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← Hudson Bay Capital Management LP, its record

Hudson Bay Capital Management LP and Capital World Investors: where the books meet

At Q2 2026, at least 22% of the two 13F books was the same, across 120 stocks both listed, against 2.8% at Q2 2013. Overlap is the smaller of each shared stock’s two weights, added up: the part of one book that could be swapped for the other’s without a trade.

Overlap by quarter
0%11%22%Q2 2013: 2.8%, 14 in bothQ3 2013: 3.3%, 21 in bothQ4 2013: 4.5%, 19 in bothQ1 2014: 2.3%, 22 in both14Q2 2014: 1.2%, 17 in bothQ3 2014: 3.4%, 29 in bothQ4 2014: 1.7%, 16 in bothQ1 2015: 1.9%, 19 in both15Q2 2015: 2.5%, 25 in bothQ3 2015: 2.1%, 22 in bothQ4 2015: 3.0%, 25 in bothQ1 2016: 1.4%, 21 in both16Q2 2016: 3.3%, 57 in bothQ3 2016: 2.5%, 53 in bothQ4 2016: 6.0%, 77 in bothQ1 2017: 6.0%, 74 in both17Q2 2017: 5.6%, 73 in bothQ3 2017: 5.9%, 58 in bothQ4 2017: 6.7%, 77 in bothQ1 2018: 10.0%, 79 in both18Q2 2018: 11%, 78 in bothQ3 2018: 9.7%, 90 in bothQ4 2018: 11%, 87 in bothQ1 2019: 6.4%, 82 in both19Q2 2019: 7.7%, 66 in bothQ3 2019: 5.1%, 66 in bothQ4 2019: 8.2%, 66 in bothQ1 2020: 8.0%, 83 in both20Q2 2020: 4.7%, 75 in bothQ3 2020: 4.9%, 74 in bothQ4 2020: 5.8%, 69 in bothQ1 2021: 8.6%, 57 in both21Q2 2021: 8.1%, 62 in bothQ3 2021: 3.9%, 58 in bothQ4 2021: 13%, 47 in bothQ1 2022: 5.2%, 49 in both22Q2 2022: 13%, 77 in bothQ3 2022: 19%, 72 in bothQ4 2022: 16%, 88 in bothQ1 2023: 14%, 102 in both23Q2 2023: 19%, 107 in bothQ3 2023: 20%, 113 in bothQ4 2023: 19%, 115 in bothQ1 2024: 18%, 110 in both24Q2 2024: 21%, 115 in bothQ3 2024: 20%, 109 in bothQ4 2024: 19%, 111 in bothQ1 2025: 18%, 107 in both25Q2 2025: 16%, 113 in bothQ3 2025: 16%, 121 in bothQ4 2025: 21%, 115 in bothQ1 2026: 19%, 118 in both26Q2 2026: 22%, 120 in both
  • Q2 2013: 2.8%, 14 in both
  • Q3 2013: 3.3%, 21 in both
  • Q4 2013: 4.5%, 19 in both
  • Q1 2014: 2.3%, 22 in both
  • Q2 2014: 1.2%, 17 in both
  • Q3 2014: 3.4%, 29 in both
  • Q4 2014: 1.7%, 16 in both
  • Q1 2015: 1.9%, 19 in both
  • Q2 2015: 2.5%, 25 in both
  • Q3 2015: 2.1%, 22 in both
  • Q4 2015: 3.0%, 25 in both
  • Q1 2016: 1.4%, 21 in both
  • Q2 2016: 3.3%, 57 in both
  • Q3 2016: 2.5%, 53 in both
  • Q4 2016: 6.0%, 77 in both
  • Q1 2017: 6.0%, 74 in both
  • Q2 2017: 5.6%, 73 in both
  • Q3 2017: 5.9%, 58 in both
  • Q4 2017: 6.7%, 77 in both
  • Q1 2018: 10.0%, 79 in both
  • Q2 2018: 11%, 78 in both
  • Q3 2018: 9.7%, 90 in both
  • Q4 2018: 11%, 87 in both
  • Q1 2019: 6.4%, 82 in both
  • Q2 2019: 7.7%, 66 in both
  • Q3 2019: 5.1%, 66 in both
  • Q4 2019: 8.2%, 66 in both
  • Q1 2020: 8.0%, 83 in both
  • Q2 2020: 4.7%, 75 in both
  • Q3 2020: 4.9%, 74 in both
  • Q4 2020: 5.8%, 69 in both
  • Q1 2021: 8.6%, 57 in both
  • Q2 2021: 8.1%, 62 in both
  • Q3 2021: 3.9%, 58 in both
  • Q4 2021: 13%, 47 in both
  • Q1 2022: 5.2%, 49 in both
  • Q2 2022: 13%, 77 in both
  • Q3 2022: 19%, 72 in both
  • Q4 2022: 16%, 88 in both
  • Q1 2023: 14%, 102 in both
  • Q2 2023: 19%, 107 in both
  • Q3 2023: 20%, 113 in both
  • Q4 2023: 19%, 115 in both
  • Q1 2024: 18%, 110 in both
  • Q2 2024: 21%, 115 in both
  • Q3 2024: 20%, 109 in both
  • Q4 2024: 19%, 111 in both
  • Q1 2025: 18%, 107 in both
  • Q2 2025: 16%, 113 in both
  • Q3 2025: 16%, 121 in both
  • Q4 2025: 21%, 115 in both
  • Q1 2026: 19%, 118 in both
  • Q2 2026: 22%, 120 in both

