8% |
| March 31, 2026 | −2.5% | −4.6% |
| December 31, 2025 | +1.9% | +2.4% |
| September 30, 2025 | +8.2% | +7.8% |
| June 30, 2025 | +11.5% | +10.5% |
| March 31, 2025 | −3.6% | −4.6% |
| December 31, 2024 | +3.8% | +2.1% |
| September 30, 2024 | +4.7% | +5.4% |
| June 30, 2024 | −0.2% | +4.0% |
| March 31, 2024 | +7.8% | +10.0% |
| December 31, 2023 | +13.2% | +11.2% |
| September 30, 2023 | −4.6% | −3.6% |
| June 30, 2023 | +4.7% | +8.3% |
| March 31, 2023 | +9.4% | +7.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Capital Fund Management S.a. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1323645&type=13F-HR&dateb=&owner=include&count=40CIK 1323645
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1323645/000132364526000010/Filed August 13, 2026 · accession 0001323645-26-000010