# EDGAR Filing Document

**Accession Number:** 0001512857
**File Stem:** 0000905148-23-000248
**Filing Date:** 2023-2
**Character Count:** 13539
**Document Hash:** 46569af55857f3814243a644a4bc99c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-23-000248.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000905148-23-000248

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brevan Howard Capital Management LP
- **CENTRAL INDEX KEY:** 0001512857
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** Y9

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14379
- **FILM NUMBER:** 23630853

**BUSINESS ADDRESS:**
- **STREET 1:** 6TH FLOOR
- **STREET 2:** 37 ESPLANADE
- **CITY:** ST. HELIER
- **STATE:** Y9
- **ZIP:** JE2 3QA
- **BUSINESS PHONE:** 44 1534 605 400

**MAIL ADDRESS:**
- **STREET 1:** 6TH FLOOR
- **STREET 2:** 37 ESPLANADE
- **CITY:** ST. HELIER
- **STATE:** Y9
- **ZIP:** JE2 3QA

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Brevan Howard Capital Management LP<br>**Address:** 6TH FLOOR<br>37 ESPLANADE<br>ST. HELIER, Y9 JE2 3QA

**Form 13F File Number:** 028-14379

**CRD Number (if applicable):** 000161292

**SEC File Number (if applicable):** 802-74971

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Donal Reamonn O'Sullivan<br>**Title:** Head of Compliance and Authorized Signatory<br>**Phone:** 44-1534-605-421

**Signature, Place, and Date of Signing:**

/s/ D. R. O'Sullivan  St Helier, Y9  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 3

