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Hudson Bay Capital Management LP
The positions Hudson Bay Capital Management LP reported on its Form 13F for Q2 2026, the quarter ending 30 Jun 2026, filed on 14 Aug 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.
Reported book
$36.8bn
+$7.8bn on Q1 2026
Positions
1,335
56+ new, 473 sold out
Top ten weight
26%
Spread across the book
Quarter
Q2 2026
Filed 14 Aug 2026
Read the Q2 2026 filing on sec.gov CIK 0001393825 · Multistrategy · CT
Opened this quarter
A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.
- SanDisk Corp (SNDK)$696m · 1.9%
- SanDisk Corp (SNDK)puts$693m · 1.9%
- Space Exploration Techn Corp (SPCX)Class A Common Stock$267m · 0.7%
- Firstenergy Corp (FE)Note 3.625% 1/1$207m · 0.6%
- Synopsys Inc (SNPS)puts$178m · 0.5%
- Abbott Laboratories (ABT)puts$136m · 0.4%
- Visa Inc (V)Common Class A$134m · 0.4%
- Akamai Technologies Inc (AKAM)Note 0.250% 5/1$133m · 0.4%
- Vertex Pharmaceuticals Inc (VRTX)puts$124m · 0.3%
- Microchip Technology Inc. (MCHP)puts$123m · 0.3%
- Super Micro Computer Inc (SMCIP)7 Depositary CM SR A WI$114m · 0.3%
- Uber Technologies Inc (UBER)Note 5/1$107m · 0.3%
- and 44 more, in the table below.
Sold out of this quarter
Exits are valued at what the position was worth in the previous filing, because by this one it is gone.
- Micron Technology Inc (MU)$338m held before
- Disney Walt Co (DIS)$212m held before
- Avis Budget Group Inc (CAR)$73m held before
- Masimo Corp (MASI)$59m held before
- Power Integrations Inc (POWI)$51m held before
- Enviri Corp (NVRI)$49m held before
- Valaris LTD (VAL)$49m held before
- Apellis Pharmaceuticals Inc (APLS)$48m held before
- Welltower Inc (WELL)$47m held before
- Netstreit Corp (NTST)$42m held before
- SPDR Series Trust (XBI)$37m held before
- Eastgroup Pptys Inc (EGP)$37m held before
- and 461 more.
Largest reported positions, Q2 2026
200 positions, sorted by weight · page 1 of 2
Showing the largest 200 reported positions, representing 86.4% of reported market value.
| Position | Weight ↓ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| Tesla Inc (TSLA) puts · CUSIP 88160R101 | 3.2% | $1.2bn | 2,818,600 | +$236m +265,000 shares | Added |
| Amazon Com Inc (AMZN) puts · CUSIP 023135106 | 3.1% | $1.1bn | 4,747,000 | +$233m +435,000 shares | Added |
| Amazon Com Inc (AMZN) CUSIP 023135106 | 2.7% | $982m | 4,119,525 | +$367m +1,168,128 shares | Added |
| Nvidia Corporation (NVDA) puts · CUSIP 67066G104 | 2.6% | $942m | 4,707,700 | -$269m -2,237,800 shares | Trimmed |
| iShares Russell 2000 ETF (IWM) puts · CUSIP 464287655 | 2.5% | $935m | 3,112,500 | +$63m -404,700 shares | Trimmed |
| Taiwan Semiconductor Manufac (TSM) Sponsored ADS · puts · CUSIP 874039100 | 2.5% | $931m | 1,950,000 | +$705m +1,280,000 shares | Added |
| Taiwan Semiconductor Manufac (TSM) Sponsored ADS · CUSIP 874039100 | 2.5% | $923m | 1,933,095 | +$681m +1,216,396 shares | Added |
