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← Hudson Bay Capital Management LP, its record

Hudson Bay Capital Management LP and Neuberger Berman Group LLC: where the books meet

At Q2 2026, at least 21% of the two 13F books was the same, across 144 stocks both listed, against 2.6% 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%12%24%Q2 2013: 2.6%, 12 in bothQ3 2013: 2.3%, 16 in bothQ4 2013: 2.8%, 21 in bothQ1 2014: 2.1%, 23 in both14Q2 2014: 1.3%, 14 in bothQ3 2014: 3.3%, 28 in bothQ4 2014: 2.4%, 18 in bothQ1 2015: 3.4%, 19 in both15Q2 2015: 4.8%, 30 in bothQ3 2015: 3.3%, 22 in bothQ4 2015: 3.2%, 19 in bothQ1 2016: 1.7%, 23 in both16Q2 2016: 3.9%, 53 in bothQ3 2016: 3.1%, 54 in bothQ4 2016: 5.3%, 64 in bothQ1 2017: 6.2%, 64 in both17Q2 2017: 6.5%, 81 in bothQ3 2017: 6.8%, 54 in bothQ4 2017: 6.2%, 61 in bothQ1 2018: 9.2%, 74 in both18Q2 2018: 7.2%, 70 in bothQ3 2018: 8.2%, 82 in bothQ4 2018: 11%, 89 in bothQ1 2019: 7.6%, 75 in both19Q2 2019: 7.4%, 62 in bothQ3 2019: 8.1%, 69 in bothQ4 2019: 9.1%, 66 in bothQ1 2020: 7.8%, 69 in both20Q2 2020: 5.7%, 65 in bothQ3 2020: 5.0%, 60 in bothQ4 2020: 6.7%, 62 in bothQ1 2021: 5.5%, 51 in both21Q2 2021: 9.7%, 55 in bothQ3 2021: 5.0%, 53 in bothQ4 2021: 13%, 46 in bothQ1 2022: 5.7%, 42 in both22Q2 2022: 13%, 62 in bothQ3 2022: 16%, 66 in bothQ4 2022: 21%, 85 in bothQ1 2023: 16%, 92 in both23Q2 2023: 22%, 102 in bothQ3 2023: 20%, 96 in bothQ4 2023: 21%, 100 in bothQ1 2024: 21%, 99 in both24Q2 2024: 24%, 117 in bothQ3 2024: 21%, 122 in bothQ4 2024: 20%, 115 in bothQ1 2025: 17%, 115 in both25Q2 2025: 16%, 128 in bothQ3 2025: 17%, 130 in bothQ4 2025: 21%, 126 in bothQ1 2026: 20%, 131 in both26Q2 2026: 21%, 144 in both
  • Q2 2013: 2.6%, 12 in both
  • Q3 2013: 2.3%, 16 in both
  • Q4 2013: 2.8%, 21 in both
  • Q1 2014: 2.1%, 23 in both
  • Q2 2014: 1.3%, 14 in both
  • Q3 2014: 3.3%, 28 in both
  • Q4 2014: 2.4%, 18 in both
  • Q1 2015: 3.4%, 19 in both
  • Q2 2015: 4.8%, 30 in both
  • Q3 2015: 3.3%, 22 in both
  • Q4 2015: 3.2%, 19 in both
  • Q1 2016: 1.7%, 23 in both
  • Q2 2016: 3.9%, 53 in both
  • Q3 2016: 3.1%, 54 in both
  • Q4 2016: 5.3%, 64 in both
  • Q1 2017: 6.2%, 64 in both
  • Q2 2017: 6.5%, 81 in both
  • Q3 2017: 6.8%, 54 in both
  • Q4 2017: 6.2%, 61 in both
  • Q1 2018: 9.2%, 74 in both
  • Q2 2018: 7.2%, 70 in both
  • Q3 2018: 8.2%, 82 in both
  • Q4 2018: 11%, 89 in both
  • Q1 2019: 7.6%, 75 in both
  • Q2 2019: 7.4%, 62 in both
  • Q3 2019: 8.1%, 69 in both
  • Q4 2019: 9.1%, 66 in both
  • Q1 2020: 7.8%, 69 in both
  • Q2 2020: 5.7%, 65 in both
  • Q3 2020: 5.0%, 60 in both
  • Q4 2020: 6.7%, 62 in both
  • Q1 2021: 5.5%, 51 in both
  • Q2 2021: 9.7%, 55 in both
  • Q3 2021: 5.0%, 53 in both
  • Q4 2021: 13%, 46 in both
  • Q1 2022: 5.7%, 42 in both
  • Q2 2022: 13%, 62 in both
  • Q3 2022: 16%, 66 in both
  • Q4 2022: 21%, 85 in both
  • Q1 2023: 16%, 92 in both
  • Q2 2023: 22%, 102 in both
  • Q3 2023: 20%, 96 in both
  • Q4 2023: 21%, 100 in both
  • Q1 2024: 21%, 99 in both
  • Q2 2024: 24%, 117 in both
  • Q3 2024: 21%, 122 in both
  • Q4 2024: 20%, 115 in both
  • Q1 2025: 17%, 115 in both
  • Q2 2025: 16%, 128 in both
  • Q3 2025: 17%, 130 in both
  • Q4 2025: 21%, 126 in both
  • Q1 2026: 20%, 131 in both
  • Q2 2026: 21%, 144 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 LPNeuberger Berman Group LLC
Amazon Com Inc(AMZN)2.7%Added3.1%Added
Nvidia Corp(NVDA)2.1%Trimmed4.1%Added
Alphabet Inc(GOOGL)1.5%Added2.4%Added
Microsoft Corp(MSFT)1.1%Added2.6%Trimmed
Facebook Inc(META)0.8%Added0.9%Added
Berkshire Hathaway Inc(BRK-B)1.1%Added0.6%Added
Intel Corp(INTC)0.8%Added0.6%Trimmed
Adv Micro Dev STK(AMD)1.1%Trimmed0.6%Trimmed
Alphabet Inc(GOOG)0.6%Added2.1%Added
Apple Inc(AAPL)0.5%Trimmed3.3%Added
Taiwan Semiconductor MFG LTD(TSM)2.5%Added0.4%Trimmed
Visa Inc(V)0.4%New0.7%Trimmed
Netflix Inc(NFLX)0.6%Trimmed0.3%Trimmed
Lilly Eli & Co(LLY)0.3%Added1.4%Trimmed
SanDisk Corp(SNDK)1.9%New0.3%Trimmed
Unitedhealth Group Inc Com(UNH)0.3%Trimmed0.3%Added
84615q103(SPCX)0.7%New0.2%New
Home Depot Inc(HD)0.2%Added0.9%Trimmed
Abbvie Inc(ABBV)0.3%Added0.2%Added
Morgan Stanley(MS)0.2%Added0.4%Added

