1y return+11.8%S&P 500 +20.9%
3y return+66.4%S&P 500 +68.5%
5y return+49.4%S&P 500 +74.5%
10y return+173.1%S&P 500 +256.5%
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 June 30, 2016: $273 against $357 in the S&P 500.2
Capula Management LtdS&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 |
|---|---|---|---|
| IVVIshares Tr | $15.0B | 66.2% | +120.5% |
| SPYState Str Spdr S&p 500 Etf T | $3.4B | 15.1% | −25.4% |
| BABAAlibaba Group Hldg Ltd | $320.9M | 1.4% | +2818.9% |
| BABoeing Co | $206.1M | 0.9% | +13323.3% |
| WDCWestern Digital Corp | $179.0M | 0.8% | New |
| UBERUber Technologies Inc | $159.1M | 0.7% | +44158.2% |
| HYGIshares Tr | $153.0M | 0.7% | +2036.6% |
| INTCIntel Corp | $147.0M | 0.6% | +1228.5% |
| PDDPdd Holdings Inc | $146.1M | 0.6% | +10790.3% |
| WMTWalmart Inc | $142.0M | 0.6% | +10700.1% |
| AVGOBroadcom Inc | $117.7M | 0.5% | +731.1% |
| TSLATesla Inc | $113.7M | 0.5% | +442.4% |
| AMGNAmgen Inc | $108.7M | 0.5% | +491808.2% |
| Linde PLCCUSIP G54950103 | $103.9M | 0.5% | +435073.9% |
| LQDIshares Tr | $101.6M | 0.4% | +1249.4% |
| Credo Technology Group HoldiCUSIP G25457105 | $96.5M | 0.4% | +832.2% |
| MSTRStrategy Inc | $87.1M | 0.4% | +22397.4% |
| Warner Bros Discovery IncCUSIP 934423104 | $83.6M | 0.4% | +154.7% |
| QCOMQualcomm Inc | $77.7M | 0.3% | +2573.8% |
| KLACKla Corp | $68.0M | 0.3% | +13474.0% |
| NKENike Inc | $65.7M | 0.3% | +21875.7% |
| ADIAnalog Devices Inc | $59.7M | 0.3% | +2197.8% |
| ULTAUlta Beauty Inc | $58.6M | 0.3% | New |
| KVUEKenvue Inc | $58.6M | 0.3% | +36.5% |
| AAOIApplied Optoelectronics Inc | $56.4M | 0.2% | New |
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 |
|---|---|---|---|
| Credo Technology Group HoldiCUSIP G25457105 | March 31, 2026 | +189.7% | $96.5M |
| SPYState Str Spdr S&p 500 Etf T | June 30, 2020 | +142.2% | $3.4B |
| WMTWalmart Inc | June 30, 2024 | +67.3% | $142.0M |
| TSLATesla Inc | September 30, 2024 | +60.8% | $113.7M |
| ANETArista Networks Inc | March 31, 2026 | +38.4% | $34.0M |
| GEVGe Vernova Inc | March 31, 2026 | +34.6% | $35.6M |
| IVVIshares Tr | March 31, 2025 | +33.3% | $15.0B |
| AXONAxon Enterprise Inc | March 31, 2026 | +32.0% | $44.8M |
| HLTHilton Worldwide Hldgs Inc | September 30, 2025 | +27.4% | $33.3M |
| ADIAnalog Devices Inc | March 31, 2026 | +24.8% | $59.7M |
Sold off last quarter
- Clearwater Analytics Hldgs ICUSIP 185123106 was $63.3M
- Amicus TherapeuticCUSIP 03152W109 was $46.2M
- Sealed Air Corp NewCUSIP 81211K100 was $38.6M
- Hologic IncCUSIP 436440101 was $35.2M
- Onestream IncCUSIP 68278B107 was $25.8M
- Digitalbridge Group IncCUSIP 25401T603 was $25.7M
- Masimo CorpCUSIP 574795100 was $25.4M
- Csg Sys Intl IncCUSIP 126349109 was $20.6M
- SNCYSun Ctry Airls Hldgs Inc was $20.1M
- CTRACoterra Energy Inc was $14.5M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +13.2% | +14.8% |
| March 31, 2026 | −6.2% | −4.6% |
| December 31, 2025 | −3.2% | +2.4% |
| September 30, 2025 | +8.8% | +7.8% |
| June 30, 2025 | +14.5% | +10.5% |
| March 31, 2025 | −6.0% | −4.6% |
| December 31, 2024 | +6.1% | +2.1% |
| September 30, 2024 | +4.5% | +5.4% |
| June 30, 2024 | +4.4% | +4.0% |
| March 31, 2024 | +10.9% | +10.0% |
| December 31, 2023 | +9.7% | +11.2% |
| September 30, 2023 | −1.9% | −3.6% |
| June 30, 2023 | +5.9% | +8.3% |
| March 31, 2023 | +6.2% | +7.0% |
| December 31, 2022 | +6.8% | +7.1% |
| September 30, 2022 | −6.4% | −5.3% |
| June 30, 2022 | −19.5% | −16.5% |
| March 31, 2022 | −6.1% | −4.9% |
| December 31, 2021 | +7.7% | +10.7% |
| September 30, 2021 | −1.9% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Capula Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1557017&type=13F-HR&dateb=&owner=include&count=40CIK 1557017
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1557017/000117266126003473/Filed August 14, 2026 · accession 0001172661-26-003473