Only quarters both managers filed. Where either filing has more positions than are read each quarter, a stock both hold below that range is not counted, so the figure is a floor.

What the overlap is made of, Q2 2026

Stocks both listed, by the smaller of the two weights. A weight is the stock’s share of that manager’s reported book, which says how large the position is, not how strongly it is held.

StockHudson Bay Capital Management LPCapital World Investors
Tesla Motors Inc(TSLA)2.3%Added2.3%Added
Nvidia Corp(NVDA)2.1%Trimmed2.6%Trimmed
Taiwan Semiconductor MFG LTD(TSM)2.5%Added1.9%Added
Amazon Com Inc(AMZN)2.7%Added1.7%Added
Alphabet Inc(GOOGL)1.5%Added3.1%Added
Microsoft Corp(MSFT)1.1%Added2.4%Trimmed
Facebook Inc(META)0.8%Added2.7%Trimmed
Intel Corp(INTC)0.8%Added0.9%Trimmed
Alphabet Inc(GOOG)0.6%Added1.8%Trimmed
Netflix Inc(NFLX)0.6%Trimmed0.7%Trimmed
Vertex Pharmaceuticals Inc(VRTX)0.5%Added1.5%Added
Apple Inc(AAPL)0.5%Trimmed1.3%Added
Visa Inc(V)0.4%New1.1%Added
Intuitive Surgical Inc(ISRG)0.4%Added0.4%Trimmed
Shopify Inc(SHOP)0.3%Added0.5%Added
Lilly Eli & Co(LLY)0.3%Added2.3%Added
Unitedhealth Group Inc Com(UNH)0.3%Trimmed1.5%Added
Amgen Inc(AMGN)0.3%New1.2%Trimmed
Abbvie Inc(ABBV)0.3%Added0.6%Added
Home Depot Inc(HD)0.2%Added0.5%Trimmed

and 100 smaller ones

Moved different ways in Q2 2026

Stocks one manager started or added to while the other trimmed or sold out, between the same two quarter ends. A 13F shows the quarter ends, never when in between anything was bought or sold, or why.

  • Facebook Inc(META)Hudson Bay Capital Management LP added; Capital World Investors trimmed
  • Microsoft Corp(MSFT)Hudson Bay Capital Management LP added; Capital World Investors trimmed
  • Alphabet Inc(GOOG)Hudson Bay Capital Management LP added; Capital World Investors trimmed
  • Unitedhealth Group Inc Com(UNH)Hudson Bay Capital Management LP trimmed; Capital World Investors added
  • Apple Inc(AAPL)Hudson Bay Capital Management LP trimmed; Capital World Investors added
  • Amgen Inc(AMGN)Hudson Bay Capital Management LP started; Capital World Investors trimmed
  • Intel Corp(INTC)Hudson Bay Capital Management LP added; Capital World Investors trimmed
  • Asml Holding Nv-ny Reg SHS(ASML)Hudson Bay Capital Management LP added; Capital World Investors trimmed
  • Home Depot Inc(HD)Hudson Bay Capital Management LP added; Capital World Investors trimmed
  • International Business Machs(IBM)Hudson Bay Capital Management LP started; Capital World Investors trimmed
  • Welltower Inc(WELL)Hudson Bay Capital Management LP sold out; Capital World Investors added
  • Firstenergy Corp(FE)Hudson Bay Capital Management LP trimmed; Capital World Investors added
Hudson Bay Capital Management LP: the recordCapital World Investors: the record

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