400 Capital Management LLC
CIK 1909739 · View on SEC EDGAR ↗
- Portfolio value
- $1.4B
- Positions
- 3
- As of
- Sept. 30, 2025 Data as of Q3 2025
Portfolio value QoQ: +34.3% 13F does not disclose cash
- Top 10 holdings weight
- 100.00%
- Top 25 holdings weight
- 100.00%
- Positions above 1%
- 2
- Effective number of positions
- 1.0
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q3 2025: 3.12% Est. buys $316,435,500 · sells $37,920,300
Median holding: 1.0 quarters Tracked Q4 2024–Q3 2025 · 30.0% still held
- New positions
- 0
- Increased
- 1
- Decreased
- 2
- Closed
- 2
Put-notional exposure: 100.0% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Full portfolio 3 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| SPY SPY | $1,365,669,000 | 97.85% | 2,050,000 | Put option | $392,555,250 | Up ×3 | |
| HYG | $20,297,500 | 1.45% | 250,000 | Put option | $-20,027,500 | Down ×2 | |
| IWM | $9,678,400 | 0.69% | 40,000 | Put option | $-5,426,900 | Down ×1 | |
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| SPY | $1,365,669,000 | 97.85% | up ×3 |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| SPY | Bought more | +475K | +$392.6M |
| HYG | Trimmed | -250K | -$20.0M |
| IWM | Trimmed | -30K | -$5.4M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| XLY | June 30, 2025 | 40,000 | $7,898,400 | No longer tracked |
| EWZ | Sept. 30, 2025 | 200,000 | $5,770,000 | No longer tracked |
| JETS | Sept. 30, 2025 | 200,000 | $4,594,000 | No longer tracked |
| INTC | March 31, 2025 | 150,000 | $3,007,500 | 304.8% |