L3VLUP
Book a Diagnostic
← All managers

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, 100 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
Reported book by quarter
$0$18.4bn$36.8bnQ3 24: $24.7bn$24.7bnQ3 24Q4 24: $28.4bn$28.4bnQ4 24Q1 25: $32.4bn$32.4bnQ1 25Q2 25: $29.4bn$29.4bnQ2 25Q3 25: $30.1bn$30.1bnQ3 25Q4 25: $30.3bn$30.3bnQ4 25Q1 26: $29.0bn$29.0bnQ1 26Q2 26: $36.8bn$36.8bnQ2 26
Largest positions, share of the book
Tesla Inc (TSLA): 3.2%Tesla Inc (TSLA)3.2%Amazon Com Inc (AMZN): 3.1%Amazon Com Inc (AMZN)3.1%Amazon Com Inc (AMZN): 2.7%Amazon Com Inc (AMZN)2.7%Nvidia Corporation (NVDA): 2.6%Nvidia Corporation (NVD…2.6%iShares TR: 2.5%iShares TR2.5%Taiwan Semiconductor Manufac: 2.5%Taiwan Semiconductor Ma…2.5%Taiwan Semiconductor Manufac: 2.5%Taiwan Semiconductor Ma…2.5%Tesla Inc (TSLA): 2.3%Tesla Inc (TSLA)2.3%Advanced Micro Devices Inc (AMD): 2.2%Advanced Micro Devices …2.2%Nvidia Corporation (NVDA): 2.1%Nvidia Corporation (NVD…2.1%

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)$693m · 1.9%
  • Space Exploration Techn Corp$267m · 0.7%
  • Firstenergy Corp (FE)$207m · 0.6%
  • Synopsys Inc (SNPS)$178m · 0.5%
  • Abbott Laboratories (ABT)$136m · 0.4%
  • Visa Inc (V)$134m · 0.4%
  • Akamai Technologies Inc (AKAM)$133m · 0.4%
  • Vertex Pharmaceuticals Inc$124m · 0.3%
  • Microchip Technology Inc.$123m · 0.3%
  • Super Micro Computer Inc$114m · 0.3%
  • Uber Technologies Inc (UBER)$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$212m held before
  • Avis Budget Group Inc (CAR)$73m held before
  • Masimo Corp$59m held before
  • Power Integrations Inc (POWI)$51m held before
  • Enviri Corp (NVRI)$49m held before
  • Valaris LTD$49m held before
  • Apellis Pharmaceuticals Inc$48m held before
  • Welltower Inc (WELL)$47m held before
  • Netstreit Corp (NTST)$42m held before
  • SPDR Series Trust$37m held before
  • Eastgroup Pptys Inc$37m held before
  • and 88 more.

