Hudson Bay Capital Management LP

CIK

1393825

Location

STAMFORD, CT

Portfolio Value

Large $23,815,742,002

Diversification

Diversified

Filing Date

Global Rank

#244 / 7,976 ▼ 22

Top Industry

Semiconductors 17.5%

3Y Alpha vs SPY

-2.2%

Period ended 9 months ago

Filed Dec 15, 2025 · 6mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+67.1%

SPY

+76.3%

Annualised alpha

-2.2%

Max drawdown

−22.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

780 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

11.3%

+1.6 pts

Top 5

36.2%

+0.7 pts

Top 10

48.8%

−1.9 pts

HHI

357

Diversified+13

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Technology	28.4%	$6,770,947,639	88
Consumer Cyclical	21.7%	$5,160,589,819	94
Financial Services	12.3%	$2,930,870,307	156
Unclassified	9.6%	$2,291,662,138	11
Healthcare	6.4%	$1,521,045,882	129
Industrials	4.6%	$1,105,943,607	110
Real Estate	4.5%	$1,067,141,796	43
Communication Services	3.8%	$913,079,183	28
Consumer Defensive	3.6%	$865,632,635	32
Energy	2.3%	$542,848,781	24
Utilities	2.0%	$486,078,968	30
Basic Materials	0.7%	$159,901,247	35

