DaveManuel.com · Institutional Ownership · 13F Holdings

HBK INVESTMENTS L P

Reported holdings as of Q2 2026, from 35 quarterly filings.

CIK

1011443

Reported value

$10.3B

Positions

245

Top 10 weight

54.3%

Filed

2026-09-16

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
nan	BLD	$930.6M	2,625,000	9.04%	-	new	NEW
ELECTRONIC ARTS INC	EA	$654.1M	3,190,000	6.35%	-0.41pp	3q	-2.4%-$16.4M
PENUMBRA INC	PEN	$580.5M	1,838,508	5.64%	+0.19pp	2q	+12.5%+$64.5M
NORFOLK SOUTHN CORP	NSC	$550.5M	1,750,000	5.35%	+0.29pp	4q	+0.8%+$4.3M
STATE STR SPDR S&P 500 ETF T CALL+PUT	SPY	$539.0M	2,782	5.24%	+3.64pp	14q	-27.4%-$203.4M
KENVUE INC	KVUE	$535.1M	28,000,001	5.20%	+1.52pp	3q	+33.3%+$133.8M
WARNER BROS DISCOVERY INC	WBD	$505.6M	18,965,932	4.91%	+0.35pp	6q	+15.9%+$69.4M
BIO TECHNE CORP	TECH	$482.2M	6,825,000	4.68%	-	new	NEW
NUVALENT INC	NUVL	$430.2M	3,483,100	4.18%	-	new	NEW
APOGEE THERAPEUTICS INC	APGE	$378.3M	2,850,000	3.67%	-	new	NEW
CHART INDS INC	GTLS	$373.8M	1,789,092	3.63%	+2.19pp	4q	+159.6%+$229.8M
TECK RESOURCES LTD	TECK	$343.3M	5,773,121	3.33%	+2.50pp	2q	+264.2%+$249.0M
JANUS HENDERSON GROUP PLC	JHG	$267.8M	5,149,300	2.60%	+0.40pp	2q	+21.7%+$47.8M
GAMESTOP CORP 0 06/15/2032 144A		$257.8M	253,521,000	2.50%	-	new	DEBT
INVESCO QQQ TR CALL+PUT	QQQ	$238.9M	options only	2.32%	+0.63pp	6q	OPTIONS
SILICON LABORATORIES INC	SLAB	$218.6M	1,000,000	2.12%	-	new	NEW
NVIDIA CORPORATION PUT	NVDA	$206.0M	options only	2.00%	-4.07pp	6q	OPTIONS
ROKU INC	ROKU	$163.6M	1,184,334	1.59%	-	new	NEW
AES CORP	AES	$162.3M	11,070,839	1.58%	-	new	NEW
ISHARES TR CALL+PUT	IWM	$160.4M	options only	1.56%	-0.15pp	14q	OPTIONS
LIBERTY BROADBAND CORP	LBRDK	$149.5M	4,495,095	1.45%	-0.74pp	4q	+4.8%+$6.9M
VALARIS LTD	VAL	$114.4M	1,575,143	1.11%	-	new	NEW
NEBIUS GROUP N.V. PUT	NBIS	$109.7M	options only	1.07%	+0.59pp	5q	OPTIONS
CATALYST PHARMACEUTICALS INC	CPRX	$88.6M	2,820,302	0.86%	-	new	NEW
DPC HOLDINGS PLC	DPC	$59.1M	1,482,881	0.57%	-	new	NEW
GAMESTOP CORP CALL+PUT	GME	$48.7M	729,665	0.47%	+0.02pp	5q	-6.7%-$3.5M
SIRIUSXM HOLDINGS INC CALL	SIRI	$47.9M	848,845	0.47%	+0.02pp	8q	-27.1%-$17.8M
UBER TECHNOLOGIES INC		$47.0M	40,575,000	0.46%	-	new	DEBT
TXNM ENERGY INC		$45.1M	34,500,000	0.44%	+0.07pp	5q	DEBT
ALIGNMENT HEALTHCARE INC		$44.0M	25,600,000	0.43%	+0.08pp	3q	DEBT
MAKEMYTRIP LIMITED MAURITIUS		$43.3M	47,500,000	0.42%	-	new	DEBT