| Tesla Inc (TSLA) CUSIP 88160R101 | 2.3% | $864m | 2,053,052 | +$158m +155,437 shares | Added |
| Advanced Micro Devices Inc (AMD) puts · CUSIP 007903107 | 2.2% | $820m | 1,411,100 | +$330m -996,400 shares | Trimmed |
| Nvidia Corporation (NVDA) CUSIP 67066G104 | 2.1% | $786m | 3,927,100 | -$124m -1,291,194 shares | Trimmed |
| Palantir Technologies Inc (PLTR) Class A · puts · CUSIP 69608A108 | 2.1% | $758m | 6,494,700 | +$173m +2,494,700 shares | Added |
| SanDisk Corp (SNDK) CUSIP 80004C200 | 1.9% | $696m | 306,118 | No earlier filing | New |
| SanDisk Corp (SNDK) puts · CUSIP 80004C200 | 1.9% | $693m | 304,800 | No earlier filing | New |
| Palantir Technologies Inc (PLTR) Class A · CUSIP 69608A108 | 1.8% | $658m | 5,642,150 | +$262m +2,933,931 shares | Added |
| State Street SPDR S&P 500 ETF (SPY) puts · CUSIP 78462F103 | 1.5% | $569m | 761,600 | -$37m -169,400 shares | Trimmed |
| Alphabet Inc (GOOGL) Capital Stock Class A · CUSIP 02079K305 | 1.5% | $559m | 1,564,152 | +$469m +1,251,479 shares | Added |
| Alphabet Inc (GOOGL) Capital Stock Class A · puts · CUSIP 02079K305 | 1.4% | $531m | 1,485,000 | +$430m +1,135,000 shares | Added |
| Echostar Corp (ECHO) Note 3.875%11/3 · CUSIP 278768AB2 | 1.4% | $511m | 163,372,072 | +$41m +32,168,000 shares | Added |
| Berkshire Hathaway Inc Del (BRK-B) Class B New · puts · CUSIP 084670702 | 1.2% | $460m | 918,600 | +$76m +118,600 shares | Added |
| Berkshire Hathaway Inc Del (BRK-B) Class B New · CUSIP 084670702 | 1.1% | $410m | 818,279 | +$43m +53,013 shares | Added |
| Advanced Micro Devices Inc (AMD) CUSIP 007903107 | 1.1% | $398m | 685,802 | +$68m -937,008 shares | Trimmed |
| Microsoft Corp (MSFT) CUSIP 594918104 | 1.1% | $389m | 1,041,517 | +$119m +312,132 shares | Added |
| Microsoft Corp (MSFT) puts · CUSIP 594918104 | 1.0% | $375m | 1,005,000 | +$107m +280,000 shares | Added |
| Netflix Inc. (NFLX) puts · CUSIP 64110L106 | 0.9% | $318m | 4,451,000 | -$250m -1,449,000 shares | Trimmed |
| Invesco QQQ Trust (QQQ) puts · CUSIP 46090E103 | 0.8% | $309m | 419,200 | +$280m +369,200 shares | Added |
| Meta Platforms Inc (META) Class A · CUSIP 30303M102 | 0.8% | $288m | 511,031 | +$258m +458,270 shares | Added |
| Pg&e Corp Note 4.250%12/0 · CUSIP 69331CAL2 | 0.8% | $280m | 273,895,000 | +$5.9m +10,000,000 shares | Added |
| Intel Corp (INTC) CUSIP 458140100 | 0.8% | $277m | 1,983,366 | +$192m +62,590 shares | Added |
| Space Exploration Techn Corp (SPCX) Class A Common Stock · CUSIP 84615Q103 | 0.7% | $267m | 1,564,348 | No earlier filing | New |
| Dollar Tree Inc (DLTR) puts · CUSIP 256746108 | 0.7% | $248m | 2,050,000 | +$29m +50,000 shares | Added |
| Advanced Micro Devices Inc (AMD) calls · CUSIP 007903107 | 0.7% | $246m | 424,000 | +$163m +16,300 shares | Added |
| Alphabet Inc (GOOG) Capital Stock Class C · puts · CUSIP 02079K107 | 0.6% | $226m | 640,000 | +$200m +550,000 shares | Added |