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
IBIT	iShares Bitcoin Trust ETF	+4,549,157	9,106,378	$591,914,570
SLB	Slb Limited/Nv	+3,660,865	4,007,420	$137,735,025
AAPL	Apple Inc.	+3,114,819	3,740,591	$952,466,686
HTZ	Hertz Global Holdings, Inc	+2,750,004	4,000,004	$27,200,027
AMZN	Amazon Com Inc	+2,637,310	8,921,145	$1,958,815,806
VISN	Vistance Networks, Inc.	+1,428,389	2,428,389	$37,591,461
IPCX	Inflection Point Acquisition Corp. III	+1,360,042	1,833,042	$18,458,732
TSM	Taiwan Semiconductor Manufacturing Co Ltd	+1,283,110	1,343,431	$375,206,843
CART	Maplebear Inc.	+1,100,213	1,976,062	$72,640,038
CTRE	CareTrust REIT, Inc.	+1,072,594	1,710,528	$59,321,111
NTST	NETSTREIT Corp.	+986,842	3,794,639	$68,531,180
BEAG	Bold Eagle Acquisition Corp.	+880,000	1,020,311	$10,611,234
EA	Electronic Arts Inc.	+813,235	847,449	$170,930,463
TMUS	T-Mobile US, Inc.	+800,394	866,612	$207,449,580
CSCO	Cisco Systems, Inc.	+779,306	1,151,372	$78,776,872
KIM	Kimco Realty Corp	+748,956	1,892,903	$41,359,930
WRD	WeRide Inc.	+717,516	1,544,602	$15,291,559
XOM	Exxon Mobil Corp	+716,777	861,986	$97,188,920
CUZ	Cousins Properties Inc	+555,696	3,315,646	$95,954,795
LRMR	Larimar Therapeutics, Inc.	+551,888	1,278,649	$4,130,036
KDP	Keurig Dr Pepper Inc.	+551,685	1,114,713	$28,436,328
BTU	Peabody Energy Corp	+546,018	2,422,266	$64,238,493
PRA	Proassurance Corp	+525,000	575,000	$13,794,250
SATS	EchoStar CORP	+504,725	744,525	$56,851,928
SLG	Sl Green Realty Corp	+497,040	1,460,373	$87,344,908
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
QQQ	Invesco Qqq Trust, Series 1	−2,828,816	876,540	$526,248,319
AMD	Advanced Micro Devices Inc	−2,660,975	3,851,156	$623,078,529
PYPL	PayPal Holdings, Inc.	−2,248,999	11,980	$803,378
UBER	Uber Technologies, Inc	−2,223,659	57,384	$5,621,910
WFC	Wells Fargo & Company/Mn	−1,942,488	131,286	$11,004,392
ACHR	Archer Aviation Inc.	−1,902,843	1,948,333	$18,665,030
INTC	Intel Corp	−1,651,235	398,018	$13,353,503
BAC	Bank Of America Corp /De/	−1,614,196	750,981	$38,743,109
TSLA	Tesla, Inc.	−1,563,056	4,420,575	$1,965,918,113
OHI	Omega Healthcare Investors Inc	−1,350,939	594,808	$25,112,793
PLTR	Palantir Technologies Inc.	−1,154,823	1,030,382	$187,962,284
FCPT	Four Corners Property Trust, Inc.	−1,092,072	351,092	$8,566,644
GOOGL	Alphabet Inc.	−1,042,449	532,101	$129,353,753
BRK-B	Berkshire Hathaway Inc	−930,190	1,307,415	$657,289,817
TVA	Texas Ventures Acquisition III Corp	−917,224	482,776	$5,170,530
NVDA	Nvidia Corp	−897,847	14,392,655	$2,685,381,569
CMG	Chipotle Mexican Grill Inc	−760,341	1,563,206	$61,262,043
CURB	Curbline Properties Corp.	−755,539	89,196	$1,989,070
NEM	NEWMONT Corp /DE/	−746,794	559,152	$47,142,105
OPTU	Optimum Communications, Inc.	−700,000	6,749,991	$16,267,478