TRIPADVISOR INC CALL+PUT	TRIP	$42.6M	1,514,728	0.41%	-0.11pp	14q	-40.0%-$28.5M
HEWLETT PACKARD ENTERPRISE C	HPEPRC	$41.0M	350,000	0.40%	+0.20pp	8q	+16.7%+$5.9M
SPACE EXPLORATION TECHN CORP	SPCX	$40.6M	237,500	0.39%	-	new	NEW
FRESHPET INC		$39.9M	34,160,000	0.39%	+0.03pp	10q	DEBT
ARK 21SHARES BITCOIN ETF	ARKB	$38.3M	1,966,887	0.37%	-0.08pp	10q	HELD
VANGUARD INDEX FDS PUT	VTV	$35.3M	options only	0.34%	-	new	OPTIONS
PELOTON INTERACTIVE INC		$34.8M	21,500,000	0.34%	+0.02pp	5q	DEBT
COOPER COS INC	COO	$31.7M	441,651	0.31%	-	new	NEW
CONCENTRA GROUP HOLDINGS PAR	CON	$31.1M	1,044,614	0.30%	+0.11pp	7q	+21.1%+$5.4M
RIVIAN AUTOMOTIVE INC		$30.3M	28,200,000	0.29%	+0.06pp	5q	DEBT
UBER TECHNOLOGIES INC CALL+PUT	UBER	$30.2M	361,434	0.29%	-0.07pp	9q	+20.9%+$5.2M
SOLVENTUM CORP	SOLV	$29.9M	388,022	0.29%	+0.03pp	8q	HELD
NEWS CORP NEW	NWSA	$29.4M	1,183,664	0.29%	-0.01pp	13q	HELD
TXNM ENERGY INC	TXNM	$27.5M	484,938	0.27%	-1.54pp	3q	-84.1%-$145.1M
ANI Pharma 2.250 01-Sep-2029		$26.1M	20,150,000	0.25%	flat	4q	DEBT
COMCAST CORP NEW	CMCSA	$23.0M	937,002	0.22%	-0.09pp	2q	-12.2%-$3.2M
TESLA INC PUT	TSLA	$22.2M	options only	0.22%	-0.27pp	6q	OPTIONS
HOWMET AEROSPACE INC PUT	HWM	$22.0M	options only	0.21%	-0.28pp	2q	OPTIONS
ISHARES TR PUT	IWO	$19.7M	options only	0.19%	+0.03pp	2q	OPTIONS
SILVERCORP METALS INC		$19.5M	8,000,000	0.19%	-0.02pp	3q	DEBT
REDWOOD TRUST INC		$19.2M	18,875,000	0.19%	+0.16pp	13q	DEBT
MATTEL INC	MAT	$18.0M	1,300,000	0.18%	-0.02pp	2q	HELD
STRATEGY INC PUT	MSTR	$18.0M	18,227	0.17%	+0.15pp	11q	HELD
CenterPoint Energy Inc		$17.9M	14,895,000	0.17%	-0.01pp	4q	DEBT
MARRIOTT VACATIONS WORLDWIDE		$16.3M	16,500,000	0.16%	flat	11q	DEBT
Alibaba Group Holding Limited		$16.2M	13,700,000	0.16%	-0.01pp	5q	DEBT
PENNYMAC MORTGAGE INVESTMENT TRUST		$15.7M	15,250,000	0.15%	-0.01pp	5q	DEBT
FIDELITY ETHEREUM FD	FETH	$15.4M	980,008	0.15%	-0.09pp	8q	-13.0%-$2.3M
FORTUNA MNG CORP		$15.4M	10,000,000	0.15%	-0.03pp	5q	DEBT
DELTA AIR LINES INC PUT	DAL	$14.7M	options only	0.14%	+0.14pp	11q	OPTIONS
QUANTINUUM INC	QNT	$14.7M	179,462	0.14%	-	new	NEW
INTEGER HLDGS CORP	ITGR	$14.5M	155,186	0.14%	-	new	NEW
VERSIGENT PLC	VGNT	$14.4M	343,706	0.14%	-	new	NEW
DIGITAL RLTY TR INC	DLR	$14.4M	80,000	0.14%	+0.11pp	5q	+528.1%+$12.1M
ARM HOLDINGS PLC PUT	ARM	$14.2M	options only	0.14%	-	new	OPTIONS
SELECT SECTOR SPDR TR PUT	XLF	$13.7M	options only	0.13%	+0.01pp	3q	OPTIONS
