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← Hudson Bay Capital Management LP, its record

Hudson Bay Capital Management LP and Wellington Management Group LLP: where the books meet

At Q2 2026, at least 21% of the two 13F books was the same, across 135 stocks both listed, against 4.6% 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%13%26%Q2 2013: 4.6%, 22 in bothQ3 2013: 4.3%, 27 in bothQ4 2013: 5.0%, 30 in bothQ1 2014: 4.9%, 26 in both14Q2 2014: 3.6%, 21 in bothQ3 2014: 5.3%, 38 in bothQ4 2014: 3.2%, 20 in bothQ1 2015: 4.8%, 27 in both15Q2 2015: 5.1%, 31 in bothQ3 2015: 3.6%, 25 in bothQ4 2015: 3.1%, 23 in bothQ1 2016: 1.6%, 15 in both16Q2 2016: 3.7%, 58 in bothQ3 2016: 4.1%, 62 in bothQ4 2016: 7.1%, 78 in bothQ1 2017: 6.4%, 75 in both17Q2 2017: 6.4%, 82 in bothQ3 2017: 6.7%, 62 in bothQ4 2017: 6.3%, 68 in bothQ1 2018: 11%, 94 in both18Q2 2018: 9.1%, 83 in bothQ3 2018: 9.6%, 92 in bothQ4 2018: 11%, 100 in bothQ1 2019: 7.5%, 79 in both19Q2 2019: 8.5%, 68 in bothQ3 2019: 7.9%, 70 in bothQ4 2019: 9.9%, 69 in bothQ1 2020: 7.9%, 75 in both20Q2 2020: 6.2%, 75 in bothQ3 2020: 5.6%, 61 in bothQ4 2020: 6.6%, 55 in bothQ1 2021: 5.3%, 49 in both21Q2 2021: 9.9%, 61 in bothQ3 2021: 4.5%, 59 in bothQ4 2021: 13%, 58 in bothQ1 2022: 4.9%, 44 in both22Q2 2022: 11%, 76 in bothQ3 2022: 15%, 74 in bothQ4 2022: 19%, 92 in bothQ1 2023: 15%, 91 in both23Q2 2023: 22%, 113 in bothQ3 2023: 21%, 118 in bothQ4 2023: 23%, 114 in bothQ1 2024: 22%, 111 in both24Q2 2024: 26%, 129 in bothQ3 2024: 22%, 131 in bothQ4 2024: 21%, 130 in bothQ1 2025: 17%, 120 in both25Q2 2025: 16%, 136 in bothQ3 2025: 17%, 139 in bothQ4 2025: 21%, 130 in bothQ1 2026: 20%, 136 in both26Q2 2026: 21%, 135 in both
  • Q2 2013: 4.6%, 22 in both
  • Q3 2013: 4.3%, 27 in both
  • Q4 2013: 5.0%, 30 in both
  • Q1 2014: 4.9%, 26 in both
  • Q2 2014: 3.6%, 21 in both
  • Q3 2014: 5.3%, 38 in both
  • Q4 2014: 3.2%, 20 in both
  • Q1 2015: 4.8%, 27 in both
  • Q2 2015: 5.1%, 31 in both
  • Q3 2015: 3.6%, 25 in both
  • Q4 2015: 3.1%, 23 in both
  • Q1 2016: 1.6%, 15 in both
  • Q2 2016: 3.7%, 58 in both
  • Q3 2016: 4.1%, 62 in both
  • Q4 2016: 7.1%, 78 in both
  • Q1 2017: 6.4%, 75 in both
  • Q2 2017: 6.4%, 82 in both
  • Q3 2017: 6.7%, 62 in both
  • Q4 2017: 6.3%, 68 in both
  • Q1 2018: 11%, 94 in both
  • Q2 2018: 9.1%, 83 in both
  • Q3 2018: 9.6%, 92 in both
  • Q4 2018: 11%, 100 in both
  • Q1 2019: 7.5%, 79 in both
  • Q2 2019: 8.5%, 68 in both
  • Q3 2019: 7.9%, 70 in both
  • Q4 2019: 9.9%, 69 in both
  • Q1 2020: 7.9%, 75 in both
  • Q2 2020: 6.2%, 75 in both
  • Q3 2020: 5.6%, 61 in both
  • Q4 2020: 6.6%, 55 in both
  • Q1 2021: 5.3%, 49 in both
  • Q2 2021: 9.9%, 61 in both
  • Q3 2021: 4.5%, 59 in both
  • Q4 2021: 13%, 58 in both
  • Q1 2022: 4.9%, 44 in both
  • Q2 2022: 11%, 76 in both
  • Q3 2022: 15%, 74 in both
  • Q4 2022: 19%, 92 in both
  • Q1 2023: 15%, 91 in both
  • Q2 2023: 22%, 113 in both
  • Q3 2023: 21%, 118 in both
  • Q4 2023: 23%, 114 in both
  • Q1 2024: 22%, 111 in both
  • Q2 2024: 26%, 129 in both
  • Q3 2024: 22%, 131 in both
  • Q4 2024: 21%, 130 in both
  • Q1 2025: 17%, 120 in both
  • Q2 2025: 16%, 136 in both
  • Q3 2025: 17%, 139 in both
  • Q4 2025: 21%, 130 in both
  • Q1 2026: 20%, 136 in both
  • Q2 2026: 21%, 135 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 LPWellington Management Group LLP
Amazon Com Inc(AMZN)2.7%Added2.3%Trimmed
Nvidia Corp(NVDA)2.1%Trimmed4.2%Trimmed
Alphabet Inc(GOOGL)1.5%Added2.7%Trimmed
Microsoft Corp(MSFT)1.1%Added3.1%Trimmed
Adv Micro Dev STK(AMD)1.1%Trimmed0.9%Added
Tesla Motors Inc(TSLA)2.3%Added0.7%Added
Facebook Inc(META)0.8%Added0.7%Trimmed
Alphabet Inc(GOOG)0.6%Added1.0%Added
Taiwan Semiconductor MFG LTD(TSM)2.5%Added0.5%Trimmed
Apple Inc(AAPL)0.5%Trimmed3.0%Trimmed
SanDisk Corp(SNDK)1.9%New0.4%Added
Intel Corp(INTC)0.8%Added0.4%Added
Visa Inc(V)0.4%New0.6%Trimmed
Netflix Inc(NFLX)0.6%Trimmed0.3%Trimmed
Lilly Eli & Co(LLY)0.3%Added2.3%Trimmed
Berkshire Hathaway Inc(BRK-B)1.1%Added0.3%Added
Unitedhealth Group Inc Com(UNH)0.3%Trimmed0.8%Added
Vertex Pharmaceuticals Inc(VRTX)0.5%Added0.3%Added
Intuitive Surgical Inc(ISRG)0.4%Added0.3%Trimmed
040413205(ANET)0.3%Trimmed0.2%Added