**Form 13F Information Table Entry Total:** 88

**Form 13F Information Table Value Total:** $2991614999

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                      | Form 13F File Number   |
|:---|:---|:---|
|  | Brevan Howard Investment Products Ltd     | 028-14381              |
|  | Brevan Howard Asset Management LLP        | 028-12590              |
|  | Brevan Howard US Investment Management LP | 028-16818              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 4711117 | 61543 | SH |  | DFND | 2 | 61543 | 0 | 0 |
| ADOBE SYSTEMS | COM | 00724F101 |  | 1016321 | 3020 | SH |  | DFND | 1 | 3020 | 0 | 0 |
| AFFIRM HOLDINGS INC | NOTE 11/1 | 00827BAB2 |  | 4815600 | 7500000 | PRN |  | DFND | 1 | 7500000 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 938754 | 6273 | SH |  | DFND | 1 | 6273 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 202547 | 934 | SH |  | DFND | 1 | 934 | 0 | 0 |
| ALIBABA GROUP HOLDING | SPONSORED ADS | 01609W102 |  | 10746980 | 122000 | SH |  | DFND | 1 | 122000 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 670404 | 7981 | SH |  | DFND | 1 | 7981 | 0 | 0 |
| APPLIED MATERIALS INC | COM | 038222105 |  | 779040 | 8000 | SH |  | DFND | 1 | 8000 | 0 | 0 |
| APTIV PLC | COM | G6095L109 |  | 318039 | 3415 | SH |  | DFND | 1 | 3415 | 0 | 0 |
| ASML HOLDING NV-NY REG SHS | N Y REGISTRY SHS | N07059210 |  | 3005200 | 5500 | SH |  | DFND | 1 | 5500 | 0 | 0 |
| Audacy Inc | CL A | 05070N103 |  | 213845 | 950000 | SH |  | DFND | 3 | 950000 | 0 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 1224600 | 195000 | SH |  | DFND | 3 | 195000 | 0 | 0 |
| BILIBILI INC | NOTE 0.500%12/0 | 090040AF3 |  | 3814000 | 5500000 | PRN |  | DFND |  | 5500000 | 0 | 0 |
| BILIBILI INC | NOTE 1.250% 6/1 | 090040AD8 |  | 3746000 | 4000000 | PRN |  | DFND |  | 4000000 | 0 | 0 |
| BLACK KNIGHT INC | COM | 09215C105 |  | 308750 | 5000 | SH |  | DFND | 3 | 5000 | 0 | 0 |
| CHICAGO MERCANTILE EXCHANGE | COM | 12572Q105 |  | 17245312 | 102553 | SH |  | DFND | 1 | 102553 | 0 | 0 |
| CLEAN HARBORS INC | COM | 184496107 |  | 259281 | 2272 | SH |  | DFND | 1 | 2272 | 0 | 0 |
| Concord Acquisition Corp | *W EXP 11/28/202 | 206071110 |  | 579633 | 4025230 | SH |  | DFND | 1 | 4025230 | 0 | 0 |
| Core Scientific Inc | *W EXP 01/19/202 | 21873J116 |  | 1344 | 59719 | SH |  | DFND | 1 | 59719 | 0 | 0 |
| Crown Castle Inc | COM | 22822V101 |  | 3391000 | 25000 | SH |  | DFND | 1 | 25000 | 0 | 0 |
| DANAHER CORP | COM | 235851102 |  | 879602 | 3314 | SH |  | DFND | 1 | 3314 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 677412 | 10823 | SH |  | DFND | 1 | 10823 | 0 | 0 |
| DigitalOcean Holdings Inc | COM | 25402D102 |  | 1477260 | 58000 | SH |  | DFND | 1 | 58000 | 0 | 0 |
| EATON CORP | SHS | G29183103 |  | 255358 | 1627 | SH |  | DFND | 1 | 1627 | 0 | 0 |
| ENDEAVOR GROUP HOLD-CLASS A | CL A COM | 29260Y109 |  | 2794960 | 124000 | SH |  | DFND | 1 | 124000 | 0 | 0 |
| ENERGY SELECT SECTOR SPDR | ENERGY | 81369Y506 |  | 6997600 | 80000 | SH |  | DFND | 2 | 80000 | 0 | 0 |
| ENERGY SELECT SECTOR SPDR | ENERGY | 81369Y506 |  | 175823447 | 2010100 | SH | Put | DFND | 123 | 2010100 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 460754 | 3076 | SH |  | DFND | 1 | 3076 | 0 | 0 |