Every reported position, Q2 2026

200 positions, sorted by weight · page 1 of 2

PositionWeight ↓ValueSharesChange on the quarterAction
Tesla Inc (TSLA)
COM PUT · CUSIP 88160R101
3.2%$1.2bn2,818,600
+$236m
+265,000 shares
Added
Amazon Com Inc (AMZN)
COM PUT · CUSIP 023135106
3.1%$1.1bn4,747,000
+$233m
+435,000 shares
Added
Amazon Com Inc (AMZN)
COM · CUSIP 023135106
2.7%$982m4,119,525
+$367m
+1,168,128 shares
Added
Nvidia Corporation (NVDA)
COM PUT · CUSIP 67066G104
2.6%$942m4,707,700
-$269m
-2,237,800 shares
Trimmed
iShares TR
RUSSELL 2000 ETF PUT · CUSIP 464287655
2.5%$935m3,112,500
+$63m
-404,700 shares
Trimmed
Taiwan Semiconductor Manufac
SPONSORED ADS PUT · CUSIP 874039100
2.5%$931m1,950,000
+$705m
+1,280,000 shares
Added
Taiwan Semiconductor Manufac
SPONSORED ADS · CUSIP 874039100
2.5%$923m1,933,095
+$681m
+1,216,396 shares
Added
Tesla Inc (TSLA)
COM · CUSIP 88160R101
2.3%$864m2,053,052
+$158m
+155,437 shares
Added
Advanced Micro Devices Inc (AMD)
COM PUT · CUSIP 007903107
2.2%$820m1,411,100
+$330m
-996,400 shares
Trimmed
Nvidia Corporation (NVDA)
COM · CUSIP 67066G104
2.1%$786m3,927,100
-$124m
-1,291,194 shares
Trimmed
Palantir Technologies Inc (PLTR)
CL A PUT · CUSIP 69608A108
2.1%$758m6,494,700
+$173m
+2,494,700 shares
Added
SanDisk Corp (SNDK)
COM · CUSIP 80004C200
1.9%$696m306,118No earlier filingNew
SanDisk Corp (SNDK)
COM PUT · CUSIP 80004C200
1.9%$693m304,800No earlier filingNew
Palantir Technologies Inc (PLTR)
CL A · CUSIP 69608A108
1.8%$658m5,642,150
+$262m
+2,933,931 shares
Added
State STR SPDR S&P 500 ETF T
TR UNIT PUT · CUSIP 78462F103
1.5%$569m761,600
-$37m
-169,400 shares
Trimmed
Alphabet Inc
CAP STK CL A · CUSIP 02079K305
1.5%$559m1,564,152
+$469m
+1,251,479 shares
Added
Alphabet Inc
CAP STK CL A PUT · CUSIP 02079K305
1.4%$531m1,485,000
+$430m
+1,135,000 shares
Added
Echostar Corp (ECHO)
NOTE 3.875%11/3 · CUSIP 278768AB2
1.4%$511m163,372,072
+$41m
+32,168,000 shares
Added
Berkshire Hathaway Inc Del
CL B NEW PUT · CUSIP 084670702
1.2%$460m918,600
+$76m
+118,600 shares
Added
Berkshire Hathaway Inc Del
CL B NEW · CUSIP 084670702
1.1%$410m818,279
+$43m
+53,013 shares
Added
Advanced Micro Devices Inc (AMD)
COM · CUSIP 007903107
1.1%$398m685,802
+$68m
-937,008 shares
Trimmed
Microsoft Corp (MSFT)
COM · CUSIP 594918104
1.1%$389m1,041,517
+$119m
+312,132 shares
Added
Microsoft Corp (MSFT)
COM PUT · CUSIP 594918104
1.0%$375m1,005,000
+$107m
+280,000 shares
Added
Netflix Inc. (NFLX)
COM PUT · CUSIP 64110L106
0.9%$318m4,451,000
-$250m
-1,449,000 shares
Trimmed
Invesco QQQ TR
UNIT SER 1 PUT · CUSIP 46090E103
0.8%$309m419,200
+$280m
+369,200 shares
Added
Meta Platforms Inc (META)
CL A · CUSIP 30303M102
0.8%$288m511,031
+$258m
+458,270 shares
Added
Pg&e Corp
NOTE 4.250%12/0 · CUSIP 69331CAL2
0.8%$280m273,895,000
+$5.9m
+10,000,000 shares
Added
Intel Corp (INTC)
COM · CUSIP 458140100
0.8%$277m1,983,366
+$192m
+62,590 shares
Added
Space Exploration Techn Corp
CLASS A COM STK · CUSIP 84615Q103
0.7%$267m1,564,348No earlier filingNew
Dollar Tree Inc (DLTR)
COM PUT · CUSIP 256746108
0.7%$248m2,050,000
+$29m
+50,000 shares
Added
Advanced Micro Devices Inc (AMD)
COM CALL · CUSIP 007903107
0.7%$246m424,000
+$163m
+16,300 shares
Added
Alphabet Inc
CAP STK CL C PUT · CUSIP 02079K107
0.6%$226m640,000
+$200m
+550,000 shares
Added
Apple Inc (AAPL)
COM PUT · CUSIP 037833100
0.6%$221m764,000
-$328m
-1,400,000 shares
Trimmed
Alibaba Group HLDG LTD
NOTE 0.500% 6/0 · CUSIP 01609WBG6
0.6%$218m184,500,000