VELOCITY FINL INC PUT	VEL	$13.6M	options only	0.13%	flat	2q	OPTIONS
PAR TECHNOLOGY CORP		$13.1M	16,200,000	0.13%	+0.05pp	2q	DEBT
MEDLINE INC	MDLN	$12.8M	325,000	0.12%	-0.07pp	3q	-23.5%-$3.9M
COREWEAVE INC PUT	CRWV	$12.4M	options only	0.12%	-0.03pp	3q	OPTIONS
WALMART INC PUT	WMT	$12.1M	options only	0.12%	-0.02pp	2q	OPTIONS
SPDR SERIES TRUST	SPYM	$12.1M	137,616	0.12%	+0.02pp	4q	+14.2%+$1.5M
NEXTERA ENERGY INC	NEEPRV	$12.0M	250,000	0.12%	+0.07pp	2q	+150.0%+$7.2M
CHARTER COMMUNICATIONS INC PUT	CHTR	$11.4M	3,352	0.11%	-0.06pp	3q	-87.6%-$80.5M
CAPITAL SOUTHWEST CORP		$11.3M	10,763,000	0.11%	flat	2q	DEBT
ARES CAPITAL CORP CALL+PUT	ARCC	$10.7M	options only	0.10%	flat	8q	OPTIONS
FMC CORP CALL	FMC	$10.4M	595,200	0.10%	-	new	NEW
COSTCO WHOLESALE CORPORATION PUT	COST	$10.4M	options only	0.10%	-0.19pp	2q	OPTIONS
Vertex Inc 0.750 01-May-2029		$9.9M	11,000,000	0.10%	-0.08pp	5q	DEBT
ALPHABET INC PUT	GOOG	$9.9M	options only	0.10%	-0.03pp	6q	OPTIONS
ATLANTA BRAVES HLDGS INC	BATRK	$9.6M	185,872	0.09%	+0.01pp	11q	-6.3%-$653.8K
FLUOR CORP CALL+PUT	FLR	$9.6M	160,953	0.09%	-	new	NEW
VIAVI SOLUTIONS INC	VIAV	$9.6M	200,000	0.09%	-	new	NEW
ENCORE CAP GROUP INC PUT	ECPG	$9.5M	options only	0.09%	+0.02pp	2q	OPTIONS
NIO INC		$9.3M	9,300,000	0.09%	flat	8q	DEBT
GLADSTONE CAP CORP		$9.2M	9,500,000	0.09%	flat	4q	DEBT
IMAX CORP	IMAX	$8.1M	202,160	0.08%	-	new	NEW
BANK OF AMER CORP PUT	BAC	$7.9M	options only	0.08%	-0.04pp	4q	OPTIONS
FORTRESS V	FVAV	$7.6M	750,000	0.07%	flat	2q	HELD
PENNYMAC MTG INVT TR PUT	PMT	$7.5M	options only	0.07%	-0.01pp	14q	OPTIONS
KPET ULTRA PACELINE CORP	KPET	$7.5M	750,006	0.07%	-	new	NEW
PERSHING SQUARE USA LTD	PSUS	$7.5M	200,000	0.07%	-	new	NEW
AVERIN CAP ACQUISITION CORP	ACAA	$7.5M	750,006	0.07%	-	new	NEW
CITIGROUP INC PUT	C	$7.4M	options only	0.07%	+0.01pp	4q	OPTIONS
Gores Holdings Xi Inc Unit 06/24/2031	GHXIU	$7.4M	725,000	0.07%	-	new	NEW
JENA ACQUI	JENA	$7.3M	699,900	0.07%	flat	4q	HELD
General Catalyst Global Resilience Merger Corp	GCGR	$7.1M	700,004	0.07%	-	new	NEW
ZIFF DAVIS INC		$7.0M	7,000,000	0.07%	-0.05pp	2q	DEBT
KRAKACQUISITION CORPORATION	KRAQ	$7.0M	700,004	0.07%	flat	2q	HELD
ICAHN ENTERPRISES LP PUT	IEP	$6.8M	options only	0.07%	flat	2q	OPTIONS
DATADOG INC CALL+PUT	DDOG	$6.8M	22,249	0.07%	-0.03pp	7q	-63.9%-$12.0M
ALPHABET INC	GOOGN	$6.7M	133,800	0.07%	-	new	NEW
RMG ML SPORTS HOLDINGS	SHOTU	$6.5M	650,000	0.06%	-	new	NEW
