L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 10 Feb 2026
Managers listing it
25
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 6 listed it in both
Shares listed
50,480,810
combined, among listed positions
Reported value
$1.0bn
combined, at the quarter end

Among the 92 comparable managers: 11 buyers (opened or added shares) and 19 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +2,493,083.

Managers listing HBM in Q4 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

25 of 25 holders

ActionFiling
Acadian Asset Management LLC9,786,000$194m0.32%Added+4,693,20010 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP9,457,298$188m0.11%Added+1,293,02313 Feb 2026 (the filing on sec.gov)
Invesco Ltd9,395,299$186munder 0.1%Trimmed-1,996,05719 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)7,089,254$141munder 0.1%Added+4,125,42617 Feb 2026 (the filing on sec.gov)
Man Group PLC2,745,663$55m0.09%Trimmed-1,027,99417 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.2,406,336$48munder 0.1%Trimmed-1,211,90017 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC2,191,909$44m0.07%Trimmed-1,760,10012 Feb 2026 (the filing on sec.gov)
Voloridge Investment Management LLC1,383,056$27m0.10%Trimmed-475,99917 Feb 2026 (the filing on sec.gov)
Millennium Management LLC1,203,806$24munder 0.1%Trimmed-3,97117 Feb 2026 (the filing on sec.gov)
Point72 Asset Management LP998,673$20munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc879,900$17munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Moore Capital Management LP782,099$16m0.22%Trimmed-503,27217 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC472,233$9.4munder 0.1%Trimmed-79,67017 Feb 2026 (the filing on sec.gov)
Woodline Partners LP448,553$8.9munder 0.1%Added+42,18317 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP211,548$4.2munder 0.1%Added+56,84517 Feb 2026 (the filing on sec.gov)
Brevan Howard Capital Management LP169,725$3.4munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC146,487$2.9munder 0.1%Added+119,09127 Oct 2026 (the filing on sec.gov)
Bridgewater Associates LP144,349$2.9munder 0.1%Trimmed-13,86413 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP144,446$2.9munder 0.1%Trimmed-13,87317 Feb 2026 (the filing on sec.gov)
Walleye Capital LLC141,294$2.8munder 0.1%Trimmed-521,35013 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP118,441$2.4munder 0.1%Trimmed-143,25817 Feb 2026 (the filing on sec.gov)
Hudson Bay Capital Management LP75,000$1.5munder 0.1%Newnew13 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC59,498$1.2munder 0.1%Trimmed-322,75212 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP17,843$354kunder 0.1%Trimmed-56,40317 Feb 2026 (the filing on sec.gov)
Winton Group Ltd12,100$240kunder 0.1%Newnew11 Feb 2026 (the filing on sec.gov)

Largest increases and reductions, by shares

Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
6 in Q3 2024 to 6 in Q2 2026

Tracked managers listing it, at least.

051015201420162018202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
HBM by quarter
QuarterHoldersReported valueBuyersSellers
Q2 20131$53mn.a.n.a.
Q3 20131$65mn.a.n.a.
Q4 20131$102mn.a.n.a.
Q1 20141$97mn.a.n.a.
Q2 20142$222mn.a.n.a.
Q3 20142$120mn.a.n.a.
Q4 20142$123mn.a.n.a.
Q1 20152$120mn.a.n.a.
Q2 20152$122mn.a.n.a.
Q3 20152$54mn.a.n.a.
Q4 20152$86mn.a.n.a.
Q1 20162$82mn.a.n.a.
Q2 20162$112mn.a.n.a.
Q3 20162$53mn.a.n.a.
Q4 20161$63mn.a.n.a.
Q1 20173$92mn.a.n.a.
Q2 20172$40mn.a.n.a.
Q3 20174$70mn.a.n.a.
Q4 20175$101mn.a.n.a.
Q1 20185$151mn.a.n.a.
Q2 20185$86mn.a.n.a.
Q3 20182$32mn.a.n.a.
Q4 20182$40mn.a.n.a.
Q1 20192$51mn.a.n.a.
Q2 20193$41mn.a.n.a.
Q3 20191$937kn.a.n.a.
Q2 20201$1.4mn.a.n.a.
Q3 20202$9.9mn.a.n.a.
Q4 20204$114mn.a.n.a.
Q1 20213$109mn.a.n.a.
Q2 20212$55mn.a.n.a.
Q1 20221$736kn.a.n.a.
Q3 20221$347kn.a.n.a.
Q4 20224$27mn.a.n.a.
Q1 20234$42mn.a.n.a.
Q2 20234$42mn.a.n.a.
Q3 20235$23mn.a.n.a.
Q4 20233$9.4m21
Q1 20244$16m22
Q2 20249$104m81
Q3 20246$61m61
Q4 20247$106m62
Q1 20255$67m42
Q2 202510$177m64
Q3 20258$387m63
Q4 20258$536m1119
Q1 202612$641m1815
Q2 20266$411m1222

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

HBM and LIN →HBM and GLW →HBM and HWM →Choose a stock to compare with HBM →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own HBM, latest filings →Back to the 13F Explorer →