| Apple Inc (AAPL) puts · CUSIP 037833100 | 0.6% | $221m | 764,000 | -$328m -1,400,000 shares | Trimmed |
| Alibaba Group HLDG LTD Note 0.500% 6/0 · CUSIP 01609WBG6 | 0.6% | $218m | 184,500,000 | -$53m -10,000,000 shares | Trimmed |
| Alphabet Inc (GOOG) Capital Stock Class C · CUSIP 02079K107 | 0.6% | $208m | 588,332 | +$207m +586,414 shares | Added |
| Firstenergy Corp (FE) Note 3.625% 1/1 · CUSIP 337932AT4 | 0.6% | $207m | 189,240,000 | No earlier filing | New |
| Netflix Inc. (NFLX) CUSIP 64110L106 | 0.6% | $205m | 2,865,240 | -$236m -1,715,579 shares | Trimmed |
| Synopsys Inc (SNPS) CUSIP 871607107 | 0.5% | $196m | 438,900 | +$179m +396,899 shares | Added |
| Vertex Pharmaceuticals Inc (VRTX) CUSIP 92532F100 | 0.5% | $194m | 390,440 | +$174m +345,440 shares | Added |
| Transocean Inc (RIG) DEB 4.625% 9/3 · CUSIP 893830BW8 | 0.5% | $186m | 120,378,000 | -$80m -10,865,000 shares | Trimmed |
| Electronic Arts Inc (EA) CUSIP 285512109 | 0.5% | $185m | 900,734 | +$36m +172,047 shares | Added |
| Apple Inc (AAPL) CUSIP 037833100 | 0.5% | $183m | 631,092 | -$335m -1,408,423 shares | Trimmed |
| Synopsys Inc (SNPS) puts · CUSIP 871607107 | 0.5% | $178m | 400,000 | No earlier filing | New |
| Intel Corp (INTC) puts · CUSIP 458140100 | 0.5% | $170m | 1,220,000 | +$84m -735,000 shares | Trimmed |
| Apple Inc (AAPL) calls · CUSIP 037833100 | 0.5% | $169m | 582,600 | +$97m +299,600 shares | Added |
| Bofa Fin LLC Mtnf 0.600% 5/2 · CUSIP 09709UV70 | 0.4% | $164m | 130,308,000 | +$8.0m 0 shares | Held |
| iShares IBOXX High Yield ETF (HYG) puts · CUSIP 464288513 | 0.4% | $160m | 2,000,000 | -$79m -1,000,000 shares | Trimmed |
| Unitedhealth Group Inc (UNH) puts · CUSIP 91324P102 | 0.4% | $156m | 375,000 | -$34m -325,000 shares | Trimmed |
| Warner Bros Discovery Inc (WBD) Common Series A · puts · CUSIP 934423104 | 0.4% | $154m | 5,766,900 | +$73m +2,831,600 shares | Added |
| Norfolk Southn Corp (NSC) CUSIP 655844108 | 0.4% | $153m | 486,264 | +$35m +73,711 shares | Added |
| Dollar Tree Inc (DLTR) CUSIP 256746108 | 0.4% | $153m | 1,261,436 | +$29m +132,436 shares | Added |
| Warner Bros Discovery Inc (WBD) Common Series A · CUSIP 934423104 | 0.4% | $149m | 5,589,805 | +$17m +797,751 shares | Added |
| Flagstar Bank National Assoc (FLG) CUSIP 649445400 | 0.4% | $145m | 9,734,256 | -$311m -24,955,183 shares | Trimmed |
| Abbott Laboratories (ABT) CUSIP 002824100 | 0.4% | $145m | 1,600,000 | +$138m +1,525,000 shares | Added |
| Uniti Group LLC (UNIT) Note 7.500%12/0 · CUSIP 91325VAB4 | 0.4% | $141m | 116,770,000 | +$4.5m -350,000 shares | Trimmed |
| American Airlines Group Inc (AAL) puts · CUSIP 02376R102 | 0.4% | $139m | 7,694,800 | +$56m 0 shares | Held |
| Shopify Inc (SHOP) Class A SUB Voting Shares · puts · CUSIP 82509L107 | 0.4% | $139m | 1,216,000 | +$8.4m +116,000 shares | Added |
| Adobe Inc (ADBE) CUSIP 00724F101 | 0.4% | $137m | 665,580 | +$32m +237,080 shares | Added |