BLACKLINE INC		$6.5M	7,005,000	0.06%	-0.06pp	3q	DEBT
ISHARES TR PUT	IWD	$6.4M	options only	0.06%	flat	3q	OPTIONS
CINEMARK HLDGS INC PUT	CNK	$6.3M	options only	0.06%	-0.16pp	14q	OPTIONS
INVESCO EXCHANGE TRADED FD T PUT	RSP	$6.3M	options only	0.06%	flat	3q	OPTIONS
LIFTOFF MOBILE INC COM	LFTO	$6.2M	256,250	0.06%	-	new	NEW
INNIO NV	INIO	$6.0M	152,500	0.06%	-	new	NEW
CH4 NATURAL SOLUTIONS CORP	MTNE	$5.9M	600,000	0.06%	-	new	NEW
GAMESTOP CORP		$5.9M	5,750,000	0.06%	-	new	DEBT
HONEYWELL AEROSPACE INC	HONA	$5.5M	25,004	0.05%	-	new	NEW
PG&E CORP PFD CONV SER	PCGPRX	$5.4M	130,000	0.05%	-	new	NEW
NEXTERA ENERGY INC	NEEPRS	$5.4M	100,000	0.05%	-0.06pp	7q	-50.0%-$5.4M
ARTIUS II ACQUISITION INC	AACB	$5.2M	499,998	0.05%	flat	5q	HELD
GORES HLDGS X INC	GTEN	$5.2M	500,000	0.05%	flat	4q	HELD
DANAHER CORP DEL PUT	DHR	$5.2M	2,178	0.05%	-0.11pp	2q	-91.0%-$52.1M
Super Micro Computer Inc	SMCIP	$5.1M	100,000	0.05%	-	new	NEW
COLOMBIER ACQUISITION CORP I	CLBR	$5.1M	500,008	0.05%	flat	2q	HELD
ONEIM ACQU	OIM	$5.0M	500,004	0.05%	flat	2q	HELD
DRUGS MADE IN AMER ACQ II CO	DMII	$5.0M	500,000	0.05%	flat	3q	HELD
ALUSSA ENERGY ACQUISIT CORP	ALUB	$5.0M	500,001	0.05%	flat	2q	HELD
AMERICAN DRIVE ACQ CRP; TNT ACQ DT: 12/17/2027; CASH: $10.00	ADAC	$5.0M	500,001	0.05%	flat	2q	HELD
SNOW ROTHSCHILD ACQUISITION	ISNRU	$5.0M	500,000	0.05%	-	new	NEW
HIMS & HERS HEALTH INC PUT	HIMS	$5.0M	options only	0.05%	-	new	OPTIONS
BOLD EAGLE ACQUISITION CORP CL A	BEAG	$4.8M	450,000	0.05%	flat	7q	HELD
CANTOR EQU	CEPF	$4.7M	450,000	0.05%	flat	4q	HELD
Infinite Eagle Acquisition Corp	IEAG	$4.6M	450,000	0.04%	flat	2q	HELD
LIFEWAY FOODS INC	LWAY	$4.5M	150,000	0.04%	-	new	NEW
WOLFSPEED INC PUT	WOLF	$4.4M	options only	0.04%	-	new	OPTIONS
AMERICAN EXCEPTIONALISM ACQU	AEXA	$4.1M	350,000	0.04%	flat	4q	HELD
KARBON CAP PARTNERS CORP	KBON	$4.0M	400,004	0.04%	flat	2q	HELD
Wilco 63 Corp	WLCOU	$4.0M	400,000	0.04%	-	new	NEW
BOBS DISC FURNITURE INC COM SHS	BOBS	$4.0M	250,000	0.04%	+0.01pp	2q	HELD
ADVANCED MICRO DEVICES INC PUT	AMD	$4.0M	options only	0.04%	-0.22pp	2q	OPTIONS
PPL CORP	PPLC	$3.9M	80,000	0.04%	flat	2q	HELD
PAR TECHNOLOGY CORP CALL	PAR	$3.8M	139,666	0.04%	-	new	NEW
PERIMETER ACQUISITION CORP I COM C	PMTR	$3.8M	360,000	0.04%	flat	4q	HELD
SILVERBOX CORP V	SBXE	$3.5M	350,001	0.03%	flat	2q	HELD
IRENIC ACQUISITION CORP	IACQ	$3.5M	350,004	0.03%	-	new	NEW
HONEYWELL INTL INC	HON	$3.4M	15,004	0.03%	-	new	NEW
