§ 13F · FUND PROFILE
CAPITAL FUND MANAGEMENT S.A..
Quantitative systematic, French quant firm
AUM · $36303.7T (13F)Positions · 2312Turnover · 100% · Q4Filed · Feb 17, 2026
CONCENTRATION
8%
Top 10 holdings
NEW BUYS
+173
+$530.3T deployed
EXITS
0
No exits
SECTOR SHIFT
RETAIL → SEMICONDUCTORS
-1pp · +1pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 17, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | SPY | SPDR S&P 500 ETF TR TR UNIT | 560K | $382.1T | 1.1% | +59% |
| 2 | MU | MICRON TECHNOLOGY INC COM | 1.16M | $330.4T | 0.9% | +103% |
| 3 | SPY | SPDR S&P 500 ETF TR TR UNIT | 458K | $312.0T | 0.9% | +30% |
| 4 | AAPL | APPLE INC COM | 1.03M | $281.0T | 0.8% | −9% |
| 5 | NVDA | NVIDIA CORPORATION COM | 1.45M | $270.7T | 0.8% | +97% |
| 6 | TSLA | TESLA INC COM | 541K | $243.3T | 0.7% | −15% |
| 7 | AAPL | APPLE INC COM | 851K | $231.3T | 0.6% | −25% |
| 8 | AAPL | APPLE INC COM | 832K | $226.2T | 0.6% | −27% |
| 9 | TSLA | TESLA INC COM | 495K | $222.5T | 0.6% | −22% |
| 10 | TSM | TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS | 706K | $214.7T | 0.6% | +187% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other47.5% (±0)
Technology14.4% (±0)
Semiconductors10.6% (+1pp)
Financial Services7.6% (±0)
Media4.8% (±0)
Retail4.7% (±0)
§ 03 · THE CAPITAL SIGNAL
AC read
CAPITAL FUND MANAGEMENT S.A. is a Systematic / Quant fund managing $36303709.3 trillion in assets. The fund runs a massive portfolio of 2,312 positions, broad diversification across holdings. Trading activity is aggressive at 100% quarterly turnover, with 173 new positions and 0 exits last quarter. Top sector allocations: Other (48%), Technology (14%), Semiconductors (11%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+173 buys · −0 exits · 2146 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q2 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed