Hudson Bay Capital Management LP

CIK

1393825

Location

STAMFORD, CT

Portfolio Value

Large $25,198,806,265

Diversification

Diversified

Filing Date

Global Rank

#237 / 8,622 ▼ 7 · as of Mar 2026

Top Industry

Semiconductors 19.6%

3Y Alpha vs SPY

+0.0%

Period ended 4 months ago

Filed May 13, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Not a measure of this manager's performance. Most of Hudson Bay Capital Management LP's reported book is option positions, which a stock-only clone cannot replicate. The figures below are the return of the 59% that is ordinary stock — as little as 46% in one quarter — so a manager whose options thesis lost money can still show a large gain here.

Cloned portfolio

+67.9%

SPY

+67.9%

Annualised alpha

+0.0%

Max drawdown

−22.3%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 59% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

1,013 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

9.3%

−0.8 pts

Top 5

31.9%

+1.0 pts

Top 10

48.1%

+4.2 pts

HHI

302

Diversified+11

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	35.3%	$8,902,744,746	103
Consumer Cyclical	15.6%	$3,930,709,082	76
Financial Services	12.3%	$3,111,027,915	238
Communication Services	9.0%	$2,256,907,331	33
Healthcare	8.1%	$2,041,731,976	221
Unclassified	5.9%	$1,480,012,335	11
Industrials	4.5%	$1,142,766,895	132
Utilities	2.8%	$717,721,009	38
Real Estate	2.5%	$625,979,250	44
Consumer Defensive	2.1%	$538,671,234	29
Energy	1.3%	$326,958,367	44
Basic Materials	0.5%	$123,576,125	44