CHEVRON CORPORATION PUT	CVX	$3.2M	8,121	0.03%	-0.06pp	2q	-26.6%-$1.2M
Churchill Capital Corp XII	CXII	$3.2M	300,010	0.03%	-	new	NEW
ENTREPRENEURSHARES SERIES TR	XOVR	$3.2M	150,445	0.03%	-	new	NEW
CHURCHILL CAP CORP XI	CCXI	$3.1M	180,000	0.03%	flat	2q	-40.0%-$2.1M
SIDDHI ACQUISITION CORP C	SDHI	$3.1M	300,000	0.03%	flat	5q	HELD
GMR SOLUTIONS INC	GMRS	$3.1M	200,000	0.03%	-	new	NEW
FUTURECREST ACQUISITION CORP CL A O	FCRS	$3.1M	299,916	0.03%	flat	3q	HELD
Solarius Capital Acquisition Corp	SOCA	$3.1M	300,000	0.03%	flat	4q	HELD
ARCHER AVIATION INC	ACHR	$3.1M	650,000	0.03%	-0.02pp	8q	-35.0%-$1.7M
Cantor Equity Partners VII Inc	CAES	$3.0M	300,000	0.03%	-	new	NEW
LONG TABLE GROWTH CORP	LTGRU	$3.0M	300,000	0.03%	-	new	NEW
ELLINGTON FINANCIAL INC PUT	EFC	$2.7M	options only	0.03%	flat	2q	OPTIONS
AMAZON COM INC PUT	AMZN	$2.7M	options only	0.03%	-0.07pp	2q	OPTIONS
CHARLES SCHWAB CORP (THE) PUT	SCHW	$2.6M	11,483	0.03%	-0.01pp	2q	+16.5%+$372.4K
1RT ACQUIS	ONCH	$2.6M	249,304	0.02%	flat	4q	HELD
PYROPHYTE ACQUISITION CORP.	PAII	$2.5M	250,000	0.02%	flat	4q	HELD
TETRA TECH INC NEW	TTEK	$2.5M	87,923	0.02%	-0.09pp	3q	-63.2%-$4.4M
HIGHVIEW MERGER CORP O	HVMC	$2.5M	250,000	0.02%	flat	3q	HELD
HCM IV ACQUISITION CORP	HACQ	$2.5M	250,004	0.02%	-	new	NEW
ARCHIMEDES TECH SPAC PTNRS I	ARCI	$2.5M	250,004	0.02%	flat	2q	HELD
PALOMA ACQUISITION CORP I	PALO	$2.5M	250,002	0.02%	-	new	NEW
BLACKSTONE SECD LENDING FD PUT	BXSL	$2.4M	options only	0.02%	-0.03pp	4q	OPTIONS
VERIZON COMMUNICATIONS INC PUT	VZ	$2.3M	24,979	0.02%	-0.05pp	2q	-37.2%-$1.4M
GRAB HOLDINGS LIMITED CALL+PUT	GRAB	$2.3M	125,911	0.02%	+0.01pp	5q	HELD
GRAYSCALE ETHEREUM STAKING	ETH	$2.3M	152,621	0.02%	-0.04pp	5q	-50.9%-$2.4M
CLEVELAND-CLIFFS INC NEW	CLF	$2.3M	240,000	0.02%	-0.01pp	2q	-34.8%-$1.2M
CANTOR EQUITY PARTNERS VI IN	CEPS	$2.1M	200,000	0.02%	flat	2q	HELD
BAIN CAP GSS INVT CORP	BCSS	$2.1M	200,005	0.02%	flat	3q	HELD
SAFEGUARD ACQUISITION CORP	SAC	$2.0M	200,002	0.02%	flat	2q	HELD
GENERAL PURPOSE ACQ CRP; TNT ACQ DT: 12/04/2027; CASH: $10.00	GPAC	$2.0M	200,002	0.02%	flat	2q	HELD
GOODYEAR TIRE & RUBR CO PUT	GT	$2.0M	options only	0.02%	-	new	OPTIONS
JPMORGAN CHASE & CO PUT	JPM	$1.9M	options only	0.02%	flat	4q	OPTIONS
CVR ENERGY INC PUT	CVI	$1.9M	options only	0.02%	+0.01pp	2q	OPTIONS
STAG INDUSTRIAL INC PUT	STAG	$1.9M	options only	0.02%	flat	2q	OPTIONS
KRANESHARES TRUST PUT	KWEB	$1.8M	options only	0.02%	flat	8q	OPTIONS