| Abbott Laboratories (ABT) puts · CUSIP 002824100 | 0.4% | $136m | 1,500,000 | No earlier filing | New |
| Adobe Inc (ADBE) puts · CUSIP 00724F101 | 0.4% | $136m | 662,900 | +$32m +234,400 shares | Added |
| VanEck Semiconductor (SMH) puts · CUSIP 92189F676 | 0.4% | $135m | 205,300 | +$84m +73,900 shares | Added |
| Visa Inc (V) Common Class A · CUSIP 92826C839 | 0.4% | $134m | 391,180 | No earlier filing | New |
| Akamai Technologies Inc (AKAM) Note 0.250% 5/1 · CUSIP 00971TAQ4 | 0.4% | $133m | 90,898,000 | No earlier filing | New |
| Intuitive Surgical Inc (ISRG) CUSIP 46120E602 | 0.4% | $130m | 327,000 | +$84m +227,000 shares | Added |
| Bloom Energy Corp (BE) Common Class A · CUSIP 093712107 | 0.3% | $128m | 421,220 | +$84m +99,954 shares | Added |
| Vertex Pharmaceuticals Inc (VRTX) puts · CUSIP 92532F100 | 0.3% | $124m | 250,000 | No earlier filing | New |
| Microchip Technology Inc. (MCHP) puts · CUSIP 595017104 | 0.3% | $123m | 1,344,000 | No earlier filing | New |
| Microchip Technology Inc. (MCHP) CUSIP 595017104 | 0.3% | $123m | 1,344,000 | +$120m +1,302,966 shares | Added |
| Shopify Inc (SHOP) Class A SUB Voting Shares · CUSIP 82509L107 | 0.3% | $122m | 1,066,000 | +$9.0m +116,000 shares | Added |
| Eli Lilly & Co (LLY) puts · CUSIP 532457108 | 0.3% | $120m | 100,000 | +$92m +70,000 shares | Added |
| Eli Lilly & Co (LLY) CUSIP 532457108 | 0.3% | $120m | 100,000 | +$58m +32,996 shares | Added |
| Merck & Co Inc (MRK) puts · CUSIP 58933Y105 | 0.3% | $119m | 925,000 | +$23m +125,000 shares | Added |
| Boeing Co (BA) puts · CUSIP 097023105 | 0.3% | $118m | 546,600 | +$56m +231,600 shares | Added |
| Super Micro Computer Inc (SMCIP) 7 Depositary CM SR A WI · CUSIP 86800U500 | 0.3% | $114m | 2,225,000 | No earlier filing | New |
| State Street SPDR S&P 500 ETF (SPY) CUSIP 78462F103 | 0.3% | $107m | 143,000 | -$58m -110,545 shares | Trimmed |
| Uber Technologies Inc (UBER) Note 5/1 · CUSIP 90353TAS9 | 0.3% | $107m | 91,966,000 | No earlier filing | New |
| Arista Networks Inc (ANET) CUSIP 040413205 | 0.3% | $106m | 623,500 | +$9.4m -163,000 shares | Trimmed |
| Unitedhealth Group Inc (UNH) CUSIP 91324P102 | 0.3% | $106m | 254,280 | -$84m -445,720 shares | Trimmed |
| Home Depot Inc (HD) puts · CUSIP 437076102 | 0.3% | $105m | 297,600 | No earlier filing | New |
| Bloom Energy Corp (BE) Common Class A · puts · CUSIP 093712107 | 0.3% | $104m | 344,000 | +$69m +86,000 shares | Added |
| Amgen Inc (AMGN) CUSIP 031162100 | 0.3% | $102m | 281,000 | No earlier filing | New |
| Amgen Inc (AMGN) puts · CUSIP 031162100 | 0.3% | $101m | 280,000 | No earlier filing | New |
| Abbvie Inc (ABBV) CUSIP 00287Y109 | 0.3% | $101m | 402,440 | +$97m +382,430 shares | Added |
| American Healthcare REIT Inc (AHR) CUSIP 398182303 | 0.3% | $99m | 1,906,718 | +$43m +711,105 shares | Added |
| Intuitive Surgical Inc (ISRG) puts · CUSIP 46120E602 | 0.3% | $99m | 250,000 | No earlier filing | New |