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
WBD	Warner Bros. Discovery, Inc.	+7,541,656	7,727,354	$212,193,140
OPTU	Optimum Communications, Inc.	+4,292,490	10,542,481	$13,705,225
NFLX	Netflix Inc	+3,430,009	11,030,819	$1,060,613,246
AMZN	Amazon Com Inc	+2,336,020	8,014,797	$1,669,241,770
PLTR	Palantir Technologies Inc.	+2,205,719	7,458,219	$1,090,988,274
AAPL	Apple Inc.	+2,176,061	4,486,515	$1,138,632,641
VISN	Vistance Networks, Inc.	+2,046,033	4,283,779	$77,964,777
SOFI	SoFi Technologies, Inc.	+1,780,000	3,644,271	$57,871,023
ORCL	Oracle Corp	+1,731,586	1,752,463	$257,804,831
NVDA	Nvidia Corp	+1,546,667	13,405,294	$2,337,883,273
KVUE	Kenvue Inc.	+1,305,000	4,085,000	$70,425,400
KIM	Kimco Realty Corp	+1,147,934	1,487,096	$33,415,047
TSM	Taiwan Semiconductor Manufacturing Co Ltd	+1,003,226	1,386,699	$468,634,926
NVRI	Enviri Corp	+1,000,300	2,500,300	$0
EA	Electronic Arts Inc.	+988,187	1,385,687	$282,500,008
INTC	Intel Corp	+984,163	3,875,776	$171,037,994
CHRS	Coherus Oncology, Inc.	+869,980	1,704,980	$2,881,416
PECO	Phillips Edison & Company, Inc.	+628,957	910,029	$34,053,284
CUBE	CubeSmart	+597,912	774,412	$28,382,199
MRK	Merck & Co., Inc.	+549,705	901,505	$108,442,036
TERN	Terns Pharmaceuticals, Inc.	+537,144	618,178	$32,590,343
XPOF	Xponential Fitness, Inc.	+500,000	1,250,000	$7,525,000
LEGN	Legend Biotech Corp	+451,551	1,026,551	$18,570,307
SPY	Spdr S&P 500 ETF Trust	+446,561	1,284,545	$835,390,995
WFC	Wells Fargo & Company/Mn	+413,389	657,190	$52,318,895
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
BP	Bp PLC	−4,348,062	151,938	$7,141,086
CNC	Centene Corp	−3,250,000	500,000	$16,370,000
HOOD	Robinhood Markets, Inc.	−2,903,947	311,031	$21,554,447
NBIS	Nebius Group N.V.	−2,317,701	2,300	$238,648
WMT	Walmart Inc.	−2,281,066	57,806	$7,184,129
BMNR	Bitmine Immersion Technologies, Inc.	−2,084,830	59,870	$1,184,228
YEXT	Yext, Inc.	−2,050,183	902,270	$3,464,716
VRT	Vertiv Holdings Co	−1,877,462	7,142	$1,789,641
NTST	NETSTREIT Corp.	−1,711,035	2,245,391	$42,280,711
CUZ	Cousins Properties Inc	−1,534,414	285,133	$6,435,451
BA	Boeing Co	−1,390,149	364,379	$72,522,352
VNO	Vornado Realty Trust	−1,356,654	279,636	$7,267,739
DBRG	DigitalBridge Group, Inc.	−1,351,531	109,991	$1,696,060
FLY	Firefly Aerospace Inc.	−1,348,887	659,017	$18,762,213
JHG	Janus Henderson Group Ltd.	−1,324,030	354,772	$18,224,637
GOOGL	Alphabet Inc.	−1,320,273	662,673	$190,558,247
TSLA	Tesla, Inc.	−1,263,501	4,813,015	$1,789,238,326
DMAA	Drugs Made In America Acquisition Corp.	−1,252,167	297,833	$3,121,289
HON	Honeywell International Inc	−1,200,076	60,002	$13,562,254
ANGX	Angel Studios, Inc.	−1,176,649	4,117,817	$12,559,340
AMD	Advanced Micro Devices Inc	−1,061,990	4,438,010	$902,824,374
