HBK INVESTMENTS L P
Long book
$7.37B
Q1 2026
Positions
194
Top-10 weight
65%
concentration
Last quarter
-1.4%
SPY +14.8%
Turnover
64%
of book per quarter
Strategy in plain words
auto-generated from filingsHBK INVESTMENTS L P is a diversified fundamental manager, running a $7.37B US long book across 194 positions.
The portfolio is concentrated: the top 10 names carry 65% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: HOLOGIC INC, ELECTRONIC ARTS INC, PENUMBRA INC, NORFOLK SOUTHERN CORP, MASIMO CORP.
Over the last 9 quarters its long book ran on average 0.8pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-8.2%
Q2 2024
+7.2%
Q3 2024
+20.5%
Q4 2024
-7.5%
Q1 2025
+14.9%
Q2 2025
+13.4%
Q3 2025
-6.5%
Q4 2025
+1.1%
Q1 2026
-1.4%
Sector allocation
Other 46%
Technology 11%
Communications 11%
Industrials 10%
Healthcare 9%
Services media 5%
Utilities 3%
Financials 2%
Long book by quarter
What does HBK INVESTMENTS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| HO1 HOLOGIC INC | — | 9.8M | $740.8M | 10.1% | +16.7% |
| EA ELECTRONIC ARTS INC | Technology | 3.3M | $666.7M | 9.0% | +71.2% |
| PEN PENUMBRA INC | Healthcare | 1.6M | $536.6M | 7.3% | New |
| NSC NORFOLK SOUTHERN CORP | Industrials | 1.7M | $498.3M | 6.8% | -18.5% |
| MASI* MASIMO CORP | — | 2.6M | $458.2M | 6.2% | New |
| WBD WARNER BROS DISCOVERY INC | Communications | 16.4M | $449.3M | 6.1% | +83.3% |
| CTRA COTERRA ENERGY INC | — | 10.6M | $371.4M | 5.0% | New |
| KVUE KENVUE INC | Other | 21.0M | $362.0M | 4.9% | +728.4% |
| AL AIR LEASE CORP | — | 5.5M | $358.9M | 4.9% | +20.1% |
| SDA SEALED AIR CORP | Services media | 7.3M | $307.2M | 4.2% | New |
| ACLXGBX ARCELLX INC | — | 2.3M | $261.6M | 3.6% | New |
| LBRDK LIBERTY BROADBAND-C | Communications | 4.3M | $215.7M | 2.9% | -27.4% |
| TXNM TXNM ENERGY INC | Utilities | 3.0M | $177.8M | 2.4% | +79.2% |
| 430 TERNS PHARMACEUTICALS INC | — | 3.0M | $155.5M | 2.1% | New |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 3.5M | $142.8M | 1.9% | New |
| GTLS CHART INDUSTRIES INC | Industrials | 689.1K | $142.5M | 1.9% | -65.0% |
| AM6 AMICUS THERAPEUTICS INC | — | 8.8M | $127.0M | 1.7% | -42.4% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 1.6M | $82.0M | 1.1% | New |
| CMCSA COMCAST CORP-CLASS A | Communications | 1.1M | $30.6M | 0.4% | New |
| NWSA NEWS CORP - CLASS A | Other | 1.2M | $29.5M | 0.4% | Held |
| TRIP TRIPADVISOR INC | Technology | 2.5M | $26.9M | 0.4% | +505.7% |
| SIRI SIRIUS XM HOLDINGS INC | Communications | 1.2M | $26.9M | 0.4% | -30.9% |
| SOLV SOLVENTUM CORP | Healthcare | 388.0K | $25.3M | 0.3% | Held |
| UBER UBER TECHNOLOGIES INC | Services media | 298.8K | $21.5M | 0.3% | +8.0% |
| HPE 7.625 09/01/27 HP ENTERPRISE CO | — | 300.0K | $19.6M | 0.3% | +50.0% |
| MDLN MEDLINE INC-CL A | Healthcare | 425.0K | $18.9M | 0.3% | +80.9% |
| MAT MATTEL INC | Other | 1.3M | $18.9M | 0.3% | New |
| CON CONCENTRA GROUP HOLDINGS PAR | Healthcare | 862.8K | $18.5M | 0.3% | Held |
| GME GAMESTOP CORP-CLASS A | Consumer discretionary | 782.4K | $18.0M | 0.2% | +132.5% |
| KTOS KRATOS DEFENSE & SECURITY | Industrials | 200.0K | $14.1M | 0.2% | New |
| BTSG BRIGHTSPRING HEALTH SERVICES | Healthcare | 300.0K | $12.8M | 0.2% | Held |
| BHF BRIGHTHOUSE FINANCIAL INC | Financials | 200.0K | $12.0M | 0.2% | -90.5% |
| NEE NEXTERA ENERGY INC | Utilities | 200.0K | $11.3M | 0.2% | +33.3% |
| LGN LEGENCE CORP-CL A | Industrials | 200.0K | $11.3M | 0.2% | -55.6% |
| BATRK ATLANTA BRAVES HOLDINGS IN-C | Services media | 198.5K | $8.5M | 0.1% | -52.6% |
| TSLA TESLA INC | Industrials | 21.5K | $8.0M | 0.1% | New |
| FVAV FORTRESS VALUE ACQUIS V-CL A | Financials | 750.0K | $7.5M | 0.1% | New |
| AMD ADVANCED MICRO DEVICES | Technology | 36.6K | $7.4M | 0.1% | New |
| DDOG DATADOG INC - CLASS A | Technology | 61.6K | $7.3M | 0.1% | +23.3% |
| CRWV COREWEAVE INC-CL A | Technology | 93.8K | $7.3M | 0.1% | Held |
| TTEK TETRA TECH INC | Services media | 239.0K | $7.2M | 0.1% | +212.9% |
| JENA JENA ACQUISITION CORP II - A | Financials | 699.9K | $7.2M | 0.1% | Held |
| KRAQ KRAKACQUISITION CORP-CL A | Financials | 700.0K | $6.9M | 0.1% | New |
| BA BOEING CO/THE | Industrials | 32.5K | $6.5M | 0.1% | New |
| AAPL APPLE INC | Technology | 24.8K | $6.3M | 0.1% | New |
| CHTR CHARTER COMMUNICATIONS INC-A | Communications | 27.0K | $5.8M | 0.1% | -5.7% |
| META META PLATFORMS INC-CLASS A | Technology | 9.3K | $5.3M | 0.1% | New |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 10.9K | $5.2M | 0.1% | New |
| ACHR ARCHER AVIATION INC-A | Industrials | 1.0M | $5.2M | 0.1% | -20.0% |
| AACB ARTIUS II ACQUISITION INC-A | Financials | 500.0K | $5.2M | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 346 | $9.85B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 260 | $12.73B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 244 | $9.11B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 202 | $4.72B | confidential canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ANEW HOLDINGS | May 15, 2026 | 13 | $3.25B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 172 | $3.82B | confidential canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ANEW HOLDINGS | Feb 17, 2026 | 11 | $2.30B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 185 | $5.72B | confidential canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ANEW HOLDINGS | Nov 14, 2025 | 16 | $2.31B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 154 | $6.28B | confidential canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ANEW HOLDINGS | Aug 13, 2025 | 14 | $2.12B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 151 | $20.51B | confidential canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ANEW HOLDINGS | May 15, 2026 | 3 | $126.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ANEW HOLDINGS | May 16, 2025 | 10 | $1.82B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 154 | $21.04B | confidential canonical | SEC ↗ |
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