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← Hudson Bay Capital Management LP, its record

Hudson Bay Capital Management LP and Invesco Ltd: where the books meet

At Q2 2026, at least 25% of the two 13F books was the same, across 155 stocks both listed, against 3.2% 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%14%27%Q2 2013: 3.2%, 24 in bothQ3 2013: 3.6%, 26 in bothQ4 2013: 5.3%, 32 in bothQ1 2014: 4.9%, 35 in both14Q2 2014: 4.3%, 24 in bothQ3 2014: 5.8%, 42 in bothQ4 2014: 3.3%, 22 in bothQ1 2015: 4.1%, 27 in both15Q2 2015: 4.7%, 35 in bothQ3 2015: 2.7%, 27 in bothQ4 2015: 3.0%, 26 in bothQ1 2016: 2.1%, 27 in both16Q2 2016: 3.7%, 55 in bothQ3 2016: 3.8%, 62 in bothQ4 2016: 7.2%, 82 in bothQ1 2017: 7.6%, 82 in both17Q2 2017: 7.2%, 83 in bothQ3 2017: 8.6%, 70 in bothQ4 2017: 7.1%, 85 in bothQ1 2018: 12%, 103 in both18Q2 2018: 12%, 96 in bothQ3 2018: 11%, 99 in bothQ4 2018: 15%, 116 in bothQ1 2019: 7.5%, 83 in both19Q2 2019: 7.3%, 70 in bothQ3 2019: 7.0%, 65 in bothQ4 2019: 8.3%, 64 in bothQ1 2020: 8.3%, 71 in both20Q2 2020: 6.1%, 63 in bothQ3 2020: 6.1%, 62 in bothQ4 2020: 6.7%, 58 in bothQ1 2021: 5.8%, 51 in both21Q2 2021: 10%, 68 in bothQ3 2021: 4.9%, 58 in bothQ4 2021: 11%, 53 in bothQ1 2022: 6.7%, 57 in both22Q2 2022: 14%, 77 in bothQ3 2022: 16%, 81 in bothQ4 2022: 20%, 101 in bothQ1 2023: 18%, 116 in both23Q2 2023: 24%, 126 in bothQ3 2023: 22%, 135 in bothQ4 2023: 23%, 128 in bothQ1 2024: 22%, 126 in both24Q2 2024: 24%, 140 in bothQ3 2024: 24%, 147 in bothQ4 2024: 23%, 147 in bothQ1 2025: 20%, 142 in both25Q2 2025: 18%, 142 in bothQ3 2025: 19%, 150 in bothQ4 2025: 27%, 140 in bothQ1 2026: 24%, 149 in both26Q2 2026: 25%, 155 in both
  • Q2 2013: 3.2%, 24 in both
  • Q3 2013: 3.6%, 26 in both
  • Q4 2013: 5.3%, 32 in both
  • Q1 2014: 4.9%, 35 in both
  • Q2 2014: 4.3%, 24 in both
  • Q3 2014: 5.8%, 42 in both
  • Q4 2014: 3.3%, 22 in both
  • Q1 2015: 4.1%, 27 in both
  • Q2 2015: 4.7%, 35 in both
  • Q3 2015: 2.7%, 27 in both
  • Q4 2015: 3.0%, 26 in both
  • Q1 2016: 2.1%, 27 in both
  • Q2 2016: 3.7%, 55 in both
  • Q3 2016: 3.8%, 62 in both
  • Q4 2016: 7.2%, 82 in both
  • Q1 2017: 7.6%, 82 in both
  • Q2 2017: 7.2%, 83 in both
  • Q3 2017: 8.6%, 70 in both
  • Q4 2017: 7.1%, 85 in both
  • Q1 2018: 12%, 103 in both
  • Q2 2018: 12%, 96 in both
  • Q3 2018: 11%, 99 in both
  • Q4 2018: 15%, 116 in both
  • Q1 2019: 7.5%, 83 in both
  • Q2 2019: 7.3%, 70 in both
  • Q3 2019: 7.0%, 65 in both
  • Q4 2019: 8.3%, 64 in both
  • Q1 2020: 8.3%, 71 in both
  • Q2 2020: 6.1%, 63 in both
  • Q3 2020: 6.1%, 62 in both
  • Q4 2020: 6.7%, 58 in both
  • Q1 2021: 5.8%, 51 in both
  • Q2 2021: 10%, 68 in both
  • Q3 2021: 4.9%, 58 in both
  • Q4 2021: 11%, 53 in both
  • Q1 2022: 6.7%, 57 in both
  • Q2 2022: 14%, 77 in both
  • Q3 2022: 16%, 81 in both
  • Q4 2022: 20%, 101 in both
  • Q1 2023: 18%, 116 in both
  • Q2 2023: 24%, 126 in both
  • Q3 2023: 22%, 135 in both
  • Q4 2023: 23%, 128 in both
  • Q1 2024: 22%, 126 in both
  • Q2 2024: 24%, 140 in both
  • Q3 2024: 24%, 147 in both
  • Q4 2024: 23%, 147 in both
  • Q1 2025: 20%, 142 in both
  • Q2 2025: 18%, 142 in both
  • Q3 2025: 19%, 150 in both
  • Q4 2025: 27%, 140 in both
  • Q1 2026: 24%, 149 in both
  • Q2 2026: 25%, 155 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 LPInvesco Ltd
Amazon Com Inc(AMZN)2.7%Added2.7%Added
Nvidia Corp(NVDA)2.1%Trimmed5.2%Added
Tesla Motors Inc(TSLA)2.3%Added1.8%Added
Alphabet Inc(GOOGL)1.5%Added2.6%Added
Adv Micro Dev STK(AMD)1.1%Trimmed2.4%Added
Microsoft Corp(MSFT)1.1%Added3.0%Added
SanDisk Corp(SNDK)1.9%New1.0%Added
Facebook Inc(META)0.8%Added1.7%Added
Intel Corp(INTC)0.8%Added1.7%Added
Palantir Technologies Inc(PLTR)1.8%Added0.7%Added
Alphabet Inc(GOOG)0.6%Added1.8%Added
Netflix Inc(NFLX)0.6%Trimmed0.8%Added
Apple Inc(AAPL)0.5%Trimmed4.3%Added
Intuitive Surgical Inc(ISRG)0.4%Added0.4%Added
Shopify Inc(SHOP)0.3%Added0.3%Added
Lilly Eli & Co(LLY)0.3%Added0.4%Added
Vertex Pharmaceuticals Inc(VRTX)0.5%Added0.3%Added
Amgen Inc(AMGN)0.3%New0.5%Added
Visa Inc(V)0.4%New0.3%Added
Adobe Sys Inc(ADBE)0.4%Added0.2%Added