DAWN	Day One Biopharmaceuticals, Inc.	−1,030,000	670,000	$14,364,800
NSA	National Storage Affiliates Trust	−972,582	182,123	$6,873,322
TMUS	T-Mobile US, Inc.	−929,601	65,585	$13,774,816
BAC	Bank Of America Corp /De/	−905,948	10,741	$523,623
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
UNH	Unitedhealth Group Inc	1,400,000	$378,826,000
MU	Micron Technology Inc	1,000,070	$337,863,648
GLD	Spdr Gold Trust	566,690	$243,841,040
PEN	Penumbra Inc	349,038	$114,613,607
ITGR	Integer Holdings Corp	1,000,000	$88,000,000
WBS	Webster Financial Corp	1,199,249	$83,251,865
FSLR	First Solar, Inc.	400,000	$78,904,000
BE	Bloom Energy Corp	579,266	$78,484,749
MASI	Masimo Corp	330,679	$58,817,873
RTX	RTX Corp	298,555	$57,591,259
CVX	Chevron Corp	267,726	$55,392,509
POWI	Power Integrations Inc	1,000,000	$51,200,000
VAL	Valaris Ltd	499,604	$48,981,176
WELL	Welltower Inc.	235,296	$46,520,372
KLAC	Kla Corp	26,600	$39,166,106
CSCO	Cisco Systems, Inc.	503,800	$39,089,842
ASTS	AST SpaceMobile, Inc.	451,030	$37,376,856
TXN	Texas Instruments Inc	178,990	$34,749,118
AES	Aes Corp	1,950,000	$27,475,500
SAP	Sap SE	120,000	$20,545,200
CHH	Choice Hotels International Inc /De	193,155	$19,991,542
NEE	Nextera Energy Inc	214,296	$19,903,812
IRM	Iron Mountain Inc	190,884	$19,496,891
FGII	FG Imperii Acquisition Corp.	1,948,264	$19,287,813
SKT	Tanger Inc.	552,544	$18,775,445
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
NOW	ServiceNow, Inc.	930,000	$142,466,700
PYPL	PayPal Holdings, Inc.	2,394,000	$139,761,720
EXAS	EXACT SCIENCES CORP	1,115,996	$113,340,553
GS	Goldman Sachs Group Inc	121,000	$106,359,000
CRCL	Circle Internet Group, Inc.	1,000,000	$79,300,000
GTLS	Chart Industries Inc	311,071	$64,152,172
FR	First Industrial Realty Trust Inc	652,741	$37,382,477
MAA	Mid America Apartment Communities Inc.	253,231	$35,176,318
CTRE	CareTrust REIT, Inc.	952,641	$34,447,498
SNY	Sanofi	680,050	$32,955,223
MA	Mastercard Inc	50,000	$28,544,000
COP	Conocophillips	300,000	$28,083,000
KDP	Keurig Dr Pepper Inc.	1,000,000	$28,010,000
PDM	Piedmont Realty Trust, Inc.	3,247,359	$27,082,974
HPE	Hewlett Packard Enterprise Co	1,000,000	$24,020,000
SLG	Sl Green Realty Corp	507,882	$23,296,547
MDLN	Medline Inc.	550,050	$23,102,100
IVT	InvenTrust Properties Corp.	740,690	$20,894,864
HPP	Hudson Pacific Properties, Inc.	1,918,515	$20,777,517
TFC	Truist Financial Corp	405,978	$19,978,177
TEVA	Teva Pharmaceutical Industries Ltd	570,000	$17,789,700
CL	Colgate Palmolive Co	207,331	$16,383,295
NVS	Novartis AG	114,346	$15,764,883
FICO	Fair Isaac Corp	9,156	$15,479,316
REXR	Rexford Industrial Realty, Inc.	395,377	$15,308,997
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