| First Trust Natural Gas ETF | NAT GAS ETF | 33733E807 |  | 3676500 | 150000 | SH |  | DFND | 2 | 150000 | 0 | 0 |
| GDS HLDGS LTD | NOTE 2.000% 6/0 | 36165LAB4 |  | 8511750 | 9000000 | PRN |  | DFND |  | 9000000 | 0 | 0 |
| Global X Uranium ETF | GLOBAL X URANIUM | 37954Y871 |  | 18373200 | 915000 | SH |  | DFND | 1 | 915000 | 0 | 0 |
| INVESCO DB AGRICULTURE FUND | AGRICULTURE FD | 46140H106 |  | 3526250 | 175000 | SH |  | DFND | 2 | 175000 | 0 | 0 |
| Invesco QQQ Trust Series 1 Nasdaq100 BB:QQQ | UNIT SER 1 | 46090E103 |  | 939009792 | 3526400 | SH | Put | DFND | 3 | 3526400 | 0 | 0 |
| IOVANCE BIOTHERAPEUTICS | COM | 462260100 |  | 1788126 | 279832 | SH |  | DFND | 1 | 279832 | 0 | 0 |
| IQIYI INC | NOTE 4.000%12/1 | 46267XAE8 |  | 5033250 | 7600000 | PRN |  | DFND |  | 7600000 | 0 | 0 |
| ISHARES 20 YR TREAS | 20 YR TR BD ETF | 464287432 |  | 13440600 | 135000 | SH |  | DFND | 3 | 135000 | 0 | 0 |
| ISHARES 20 YR TREAS | 20 YR TR BD ETF | 464287432 |  | 31879112 | 320200 | SH | Call | DFND | 3 | 320200 | 0 | 0 |
| ISHARES FTSE/XINHUA CHINA 25 | CHINA LG-CAP ETF | 464287184 |  | 5744900 | 203000 | SH | Put | DFND | 3 | 203000 | 0 | 0 |
| ISHARES IBOXX H/Y CORP BOND | IBOXX HI YD ETF | 464288513 |  | 37580752 | 510400 | SH |  | DFND | 3 | 510400 | 0 | 0 |
| ISHARES IBOXX H/Y CORP BOND | IBOXX HI YD ETF | 464288513 |  | 449143000 | 6100000 | SH | Put | DFND | 3 | 6100000 | 0 | 0 |
| ISHARES IBOXX H/Y CORP BOND | IBOXX HI YD ETF | 464288513 |  | 289233366 | 3928200 | SH | Call | DFND | 23 | 3928200 | 0 | 0 |
| ISHARES IBOXX INV GR CORP BD | IBOXX INV CP ETF | 464287242 |  | 31734430 | 301000 | SH |  | DFND | 23 | 301000 | 0 | 0 |
| ISHARES IBOXX INV GR CORP BD | IBOXX INV CP ETF | 464287242 |  | 31629000 | 300000 | SH | Put | DFND | 3 | 300000 | 0 | 0 |
| ISHARES JP MORGAN USD EMERGING MARKETS | JPMORGAN USD EMG | 464288281 |  | 30845744 | 364650 | SH |  | DFND | 3 | 364650 | 0 | 0 |
| ISHARES JP MORGAN USD EMERGING MARKETS | JPMORGAN USD EMG | 464288281 |  | 126885000 | 1500000 | SH | Call | DFND | 23 | 1500000 | 0 | 0 |
| ISHARES JP MORGAN USD EMERGING MARKETS | JPMORGAN USD EMG | 464288281 |  | 42295000 | 500000 | SH | Put | DFND | 2 | 500000 | 0 | 0 |
| ISHARES MSCI BRAZIL | MSCI BRAZIL ETF | 464286400 |  | 6992500 | 250000 | SH | Call | DFND | 3 | 250000 | 0 | 0 |
| ISHARES MSCI EMERGING MKT IN | MSCI EMG MKT ETF | 464287234 |  | 3790000 | 100000 | SH | Call | DFND | 3 | 100000 | 0 | 0 |
| ISHARES MSCI SOUTH AFRICA IN | MSCI STH AFR ETF | 464286780 |  | 1488379 | 35095 | SH |  | DFND | 1 | 35095 | 0 | 0 |
| ISHARES NASDAQ BIOTECH | ISHARES BIOTECH | 464287556 |  | 5251600 | 40000 | SH |  | DFND | 2 | 40000 | 0 | 0 |
| ISHARES SILVER TRUST | ISHARES | 46428Q109 |  | 152671266 | 6933300 | SH | Call | DFND | 1 | 6933300 | 0 | 0 |
| KraneShares CSI China Internet ETF | CSI CHI INTERNET | 500767306 |  | 77010000 | 2550000 | SH | Call | DFND | 1 | 2550000 | 0 | 0 |
| KraneShares Global Carbon Strategy ETF | GLOBAL CARB STRA | 500767678 |  | 2340171 | 68637 | SH |  | DFND | 13 | 68637 | 0 | 0 |
| LIBERTY MEDIA CORP-LIBERTY-C | COM SER C FRMLA | 531229854 |  | 2480870 | 41500 | SH |  | DFND | 1 | 41500 | 0 | 0 |
| Lightning eMotors Inc | CALL | 53228T901 |  | 5498 | 15000 | SH | Call | DFND | 1 | 15000 | 0 | 0 |
| Lightning eMotors Inc | COM | 53228T101 |  | 112234 | 306232 | SH |  | DFND | 1 | 306232 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 554556 | 10383 | SH |  | DFND | 1 | 10383 | 0 | 0 |
