MKP Capital Management, L.L.C.

The equity overlay is the interesting part. Berkshire Hathaway ($206M, 6.8%) is the largest single-name position, followed by Apple ($163M, 5.4%) and Amazon ($75M). Those are not random selections — they're the type of high-quality, cash-generative names that appear consistently in value-oriented institutional books. Alphabet, JPMorgan, and a $44.9M CoreWeave position round out the top holdings. That CoreWeave stake is the one outlier that breaks the quality-compounder pattern: it's a data-center/AI infrastructure name trading at a valuation profile nothing like BRK/B or AAPL. The position was acquired in the current quarter with no prior-quarter history shown, which makes it hard to read as a long-held conviction — it's either a tactical AI-thesis bet or a position that was built during Q1.

Q1 activity shows the firm growing its AUM by $234M while trimming Apple (-67,200 shares, -$13M) and cutting Berkshire in half (-58.8% value reduction to $103M — from a prior quarter that held more). Those two reductions are offset by additions elsewhere. The fund is not running a high-turnover book — net-net, 36 of 52 positions moved — but the direction of change matters. A $3B fund that holds two ETFs as its two largest positions is effectively paying active-management fees on a product that tracks an index. The whaleScore of 79 reflects performance history and credibility, presumably from prior quarters when the equity sleeve was larger. Either that sleeve is being wound down — in which case MKP is becoming a partially-indexed vehicle — or the firm is running a deliberate core-and-active structure that it doesn't explain in the filings.