1,013 tracked positions · $25,198,806,265 total · filing declares 1,607 positions · $28,981,838,636 · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 1,013 positions by value · page 1 of 21

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp PUT CALL + SHARES Technology	Added	13,405,294	+1,546,667	$2,337,883,273	+5.7%	9.28%
TSLA	Tesla, Inc. PUT CALL + SHARES Consumer Cyclical	Reduced	4,813,015	-1,263,501	$1,789,238,326	−34.5%	7.10%
AMZN	Amazon Com Inc PUT CALL + SHARES Consumer Cyclical	Added	8,014,797	+2,336,020	$1,669,241,770	+27.3%	6.62%
AAPL	Apple Inc. PUT CALL + SHARES Technology	Added	4,486,515	+2,176,061	$1,138,632,641	+81.3%	4.52%
PLTR	Palantir Technologies Inc. PUT CALL + SHARES Technology	Added	7,458,219	+2,205,719	$1,090,988,274	+16.9%	4.33%
NFLX	Netflix Inc PUT CALL + SHARES Communication Services	Added	11,030,819	+3,430,009	$1,060,613,246	+48.8%	4.21%
AMD	Advanced Micro Devices Inc PUT CALL + SHARES Technology	Reduced	4,438,010	-1,061,990	$902,824,374	−23.4%	3.58%
SPY	Spdr S&P 500 ETF Trust PUT CALL + SHARES	Added	1,284,545	+446,561	$835,390,995	+46.2%	3.32%
BRK-B	Berkshire Hathaway Inc PUT + SHARES Financial Services	Added	1,565,266	+220,000	$750,075,467	+10.9%	2.98%
MSFT	Microsoft Corp PUT CALL + SHARES Technology	Reduced	1,474,385	-396,585	$545,773,094	−39.7%	2.17%
TSM	Taiwan Semiconductor Manufacturing Co Ltd PUT + SHARES Technology	Added	1,386,699	+1,003,226	$468,634,926	+302.1%	1.86%
FLG	Flagstar Bank, National Association Financial Services	Held	34,689,439	0	$456,859,911	+4.6%	1.81%
UNH	Unitedhealth Group Inc PUT + SHARES Healthcare	NEW	1,400,000	NEW	$378,826,000	NEW	1.50%
DLTR	Dollar Tree, Inc. PUT + SHARES Consumer Defensive	Held	3,129,000	0	$342,656,790	−11.0%	1.36%
MU	Micron Technology Inc PUT + SHARES Technology	NEW	1,000,070	NEW	$337,863,648	NEW	1.34%
AVGO	Broadcom Inc. PUT + SHARES Technology	Reduced	1,000,002	-44,560	$309,510,619	−14.4%	1.23%
EA	Electronic Arts Inc. PUT + SHARES Communication Services	Added	1,385,687	+988,187	$282,500,008	+247.8%	1.12%
ORCL	Oracle Corp PUT + SHARES Technology	Added	1,752,463	+1,731,586	$257,804,831	+6235.6%	1.02%
GLD	Spdr Gold Trust PUT CALL + SHARES	NEW	566,690	NEW	$243,841,040	NEW	0.97%
SHOP	Shopify Inc. PUT + SHARES Technology	Added	2,050,000	+49,303	$243,171,000	−24.5%	0.97%
IBIT	iShares Bitcoin Trust ETF PUT CALL + SHARES	Reduced	5,680,862	-70,773	$218,258,718	−23.6%	0.87%
WBD	Warner Bros. Discovery, Inc. PUT + SHARES Communication Services	Added	7,727,354	+7,541,656	$212,193,140	+3864.9%	0.84%
DIS	Walt Disney Co PUT + SHARES Communication Services	Reduced	2,200,000	-26,894	$212,036,000	−16.3%	0.84%
ADBE	Adobe Inc. PUT + SHARES Technology	Added	857,000	+277,000	$208,319,560	+2.6%	0.83%
GOOGL	Alphabet Inc. PUT + SHARES Communication Services	Reduced	662,673	-1,320,273	$190,558,247	−69.3%	0.76%
INTC	Intel Corp PUT + SHARES Technology	Added	3,875,776	+984,163	$171,037,994	+60.3%	0.68%
QQQ	Invesco Qqq Trust, Series 1 PUT CALL + SHARES	Added	290,900	+200,568	$167,901,662	+202.6%	0.67%
COIN	Coinbase Global, Inc. PUT CALL + SHARES Financial Services	Held	900,000	0	$157,149,000	−22.8%	0.62%
NSC	Norfolk Southern Corp Industrials	Added	412,553	+77,233	$118,402,711	+22.3%	0.47%
PEN	Penumbra Inc Healthcare	NEW	349,038	NEW	$114,613,607	NEW	0.45%
MRK	Merck & Co., Inc. PUT + SHARES Healthcare	Added	901,505	+549,705	$108,442,036	+192.8%	0.43%
ANET	Arista Networks, Inc. Technology	Reduced	786,500	-3,816	$96,566,470	−6.7%	0.38%
META	Meta Platforms, Inc. PUT CALL + SHARES Communication Services	Reduced	156,361	-304,267	$89,458,818	−70.6%	0.36%
LLY	ELI LILLY & Co PUT + SHARES Healthcare	Added	97,004	+31,884	$89,221,369	+27.5%	0.35%
ITGR	Integer Holdings Corp Healthcare	NEW	1,000,000	NEW	$88,000,000	NEW	0.35%
AAL	American Airlines Group Inc. PUT + SHARES Industrials	Reduced	7,811,722	-120,626	$83,897,894	−31.0%	0.33%
WBS	Webster Financial Corp Financial Services	NEW	1,199,249	NEW	$83,251,865	NEW	0.33%
FSLR	First Solar, Inc. PUT + SHARES Technology	NEW	400,000	NEW	$78,904,000	NEW	0.31%
BE	Bloom Energy Corp PUT + SHARES Industrials	NEW	579,266	NEW	$78,484,749	NEW	0.31%
VISN	Vistance Networks, Inc. Technology	Added	4,283,779	+2,046,033	$77,964,777	+92.2%	0.31%
MSTR	Strategy Inc PUT + SHARES Technology	Reduced	617,432	-300,000	$77,055,513	−44.7%	0.31%
BTU	Peabody Energy Corp Energy	Added	2,238,356	+115,694	$73,753,830	+17.0%	0.29%
CAR	Avis Budget Group, Inc. Industrials	Added	500,000	+250,000	$72,925,000	+127.3%	0.29%
BA	Boeing Co PUT + SHARES Industrials	Reduced	364,379	-1,390,149	$72,522,352	−81.0%	0.29%
KVUE	Kenvue Inc. Consumer Defensive	Added	4,085,000	+1,305,000	$70,425,400	+46.9%	0.28%
C	Citigroup Inc Financial Services	Reduced	563,191	-539,055	$63,871,491	−50.3%	0.25%
NEOG	Neogen Corp Healthcare	Added	6,500,180	+180	$60,386,672	+32.9%	0.24%
ETR	Entergy Corp /De/ Utilities	Added	528,566	+106,903	$59,389,674	+52.4%	0.24%
MASI	Masimo Corp Healthcare	NEW	330,679	NEW	$58,817,873	NEW	0.23%
JPM	Jpmorgan Chase & Co Financial Services	Added	197,776	+120,276	$58,177,788	+133.0%	0.23%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.