| Meta Platforms Inc (META) Class A · puts · CUSIP 30303M102 | 0.3% | $98m | 174,000 | +$61m +108,600 shares | Added |
| Tesla Inc (TSLA) calls · CUSIP 88160R101 | 0.3% | $98m | 231,800 | -$37m -130,000 shares | Trimmed |
| Abbvie Inc (ABBV) puts · CUSIP 00287Y109 | 0.3% | $96m | 380,000 | No earlier filing | New |
| Integer HLDGS Corp (ITGR) CUSIP 45826H109 | 0.3% | $94m | 1,000,000 | +$5.5m 0 shares | Held |
| Peabody Engr Corp (BTU) CUSIP 704551100 | 0.2% | $90m | 3,882,918 | +$16m +1,644,562 shares | Added |
| Space Exploration Techn Corp (SPCX) Class A Common Stock · puts · CUSIP 84615Q103 | 0.2% | $86m | 502,700 | No earlier filing | New |
| Home Depot Inc (HD) CUSIP 437076102 | 0.2% | $84m | 237,975 | +$80m +226,745 shares | Added |
| Netflix Inc. (NFLX) calls · CUSIP 64110L106 | 0.2% | $81m | 1,137,500 | +$28m +587,500 shares | Added |
| Bank of Amer Corp 7.25%cnv Preferred L · CUSIP 060505682 | 0.2% | $81m | 64,368 | +$38m +28,176 shares | Added |
| Eos Energy Enterprises Inc (EOSE) Common Class A · CUSIP 29415C101 | 0.2% | $81m | 13,683,634 | No earlier filing | New |
| Strategy Inc (MSTR) Class A New · puts · CUSIP 594972408 | 0.2% | $78m | 893,700 | +$29m +505,600 shares | Added |
| Parker-hannifin Corp (PH) CUSIP 701094104 | 0.2% | $76m | 77,844 | +$65m +65,693 shares | Added |
| Blackrock Inc (BLK) CUSIP 09290D101 | 0.2% | $75m | 77,656 | +$60m +61,866 shares | Added |
| Morgan Stanley (MS) CUSIP 617446448 | 0.2% | $74m | 355,511 | +$46m +181,029 shares | Added |
| Walmart Inc (WMT) CUSIP 931142103 | 0.2% | $72m | 632,917 | +$65m +575,111 shares | Added |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filing |
|---|---|---|---|---|---|---|
| Q2 2026 | 30 Jun 2026 | 14 Aug 2026 | $36.8bn | 1,335 | 26% | 13F-HR |
| Q1 2026 | 31 Mar 2026 | 13 May 2026 | $29.0bn | 1,378 | 27% | 13F-HR |
| Q4 2025 | 31 Dec 2025 | 13 Feb 2026 | $30.3bn | 1,160 | 26% | 13F-HR |
| Q3 2025 | 30 Sept 2025 | 15 Dec 2025 | $30.1bn | 1,198 | 29% | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 18 Aug 2025 | $29.4bn | 1,339 | 28% | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 14 May 2025 | $32.4bn | 1,271 | 24% | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 14 Feb 2025 | $28.4bn | 906 | 25% | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 13 Nov 2024 | $24.7bn | 834 | 31% | 13F-HR |
Taking this into the room
Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.
A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.
What this filing leaves out
A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.
The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.
You have read the book. Now have a view on one name
Pick a position, work out what it is worth, and be ready to defend it. That is the difference between a candidate who read the filing and one who did something with it.
Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More
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