-$53m
-10,000,000 shares
Trimmed
Alphabet Inc
CAP STK CL C · CUSIP 02079K107
0.6%$208m588,332
+$207m
+586,414 shares
Added
Firstenergy Corp (FE)
NOTE 3.625% 1/1 · CUSIP 337932AT4
0.6%$207m189,240,000No earlier filingNew
Netflix Inc. (NFLX)
COM · CUSIP 64110L106
0.6%$205m2,865,240
-$236m
-1,715,579 shares
Trimmed
Synopsys Inc (SNPS)
COM · CUSIP 871607107
0.5%$196m438,900
+$179m
+396,899 shares
Added
Vertex Pharmaceuticals Inc
COM · CUSIP 92532F100
0.5%$194m390,440
+$174m
+345,440 shares
Added
Transocean Inc (RIG)
DEB 4.625% 9/3 · CUSIP 893830BW8
0.5%$186m120,378,000
-$80m
-10,865,000 shares
Trimmed
Electronic Arts Inc
COM · CUSIP 285512109
0.5%$185m900,734
+$36m
+172,047 shares
Added
Apple Inc (AAPL)
COM · CUSIP 037833100
0.5%$183m631,092
-$335m
-1,408,423 shares
Trimmed
Synopsys Inc (SNPS)
COM PUT · CUSIP 871607107
0.5%$178m400,000No earlier filingNew
Intel Corp (INTC)
COM PUT · CUSIP 458140100
0.5%$170m1,220,000
+$84m
-735,000 shares
Trimmed
Apple Inc (AAPL)
COM CALL · CUSIP 037833100
0.5%$169m582,600
+$97m
+299,600 shares
Added
Bofa Fin LLC
MTNF 0.600% 5/2 · CUSIP 09709UV70
0.4%$164m130,308,000
+$8.0m
0 shares
Held
iShares TR
IBOXX HI YD ETF PUT · CUSIP 464288513
0.4%$160m2,000,000
-$79m
-1,000,000 shares
Trimmed
Unitedhealth Group Inc (UNH)
COM PUT · CUSIP 91324P102
0.4%$156m375,000
-$34m
-325,000 shares
Trimmed
Warner Bros Discovery Inc (WBD)
COM SER A PUT · CUSIP 934423104
0.4%$154m5,766,900
+$73m
+2,831,600 shares
Added
Norfolk Southn Corp
COM · CUSIP 655844108
0.4%$153m486,264
+$35m
+73,711 shares
Added
Dollar Tree Inc (DLTR)
COM · CUSIP 256746108
0.4%$153m1,261,436
+$29m
+132,436 shares
Added
Warner Bros Discovery Inc (WBD)
COM SER A · CUSIP 934423104
0.4%$149m5,589,805
+$17m
+797,751 shares
Added
Flagstar Bank National Assoc
COM NEW · CUSIP 649445400
0.4%$145m9,734,256
-$311m
-24,955,183 shares
Trimmed
Abbott Laboratories (ABT)
COM · CUSIP 002824100
0.4%$145m1,600,000
+$138m
+1,525,000 shares
Added
Uniti Group LLC (UNIT)
NOTE 7.500%12/0 · CUSIP 91325VAB4
0.4%$141m116,770,000
+$4.5m
-350,000 shares
Trimmed
American Airlines Group Inc (AAL)
COM PUT · CUSIP 02376R102
0.4%$139m7,694,800
+$56m
0 shares
Held
Shopify Inc (SHOP)
CL A SUB VTG SHS PUT · CUSIP 82509L107
0.4%$139m1,216,000
+$8.4m
+116,000 shares
Added
Adobe Inc (ADBE)
COM · CUSIP 00724F101
0.4%$137m665,580
+$32m
+237,080 shares
Added
Abbott Laboratories (ABT)
COM PUT · CUSIP 002824100
0.4%$136m1,500,000No earlier filingNew
Adobe Inc (ADBE)
COM PUT · CUSIP 00724F101
0.4%$136m662,900
+$32m
+234,400 shares
Added
Vaneck ETF Trust
SEMICONDUCTR ETF PUT · CUSIP 92189F676
0.4%$135m205,300
+$84m
+73,900 shares
Added
Visa Inc (V)
COM CL A · CUSIP 92826C839
0.4%$134m391,180No earlier filingNew
Akamai Technologies Inc (AKAM)
NOTE 0.250% 5/1 · CUSIP 00971TAQ4
0.4%$133m90,898,000No earlier filingNew
Intuitive Surgical Inc (ISRG)
COM NEW · CUSIP 46120E602
0.4%$130m327,000
+$84m
+227,000 shares
Added
Bloom Energy Corp (BE)
COM CL A · CUSIP 093712107
0.3%$128m421,220
+$84m
+99,954 shares
Added
Vertex Pharmaceuticals Inc
COM PUT · CUSIP 92532F100
0.3%$124m250,000No earlier filingNew
Microchip Technology Inc.
COM PUT · CUSIP 595017104
0.3%$123m1,344,000No earlier filingNew
Microchip Technology Inc.
COM · CUSIP 595017104
0.3%$123m1,344,000
+$120m
+1,302,966 shares
Added
Shopify Inc (SHOP)
CL A SUB VTG SHS · CUSIP 82509L107
0.3%$122m1,066,000
+$9.0m
+116,000 shares
Added
Eli Lilly & Co (LLY)
COM PUT · CUSIP 532457108
0.3%$120m100,000
+$92m