and 135 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; Invesco Ltd added
  • Apple Inc(AAPL)Hudson Bay Capital Management LP trimmed; Invesco Ltd added
  • Micron Technology Inc(MU)Hudson Bay Capital Management LP sold out; Invesco Ltd added
  • Adv Micro Dev STK(AMD)Hudson Bay Capital Management LP trimmed; Invesco Ltd added
  • Netflix Inc(NFLX)Hudson Bay Capital Management LP trimmed; Invesco Ltd added
  • T-mobile US Inc(TMUS)Hudson Bay Capital Management LP trimmed; Invesco Ltd added
  • JPMorgan Chase & Co(JPM)Hudson Bay Capital Management LP trimmed; Invesco Ltd added
  • Starbucks Corp(SBUX)Hudson Bay Capital Management LP trimmed; Invesco Ltd added
  • Monster Beverage Corp(MNST)Hudson Bay Capital Management LP added; Invesco Ltd trimmed
  • Coherent Corp(COHR)Hudson Bay Capital Management LP trimmed; Invesco Ltd added
  • Unitedhealth Group Inc Com(UNH)Hudson Bay Capital Management LP trimmed; Invesco Ltd added
  • Csx Stk(CSX)Hudson Bay Capital Management LP added; Invesco Ltd trimmed
Hudson Bay Capital Management LP: the recordInvesco Ltd: the record

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