MKP Capital Management, L.L.C.

MKP Capital Management's $3.04B 13F is one of the most concentrated books in the dataset: two S&P 500 ETFs — IVV and SPY — account for nearly 70% of the portfolio, with the remaining 30% spread across just 17 other positions. The firm increased its overall portfolio value by $234M quarter-over-quarter while trimming Berkshire Hathaway and Apple slightly, and the single most notable new risk is a $45M CoreWeave (CRWV) position that sits inside a book otherwise constructed from large-cap value and dividend-quality names. The shape here is unmistakable: a core passive anchor with an active manager's concentrated equity sleeve bolted on top. For a $3B firm, that structure creates an asymmetric risk profile — the equity overlay can't hurt the core, but the core anchors returns at exactly the moments when an active mandate is supposed to add alpha.