MLCO	Melco Resorts & Entertainment LTD	−624,906	848,596	$7,781,625
PCG	PG&E Corp	−603,957	802,604	$12,103,267
MSTR	Strategy Inc	−568,647	1,788,211	$576,179,466
LKFT	Lakefront Biotherapeutics NV	−553,400	245,000	$8,486,800
PG	PROCTER & GAMBLE Co	−553,340	6,818	$1,047,585
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
WDAY	Workday, Inc.	1,011,648	$243,534,023
SOFI	SoFi Technologies, Inc.	2,616,890	$69,138,233
HPE	Hewlett Packard Enterprise Co	2,292,499	$56,303,775
FLY	Firefly Aerospace Inc.	1,811,811	$53,122,298
ETHA	iShares Ethereum Trust ETF	1,500,000	$47,265,000
BNL	Broadstone Net Lease, Inc.	2,126,373	$37,998,285
NVO	Novo Nordisk A S	680,806	$37,777,924
NSA	National Storage Affiliates Trust	1,094,696	$33,081,713
BABA	Alibaba Group Holding Ltd	166,675	$29,789,821
NEOG	Neogen Corp	5,000,000	$28,550,000
NNN	Nnn REIT, Inc.	600,985	$25,583,931
YUM	Yum Brands Inc	163,069	$24,786,488
IVT	InvenTrust Properties Corp.	823,924	$23,580,704
EQR	Equity Residential	349,010	$22,591,417
SRRK	Scholar Rock Holding Corp	560,800	$20,884,192
ETHE	Grayscale Ethereum Staking ETF	594,306	$20,366,866
FR	First Industrial Realty Trust Inc	391,911	$20,171,659
CCI	Crown Castle Inc.	202,132	$19,503,716
WAT	Waters Corp /De/	65,004	$19,488,849
TASK	TaskUs, Inc.	996,979	$17,796,075
CTLP	Cantaloupe, Inc.	1,554,659	$16,432,744
ASND	Ascendis Pharma A/S	78,934	$15,692,868
CNM	Core & Main, Inc.	268,267	$14,440,811
LNC	Lincoln National Corp	355,911	$14,353,890
BFH	Bread Financial Holdings, Inc.	252,642	$14,089,844
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
TGT	Target Corp	3,001,363	$296,084,459
ARM	Arm Holdings PLC /Uk	1,650,000	$266,871,000
PATH	UiPath, Inc.	8,012,400	$102,558,720
DDOG	Datadog, Inc.	428,370	$57,542,942
ALLY	Ally Financial Inc.	1,132,259	$44,101,488
TXN	Texas Instruments Inc	191,269	$39,711,269
UE	Urban Edge Properties	1,949,069	$36,369,626
INVH	Invitation Homes Inc.	984,893	$32,304,489
AMGN	Amgen Inc	109,761	$30,646,368
WY	Weyerhaeuser Co	1,165,539	$29,942,696
AMKR	Amkor Technology, Inc.	1,320,539	$27,718,113
STAG	STAG Industrial, Inc.	747,958	$27,135,916
ETSY	Etsy Inc	501,404	$25,150,424
DJT	Trump Media & Technology Group Corp.	1,360,808	$24,548,976
HIMS	Hims & Hers Health, Inc.	450,000	$22,432,500
CCJ	Cameco Corp	300,000	$22,269,000
USO	United States Oil Fund, LP	300,000	$21,933,000
TRNO	Terreno Realty Corp	390,919	$21,918,828
MA	Mastercard Inc	36,976	$20,778,293
LEVI	Levi Strauss & Co	1,000,000	$18,490,000
SMA	SmartStop Self Storage REIT, Inc.	502,406	$18,202,169
ANF	Abercrombie & Fitch Co /De/	200,000	$16,570,000
BBWI	Bath & Body Works, Inc.	509,119	$15,253,205
MGM	MGM Resorts International	437,911	$15,059,759
AFRM	Affirm Holdings, Inc.	200,000	$13,828,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