+70,000 shares
Added
Eli Lilly & Co (LLY)
COM · CUSIP 532457108
0.3%$120m100,000
+$58m
+32,996 shares
Added
Merck & Co Inc (MRK)
COM PUT · CUSIP 58933Y105
0.3%$119m925,000
+$23m
+125,000 shares
Added
Boeing Co
COM PUT · CUSIP 097023105
0.3%$118m546,600
+$56m
+231,600 shares
Added
Super Micro Computer Inc
7 DEP CM SR A WI · CUSIP 86800U500
0.3%$114m2,225,000No earlier filingNew
State STR SPDR S&P 500 ETF T
TR UNIT · CUSIP 78462F103
0.3%$107m143,000
-$58m
-110,545 shares
Trimmed
Uber Technologies Inc (UBER)
NOTE 5/1 · CUSIP 90353TAS9
0.3%$107m91,966,000No earlier filingNew
Arista Networks Inc (ANET)
COM SHS · CUSIP 040413205
0.3%$106m623,500
+$9.4m
-163,000 shares
Trimmed
Unitedhealth Group Inc (UNH)
COM · CUSIP 91324P102
0.3%$106m254,280
-$84m
-445,720 shares
Trimmed
Home Depot Inc (HD)
COM PUT · CUSIP 437076102
0.3%$105m297,600No earlier filingNew
Bloom Energy Corp (BE)
COM CL A PUT · CUSIP 093712107
0.3%$104m344,000
+$69m
+86,000 shares
Added
Amgen Inc (AMGN)
COM · CUSIP 031162100
0.3%$102m281,000No earlier filingNew
Amgen Inc (AMGN)
COM PUT · CUSIP 031162100
0.3%$101m280,000No earlier filingNew
Abbvie Inc (ABBV)
COM · CUSIP 00287Y109
0.3%$101m402,440
+$97m
+382,430 shares
Added
American Healthcare REIT Inc (AHR)
COM SHS · CUSIP 398182303
0.3%$99m1,906,718
+$43m
+711,105 shares
Added
Intuitive Surgical Inc (ISRG)
COM NEW PUT · CUSIP 46120E602
0.3%$99m250,000No earlier filingNew
Meta Platforms Inc (META)
CL A PUT · CUSIP 30303M102
0.3%$98m174,000
+$61m
+108,600 shares
Added
Tesla Inc (TSLA)
COM CALL · CUSIP 88160R101
0.3%$98m231,800
-$37m
-130,000 shares
Trimmed
Abbvie Inc (ABBV)
COM PUT · CUSIP 00287Y109
0.3%$96m380,000No earlier filingNew
Integer HLDGS Corp
COM · CUSIP 45826H109
0.3%$94m1,000,000
+$5.5m
0 shares
Held
Peabody Engr Corp
COM · CUSIP 704551100
0.2%$90m3,882,918
+$16m
+1,644,562 shares
Added
Space Exploration Techn Corp
CLASS A COM STK PUT · CUSIP 84615Q103
0.2%$86m502,700No earlier filingNew
Home Depot Inc (HD)
COM · CUSIP 437076102
0.2%$84m237,975
+$80m
+226,745 shares
Added
Netflix Inc. (NFLX)
COM CALL · CUSIP 64110L106
0.2%$81m1,137,500
+$28m
+587,500 shares
Added
Bank of Amer Corp
7.25%CNV PFD L · CUSIP 060505682
0.2%$81m64,368
+$38m
+28,176 shares
Added
Eos Energy Enterprises Inc
COM CL A · CUSIP 29415C101
0.2%$81m13,683,634No earlier filingNew
Strategy Inc
CL A NEW PUT · CUSIP 594972408
0.2%$78m893,700
+$29m
+505,600 shares
Added
Parker-hannifin Corp (PH)
COM · CUSIP 701094104
0.2%$76m77,844
+$65m
+65,693 shares
Added
Blackrock Inc (BLK)
COM · CUSIP 09290D101
0.2%$75m77,656
+$60m
+61,866 shares
Added
Morgan Stanley
COM NEW · CUSIP 617446448
0.2%$74m355,511
+$46m
+181,029 shares
Added
Walmart Inc (WMT)
COM · CUSIP 931142103
0.2%$72m632,917
+$65m
+575,111 shares
Added

Every filing on file

QuarterPeriod endFiledBookPositionsTop 10Filing
Q2 202630 Jun 202614 Aug 2026$36.8bn1,33526%13F-HR
Q1 202631 Mar 202613 May 2026$29.0bn1,37827%13F-HR
Q4 202531 Dec 202513 Feb 2026$30.3bn1,16026%13F-HR
Q3 202530 Sept 202515 Dec 2025$30.1bn1,19829%13F-HR
Q2 202530 Jun 202518 Aug 2025$29.4bn1,33928%13F-HR
Q1 202531 Mar 202514 May 2025$32.4bn1,27124%13F-HR
Q4 202431 Dec 202414 Feb 2025$28.4bn90625%13F-HR
Q3 202430 Sept 202413 Nov 2024$24.7bn83431%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.

Compare this against every other manager →How a hedge fund interview runs →

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.

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