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← Hudson Bay Capital Management LP, its record

Hudson Bay Capital Management LP and Fidelity (FMR LLC): where the books meet

At Q2 2026, at least 22% of the two 13F books was the same, across 133 stocks both listed, against 3.0% 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%15%30%Q2 2013: 3.0%, 21 in bothQ3 2013: 3.8%, 34 in bothQ4 2013: 4.2%, 31 in bothQ1 2014: 5.3%, 39 in both14Q2 2014: 4.1%, 31 in bothQ3 2014: 6.6%, 48 in bothQ4 2014: 3.5%, 26 in bothQ1 2015: 4.8%, 31 in both15Q2 2015: 6.2%, 46 in bothQ3 2015: 3.8%, 35 in bothQ4 2015: 3.2%, 30 in bothQ1 2016: 2.3%, 30 in both16Q2 2016: 5.1%, 76 in bothQ3 2016: 4.8%, 79 in bothQ4 2016: 7.7%, 90 in bothQ1 2017: 8.3%, 89 in both17Q2 2017: 8.2%, 97 in bothQ3 2017: 8.1%, 70 in bothQ4 2017: 8.1%, 91 in bothQ1 2018: 13%, 99 in both18Q2 2018: 13%, 105 in bothQ3 2018: 11%, 101 in bothQ4 2018: 15%, 116 in bothQ1 2019: 8.3%, 89 in both19Q2 2019: 9.3%, 84 in bothQ3 2019: 8.1%, 77 in bothQ4 2019: 12%, 82 in bothQ1 2020: 9.3%, 89 in both20Q2 2020: 5.9%, 81 in bothQ3 2020: 5.8%, 69 in bothQ4 2020: 7.0%, 73 in bothQ1 2021: 6.5%, 54 in both21Q2 2021: 12%, 66 in bothQ3 2021: 3.8%, 54 in bothQ4 2021: 16%, 57 in bothQ1 2022: 5.3%, 50 in both22Q2 2022: 20%, 75 in bothQ3 2022: 22%, 77 in bothQ4 2022: 24%, 97 in bothQ1 2023: 18%, 104 in both23Q2 2023: 26%, 115 in bothQ3 2023: 30%, 124 in bothQ4 2023: 29%, 130 in bothQ1 2024: 26%, 123 in both24Q2 2024: 29%, 137 in bothQ3 2024: 26%, 127 in bothQ4 2024: 22%, 139 in bothQ1 2025: 19%, 129 in both25Q2 2025: 16%, 138 in bothQ3 2025: 19%, 150 in bothQ4 2025: 22%, 133 in bothQ1 2026: 21%, 132 in both26Q2 2026: 22%, 133 in both
  • Q2 2013: 3.0%, 21 in both
  • Q3 2013: 3.8%, 34 in both
  • Q4 2013: 4.2%, 31 in both
  • Q1 2014: 5.3%, 39 in both
  • Q2 2014: 4.1%, 31 in both
  • Q3 2014: 6.6%, 48 in both
  • Q4 2014: 3.5%, 26 in both
  • Q1 2015: 4.8%, 31 in both
  • Q2 2015: 6.2%, 46 in both
  • Q3 2015: 3.8%, 35 in both
  • Q4 2015: 3.2%, 30 in both
  • Q1 2016: 2.3%, 30 in both
  • Q2 2016: 5.1%, 76 in both
  • Q3 2016: 4.8%, 79 in both
  • Q4 2016: 7.7%, 90 in both
  • Q1 2017: 8.3%, 89 in both
  • Q2 2017: 8.2%, 97 in both
  • Q3 2017: 8.1%, 70 in both
  • Q4 2017: 8.1%, 91 in both
  • Q1 2018: 13%, 99 in both
  • Q2 2018: 13%, 105 in both
  • Q3 2018: 11%, 101 in both
  • Q4 2018: 15%, 116 in both
  • Q1 2019: 8.3%, 89 in both
  • Q2 2019: 9.3%, 84 in both
  • Q3 2019: 8.1%, 77 in both
  • Q4 2019: 12%, 82 in both
  • Q1 2020: 9.3%, 89 in both
  • Q2 2020: 5.9%, 81 in both
  • Q3 2020: 5.8%, 69 in both
  • Q4 2020: 7.0%, 73 in both
  • Q1 2021: 6.5%, 54 in both
  • Q2 2021: 12%, 66 in both
  • Q3 2021: 3.8%, 54 in both
  • Q4 2021: 16%, 57 in both
  • Q1 2022: 5.3%, 50 in both
  • Q2 2022: 20%, 75 in both
  • Q3 2022: 22%, 77 in both
  • Q4 2022: 24%, 97 in both
  • Q1 2023: 18%, 104 in both
  • Q2 2023: 26%, 115 in both
  • Q3 2023: 30%, 124 in both
  • Q4 2023: 29%, 130 in both
  • Q1 2024: 26%, 123 in both
  • Q2 2024: 29%, 137 in both
  • Q3 2024: 26%, 127 in both
  • Q4 2024: 22%, 139 in both
  • Q1 2025: 19%, 129 in both
  • Q2 2025: 16%, 138 in both
  • Q3 2025: 19%, 150 in both
  • Q4 2025: 22%, 133 in both
  • Q1 2026: 21%, 132 in both
  • Q2 2026: 22%, 133 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 LPFidelity (FMR LLC)
Amazon Com Inc(AMZN)2.7%Added3.8%Added
Nvidia Corp(NVDA)2.1%Trimmed8.9%Added
Alphabet Inc(GOOGL)1.5%Added3.9%Added
Taiwan Semiconductor MFG LTD(TSM)2.5%Added1.2%Trimmed
Microsoft Corp(MSFT)1.1%Added3.0%Trimmed
Facebook Inc(META)0.8%Added2.3%Trimmed
SanDisk Corp(SNDK)1.9%New0.8%Trimmed
Tesla Motors Inc(TSLA)2.3%Added0.7%Added
Space Exploration Techn Corp(SPCX)0.7%New2.2%New
Adv Micro Dev STK(AMD)1.1%Trimmed0.6%Added
Intel Corp(INTC)0.8%Added0.6%Added
Alphabet Inc(GOOG)0.6%Added1.9%Added
Apple Inc(AAPL)0.5%Trimmed4.1%Added
Netflix Inc(NFLX)0.6%Trimmed0.4%Trimmed
Visa Inc(V)0.4%New0.6%Trimmed
Lilly Eli & Co(LLY)0.3%Added1.5%Added
Arista Networks Inc(ANET)0.3%Trimmed0.3%Trimmed
Unitedhealth Group Inc Com(UNH)0.3%Trimmed0.5%Added
Shopify Inc(SHOP)0.3%Added0.2%Added
Home Depot Inc(HD)0.2%Added0.3%Added

