Hudson Bay Capital Management LP
Long book
$14.97B
Q1 2026
Positions
1249
Top-10 weight
33%
concentration
Last quarter
+16.2%
SPY +14.8%
Turnover
50%
of book per quarter
Strategy in plain words
auto-generated from filingsHudson Bay Capital Management LP is a multi-strategy platform where dozens of independent teams trade, running a $14.97B US long book across 1249 positions.
The portfolio is moderately concentrated (top 10 ≈ 33% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: NVIDIA CORP, TESLA INC, AMAZON.COM INC, APPLE INC, FLAGSTAR BANK NA.
Over the last 9 quarters its long book ran on average 0.4pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+6.3%
Q2 2024
+3.8%
Q3 2024
+3.3%
Q4 2024
-6.2%
Q1 2025
+15.8%
Q2 2025
+7.9%
Q3 2025
+1.4%
Q4 2025
-4.5%
Q1 2026
+16.2%
Sector allocation
Technology 30%
Financials 20%
Industrials 12%
Healthcare 8%
Consumer discretionary 8%
Services media 7%
Utilities 6%
Other 4%
Long book by quarter
What does Hudson Bay own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 5.2M | $910.1M | 6.1% | -6.6% |
| TSLA TESLA INC | Industrials | 1.9M | $705.4M | 4.7% | +4.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 3.0M | $614.7M | 4.1% | +13.0% |
| AAPL APPLE INC | Technology | 2.0M | $517.6M | 3.5% | +71.2% |
| FLG FLAGSTAR BANK NA | Financials | 34.7M | $456.9M | 3.1% | Held |
| NFLX NETFLIX INC | Services media | 4.6M | $440.4M | 2.9% | +22.1% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 2.7M | $396.2M | 2.6% | +6.0% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 765.3K | $366.7M | 2.4% | +26.4% |
| AMD ADVANCED MICRO DEVICES | Technology | 1.6M | $330.1M | 2.2% | -30.9% |
| MSFT MICROSOFT CORP | Technology | 729.4K | $270.0M | 1.8% | -12.6% |
| UNH UNITEDHEALTH GROUP INC | Financials | 700.0K | $189.4M | 1.3% | New |
| MU MICRON TECHNOLOGY INC | Technology | 500.1K | $168.9M | 1.1% | New |
| AVGO BROADCOM INC | Technology | 500.0K | $154.8M | 1.0% | -8.2% |
| EA ELECTRONIC ARTS INC | Technology | 728.7K | $148.6M | 1.0% | +83.3% |
| WBD WARNER BROS DISCOVERY INC | Communications | 4.8M | $131.6M | 0.9% | +10502.4% |
| ORCL ORACLE CORP | Technology | 842.5K | $123.9M | 0.8% | +3935.4% |
| DLTR DOLLAR TREE INC | Consumer discretionary | 1.1M | $123.6M | 0.8% | +14.2% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 412.6K | $118.4M | 0.8% | +23.0% |
| PEN PENUMBRA INC | Healthcare | 349.0K | $114.6M | 0.8% | New |
| SHOP SHOPIFY INC - CLASS A | Technology | 950.0K | $112.7M | 0.8% | +2.6% |
| DIS WALT DISNEY CO/THE | Services media | 1.1M | $106.0M | 0.7% | -2.4% |
| ADBE ADOBE INC | Technology | 428.5K | $104.2M | 0.7% | +47.8% |
| ANET ARISTA NETWORKS INC | Technology | 786.5K | $96.6M | 0.6% | 0.0% |
| GOOGL ALPHABET INC-CL A | Technology | 312.7K | $89.9M | 0.6% | -68.8% |
| ITGR INTEGER HOLDINGS CORP | Healthcare | 1.0M | $88.0M | 0.6% | New |
| INTC INTEL CORP | Technology | 1.9M | $84.8M | 0.6% | +41.7% |
| WBS WEBSTER FINANCIAL CORP | Financials | 1.2M | $83.3M | 0.6% | New |
| VISN VISTANCE NETWORKS INC | Technology | 4.3M | $78.0M | 0.5% | +91.4% |
| BTU PEABODY ENERGY CORP | Materials | 2.2M | $73.8M | 0.5% | +5.5% |
| CAR AVIS BUDGET GROUP INC | Services media | 500.0K | $72.9M | 0.5% | +100.0% |
| KVUE KENVUE INC | Other | 4.1M | $70.4M | 0.5% | +219.1% |
| C CITIGROUP INC | Financials | 563.2K | $63.9M | 0.4% | +59.9% |
| LLY ELI LILLY & CO | Healthcare | 67.0K | $61.6M | 0.4% | +166.7% |
| NEOG NEOGEN CORP | Materials | 6.5M | $60.4M | 0.4% | 0.0% |
| ETR ENTERGY CORP | Utilities | 528.6K | $59.4M | 0.4% | +25.4% |
| MASI* MASIMO CORP | — | 330.7K | $58.8M | 0.4% | New |
| JPM JPMORGAN CHASE & CO | Financials | 197.8K | $58.2M | 0.4% | +155.2% |
| SRE SEMPRA | Utilities | 571.8K | $55.6M | 0.4% | +10.7% |
| CVX CHEVRON CORP | Energy | 267.7K | $55.4M | 0.4% | New |
| BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 974.8K | $55.1M | 0.4% | +45.5% |
| FE FIRSTENERGY CORP | Utilities | 1.1M | $53.5M | 0.4% | +15.7% |
| WFC WELLS FARGO & CO | Financials | 657.2K | $52.3M | 0.3% | +169.6% |
| NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 395.9K | $52.1M | 0.3% | +29.8% |
| RTX RTX CORP | Industrials | 268.6K | $51.8M | 0.3% | New |
| POWI POWER INTEGRATIONS INC | Technology | 1.0M | $51.2M | 0.3% | New |
| NVRI ENVIRI CORP | Utilities | 2.5M | $49.1M | 0.3% | +66.7% |
| VAL VALARIS LTD | Energy | 499.6K | $49.0M | 0.3% | New |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 1.2M | $47.9M | 0.3% | +0.9% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 260.8K | $47.6M | 0.3% | +18.6% |
| XOM EXXON MOBIL CORP | Energy | 273.3K | $46.4M | 0.3% | +0.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 1607 | $28.98B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 1279 | $30.34B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ARESTATEMENT | Dec 15, 2025 | 1517 | $30.08B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 1518 | $30.09B | SEC ↗ | |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 18, 2025 | 1443 | $29.44B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 1444 | $29.45B | SEC ↗ | |
| Q1 2025 | 13F-HR | May 14, 2025 | 1339 | $32.43B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 946 | $28.43B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 865 | $24.72B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 787 | $21.26B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 739 | $18.03B | canonical | SEC ↗ |