780 positions · $23,815,742,002 total · as of Sep 30, 2025

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

Showing 1–50 of 780 positions by value · page 1 of 16

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	14,392,655	-897,847	$2,685,381,569	+11.2%	11.28%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	4,420,575	-1,563,056	$1,965,918,113	+3.4%	8.25%
AMZN	Amazon Com Inc Consumer Cyclical	Added	8,921,145	+2,637,310	$1,958,815,806	+42.1%	8.22%
SPY	Spdr S&P 500 ETF Trust	Reduced	1,587,700	-226,999	$1,057,693,986	−5.7%	4.44%
AAPL	Apple Inc. Technology	Added	3,740,591	+3,114,819	$952,466,686	+641.9%	4.00%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	1,307,415	-930,190	$657,289,817	−39.5%	2.76%
AMD	Advanced Micro Devices Inc Technology	Reduced	3,851,156	-2,660,975	$623,078,529	−32.6%	2.62%
IBIT	iShares Bitcoin Trust ETF	Added	9,106,378	+4,549,157	$591,914,570	+112.2%	2.49%
MSTR	Strategy Inc Technology	Reduced	1,788,211	-568,647	$576,179,466	−39.5%	2.42%
HOOD	Robinhood Markets, Inc. Financial Services	Reduced	3,925,404	-48,428	$562,039,344	+51.1%	2.36%
QQQ	Invesco Qqq Trust, Series 1	Reduced	876,540	-2,828,816	$526,248,319	−74.3%	2.21%
DLTR	Dollar Tree, Inc. Consumer Defensive	Reduced	4,431,376	-72,170	$418,188,953	−6.2%	1.76%
FLG	Flagstar Bank, National Association Financial Services	Held	34,689,439	0	$400,663,020	+9.0%	1.68%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	1,343,431	+1,283,110	$375,206,843	+2646.3%	1.58%
WDAY	Workday, Inc. Technology	NEW	1,011,648	NEW	$243,534,023	NEW	1.02%
DASH	DoorDash, Inc. Consumer Cyclical	Added	890,329	+91,829	$242,160,584	+23.0%	1.02%
TMUS	T-Mobile US, Inc. Communication Services	Added	866,612	+800,394	$207,449,580	+1214.9%	0.87%
LLY	ELI LILLY & Co Healthcare	Reduced	259,516	-214,416	$198,010,708	−46.4%	0.83%
PLTR	Palantir Technologies Inc. Technology	Reduced	1,030,382	-1,154,823	$187,962,284	−36.9%	0.79%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	203,045	+185,693	$187,944,543	+994.1%	0.79%
UNH	Unitedhealth Group Inc Healthcare	Reduced	500,000	-172,600	$172,650,000	−17.7%	0.72%
EA	Electronic Arts Inc. Communication Services	Added	847,449	+813,235	$170,930,463	+3028.3%	0.72%
BA	Boeing Co Industrials	Added	752,700	+65,632	$162,455,240	+12.8%	0.68%
BP	Bp PLC Energy	Reduced	4,515,000	-310,000	$155,586,900	+7.7%	0.65%
SLB	Slb Limited/Nv Energy	Added	4,007,420	+3,660,865	$137,735,025	+1075.9%	0.58%
ABNB	Airbnb, Inc. Consumer Cyclical	Reduced	1,108,574	-6,035	$134,603,055	−8.7%	0.57%
GOOGL	Alphabet Inc. Communication Services	Reduced	532,101	-1,042,449	$129,353,753	−53.4%	0.54%
COIN	Coinbase Global, Inc. Financial Services	Added	355,129	+34,301	$119,852,485	+6.6%	0.50%
CDNS	Cadence Design Systems Inc Technology	Added	300,367	+295,467	$105,506,912	+6887.5%	0.44%
ANET	Arista Networks, Inc. Technology	Reduced	693,427	-15,446	$101,039,247	+39.3%	0.42%
FLUT	Flutter Entertainment plc Consumer Cyclical	Added	395,120	+23,237	$100,360,480	−5.6%	0.42%
CRWD	CrowdStrike Holdings, Inc. Technology	Reduced	200,000	-21,300	$98,076,000	−13.0%	0.41%
XOM	Exxon Mobil Corp Energy	Added	861,986	+716,777	$97,188,920	+520.9%	0.41%
CUZ	Cousins Properties Inc Real Estate	Added	3,315,646	+555,696	$95,954,795	+15.8%	0.40%
VNO	Vornado Realty Trust Real Estate	Reduced	2,358,316	-535,803	$95,582,547	−13.6%	0.40%
SLG	Sl Green Realty Corp Real Estate	Added	1,460,373	+497,040	$87,344,908	+46.5%	0.37%
GILD	Gilead Sciences, Inc. Healthcare	Added	742,014	+421,889	$82,363,554	+132.1%	0.35%
COF	Capital One Financial Corp Financial Services	Reduced	370,998	-221,525	$78,866,754	−37.4%	0.33%
CSCO	Cisco Systems, Inc. Technology	Added	1,151,372	+779,306	$78,776,872	+205.2%	0.33%
AAL	American Airlines Group Inc. Industrials	Added	6,847,900	+228,997	$76,970,396	+3.6%	0.32%
NFLX	Netflix Inc Communication Services	Added	623,049	+167,249	$74,698,590	+22.4%	0.31%
MRK	Merck & Co., Inc. Healthcare	Reduced	880,255	-26,200	$73,879,801	+3.0%	0.31%
CART	Maplebear Inc. Consumer Cyclical	Added	1,976,062	+1,100,213	$72,640,038	+83.3%	0.31%
EW	Edwards Lifesciences Corp Healthcare	Reduced	932,720	-1,729	$72,537,634	−0.7%	0.30%
SOFI	SoFi Technologies, Inc. Financial Services	NEW	2,616,890	NEW	$69,138,233	NEW	0.29%
LMT	Lockheed Martin Corp Industrials	Added	137,743	+116,580	$68,762,682	+601.6%	0.29%
NTST	NETSTREIT Corp. Real Estate	Added	3,794,639	+986,842	$68,531,180	+44.2%	0.29%
GTLS	Chart Industries Inc Industrials	Added	330,360	+323,400	$66,121,554	+5670.0%	0.28%
BTU	Peabody Energy Corp Energy	Added	2,422,266	+546,018	$64,238,493	+155.1%	0.27%
MSFT	Microsoft Corp Technology	Reduced	121,840	-52,944	$63,107,027	−27.4%	0.26%