and 113 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.

  • Nvidia Corp(NVDA)Hudson Bay Capital Management LP trimmed; Fidelity (FMR LLC) added
  • Apple Inc(AAPL)Hudson Bay Capital Management LP trimmed; Fidelity (FMR LLC) added
  • Microsoft Corp(MSFT)Hudson Bay Capital Management LP added; Fidelity (FMR LLC) trimmed
  • Facebook Inc(META)Hudson Bay Capital Management LP added; Fidelity (FMR LLC) trimmed
  • Taiwan Semiconductor MFG LTD(TSM)Hudson Bay Capital Management LP added; Fidelity (FMR LLC) trimmed
  • Ge Vernova LLC(GEV)Hudson Bay Capital Management LP added; Fidelity (FMR LLC) trimmed
  • SanDisk Corp(SNDK)Hudson Bay Capital Management LP started; Fidelity (FMR LLC) trimmed
  • Adv Micro Dev STK(AMD)Hudson Bay Capital Management LP trimmed; Fidelity (FMR LLC) added
  • Visa Inc(V)Hudson Bay Capital Management LP started; Fidelity (FMR LLC) trimmed
  • Wells Fargo & Co New(WFC)Hudson Bay Capital Management LP added; Fidelity (FMR LLC) trimmed
  • Unitedhealth Group Inc Com(UNH)Hudson Bay Capital Management LP trimmed; Fidelity (FMR LLC) added
  • Caterpillar STK(CAT)Hudson Bay Capital Management LP trimmed; Fidelity (FMR LLC) added
Hudson Bay Capital Management LP: the recordFidelity (FMR LLC): the record

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