and 124 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; Neuberger Berman Group LLC added
  • Apple Inc(AAPL)Hudson Bay Capital Management LP trimmed; Neuberger Berman Group LLC added
  • Microsoft Corp(MSFT)Hudson Bay Capital Management LP added; Neuberger Berman Group LLC trimmed
  • JPMorgan Chase & Co(JPM)Hudson Bay Capital Management LP trimmed; Neuberger Berman Group LLC added
  • Lilly Eli & Co(LLY)Hudson Bay Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Home Depot Inc(HD)Hudson Bay Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Visa Inc(V)Hudson Bay Capital Management LP started; Neuberger Berman Group LLC trimmed
  • Taiwan Semiconductor MFG LTD(TSM)Hudson Bay Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Intel Corp(INTC)Hudson Bay Capital Management LP added; Neuberger Berman Group LLC trimmed
  • Costco Wholesale Coro(COST)Hudson Bay Capital Management LP added; Neuberger Berman Group LLC trimmed
  • SanDisk Corp(SNDK)Hudson Bay Capital Management LP started; Neuberger Berman Group LLC trimmed
  • Cme Group Inc(CME)Hudson Bay Capital Management LP started; Neuberger Berman Group LLC trimmed
Hudson Bay Capital Management LP: the recordNeuberger Berman Group LLC: the record

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