and 115 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.

  • Microsoft Corp(MSFT)Hudson Bay Capital Management LP added; Wellington Management Group LLP trimmed
  • Alphabet Inc(GOOGL)Hudson Bay Capital Management LP added; Wellington Management Group LLP trimmed
  • Lilly Eli & Co(LLY)Hudson Bay Capital Management LP added; Wellington Management Group LLP trimmed
  • Amazon Com Inc(AMZN)Hudson Bay Capital Management LP added; Wellington Management Group LLP trimmed
  • Micron Technology Inc(MU)Hudson Bay Capital Management LP sold out; Wellington Management Group LLP added
  • Adv Micro Dev STK(AMD)Hudson Bay Capital Management LP trimmed; Wellington Management Group LLP added
  • Unitedhealth Group Inc Com(UNH)Hudson Bay Capital Management LP trimmed; Wellington Management Group LLP added
  • Facebook Inc(META)Hudson Bay Capital Management LP added; Wellington Management Group LLP trimmed
  • Visa Inc(V)Hudson Bay Capital Management LP started; Wellington Management Group LLP trimmed
  • Wells Fargo & Co New(WFC)Hudson Bay Capital Management LP added; Wellington Management Group LLP trimmed
  • Walt Disney STK(DIS)Hudson Bay Capital Management LP sold out; Wellington Management Group LLP added
  • Taiwan Semiconductor MFG LTD(TSM)Hudson Bay Capital Management LP added; Wellington Management Group LLP trimmed
Hudson Bay Capital Management LP: the recordWellington Management Group LLP: the record

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