| Market Vectors Nuclear ETF | URANIUM PLS NUCL | 92189F601 |  | 421564 | 7680 | SH |  | DFND | 1 | 7680 | 0 | 0 |
| MARTIN MARIETTA MATERIALS | COM | 573284106 |  | 638087 | 1888 | SH |  | DFND | 1 | 1888 | 0 | 0 |
| MARVELL TECH | COM | 573874104 |  | 1629760 | 44000 | SH |  | DFND | 1 | 44000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 2278290 | 9500 | SH |  | DFND | 1 | 9500 | 0 | 0 |
| Mitek Systems Inc | COM NEW | 606710200 |  | 232037 | 23946 | SH |  | DFND | 1 | 23946 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 41312600 | 230000 | SH |  | DFND | 2 | 230000 | 0 | 0 |
| NEWMONT MINING | COM | 651639106 |  | 446842 | 9467 | SH |  | DFND | 1 | 9467 | 0 | 0 |
| NEXTERA ENERGY PARTNERS LP | COM UNIT PART IN | 65341B106 |  | 453202 | 6466 | SH |  | DFND | 1 | 6466 | 0 | 0 |
| OWENS CORNING INC | COM | 690742101 |  | 782201 | 9170 | SH |  | DFND | 1 | 9170 | 0 | 0 |
| SEMICONDUCTOR HOLDRs TRUST | SEMICONDUCTR ETF | 92189F676 |  | 4261740 | 21000 | SH |  | DFND | 2 | 21000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 1747215 | 4500 | SH |  | DFND | 1 | 4500 | 0 | 0 |
| Signify Health Inc | CL A COM | 82671G100 |  | 3545787 | 123719 | SH |  | DFND | 1 | 123719 | 0 | 0 |
| SNAP INC | NOTE 5/0 | 83304AAF3 |  | 1465000 | 2000000 | PRN |  | DFND | 3 | 2000000 | 0 | 0 |
| Snowflake Inc-Class A | CL A | 833445109 |  | 574160 | 4000 | SH |  | DFND | 1 | 4000 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 |  | 1304175 | 4604 | SH |  | DFND | 1 | 4604 | 0 | 0 |
| SPDR METALS  MINING ETF | S METALS MNG | 78464A755 |  | 9065420 | 182000 | SH |  | DFND | 2 | 182000 | 0 | 0 |
| SPDR TRUST SERIES 1 | TR UNIT | 78462F103 |  | 63559866 | 166200 | SH | Put | DFND | 3 | 166200 | 0 | 0 |
| STREETTRACKS GOLD TRUST | GOLD SHS | 78463V107 |  | 242330740 | 1428500 | SH | Call | DFND | 1 | 1428500 | 0 | 0 |
| SUNRUN INC | COM | 86771W105 |  | 903272 | 37605 | SH |  | DFND | 1 | 37605 | 0 | 0 |
| TESLA MOTORS INC | COM | 88160R101 |  | 684265 | 5555 | SH |  | DFND | 1 | 5555 | 0 | 0 |
| TPG RE Finance Trust Inc | COM | 87266M107 |  | 5655676 | 832942 | SH |  | DFND | 1 | 832942 | 0 | 0 |
| TPI Composites Inc | COM | 87266J104 |  | 1526962 | 150588 | SH |  | DFND | 1 | 150588 | 0 | 0 |
| TRANE INC | SHS | G8994E103 |  | 300041 | 1785 | SH |  | DFND | 1 | 1785 | 0 | 0 |
| TRIMBLE NAVIGATION LTD | COM | 896239100 |  | 318477 | 6299 | SH |  | DFND | 1 | 6299 | 0 | 0 |
| UNITED STATES OIL FUND LP | UNITS | 91232N207 |  | 10516500 | 150000 | SH | Call | DFND | 3 | 150000 | 0 | 0 |
| VALE SA-SP ADR | SPONSORED ADS | 91912E105 |  | 430970 | 25396 | SH |  | DFND | 1 | 25396 | 0 | 0 |
| Vanguard Developed Markets Index Fund | VAN FTSE DEV MKT | 921943858 |  | 12591000 | 300000 | SH |  | DFND | 2 | 300000 | 0 | 0 |
| Vanguard Growth Index Fund | GROWTH ETF | 922908736 |  | 5327750 | 25000 | SH |  | DFND | 2 | 25000 | 0 | 0 |
| VIVINT SMART HOME INC | COM CL A | 928542109 |  | 999600 | 84000 | SH |  | DFND | 3 | 84000 | 0 | 0 |
| VMWARE INC-CLASS A | CL A COM | 928563402 |  | 5052311 | 41156 | SH |  | DFND | 2 | 41156 | 0 | 0 |
| WORKDAY INC-CLASS A | CL A | 98138H101 |  | 878483 | 5250 | SH |  | DFND | 1 | 5250 | 0 | 0 |

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