TRUMP MEDIA & TECHNOLOGY GRO CALL	DJT	$1.8M	24,803	0.02%	flat	5q	HELD
HALLIBURTON CO PUT	HAL	$1.5M	20,036	0.02%	-0.03pp	2q	-42.7%-$1.2M
CANTOR EQUITY PARTNERS V INC	CEPV	$1.5M	150,000	0.02%	flat	3q	HELD
CURBLINE PPTYS CORP	CURB	$1.5M	50,000	0.01%	-	new	NEW
RICE ACQUISITION CORP 3	KRSP	$1.4M	135,000	0.01%	flat	3q	-9.5%-$148.2K
FRESHPET INC CALL+PUT	FRPT	$1.3M	options only	0.01%	flat	3q	OPTIONS
FIGX CAP A	FIGX	$1.3M	125,002	0.01%	flat	4q	HELD
OAKTREE SPECIALTY LENDING PUT	OCSL	$1.2M	options only	0.01%	-	new	OPTIONS
NRG ENERGY INC	NRG	$1.2M	8,000	0.01%	-0.01pp	2q	-46.7%-$1.0M
NIO INC PUT	NIO	$1.1M	options only	0.01%	flat	7q	OPTIONS
INTUITIVE SURGICAL INC PUT	ISRG	$1.1M	options only	0.01%	-0.02pp	2q	OPTIONS
PALANTIR TECHNOLOGIES INC PUT	PLTR	$1.0M	1,753	0.01%	-0.11pp	2q	-92.0%-$12.1M
ISHARES BITCOIN TRUST ETF PUT	IBIT	$1.0M	options only	0.01%	-0.57pp	7q	OPTIONS
HCM III ACQUISITION CORP O	HCMA	$1.0M	100,002	0.01%	flat	4q	HELD
PROCAP ACQUISITION CORP	PCAP	$1.0M	100,002	0.01%	flat	4q	HELD
META PLATFORMS INC PUT	META	$1.0M	options only	0.01%	-0.18pp	2q	OPTIONS
HAWKEYE 360 INC COM SHS	HAWK	$1.0M	50,000	0.01%	-	new	NEW
REDWOOD TRUST INC PUT	RWT	$1.0M	options only	0.01%	flat	2q	OPTIONS
KARMAN HLDGS INC	KRMN	$998.4K	20,000	0.01%	-	new	NEW
GLOBALFOUNDRIES INC	GFS	$988.9K	12,000	0.01%	-	new	NEW
BARINGS BDC INC PUT	BBDC	$852.0K	options only	0.01%	-	new	OPTIONS
ALIGNMENT HEALTHCARE INC CALL	ALHC	$828.6K	options only	0.01%	flat	5q	OPTIONS
ALPHABET INC	GOOGM	$818.7K	16,200	0.01%	-	new	NEW
AURORA INNOVATION INC PUT	AUR	$750.2K	options only	0.01%	flat	5q	OPTIONS
IDEA ACQUISITION CORP	IACO	$722.1K	72,870	0.01%	-	new	NEW
ACADIAN ASSET MANAGEMENT INC	AAMI	$715.2K	10,000	0.01%	-	new	NEW
HUMACYTE INC	HUMA	$616.5K	790,000	0.01%	-	new	NEW
SIMON PPTY GROUP INC NEW PUT	SPG	$268.4K	options only	0.00%	-0.04pp	2q	OPTIONS
HERTZ GLOBAL HLDGS INC	HTZ	$226.5K	100,000	0.00%	-	new	NEW
LUCID GROUP INC	LCID	$221.2K	33,070	0.00%	flat	4q	+217.9%+$151.6K
GAMESTOP CORP NEW CALL+PUT	GMEWS	$184.2K	options only	0.00%	flat	3q	OPTIONS
PERIMETER ACQUISITION CORP I	PMTRW	$180.0K	200,000	0.00%	flat	4q	HELD
GENERAL CATALYST GBL RESIL M	GCGRW	$171.5K	175,001	0.00%	-	new	NEW
Churchill Capital Corp XI	CCXIW	$112.5K	15,000	0.00%	flat	2q	-50.0%-$112.5K
Jena Acquisition Corp Ii Right 03/31/2030	JENART	$109.9K	646,400	0.00%	flat	4q	HELD
ARTIUS II ACQUISITION INC	AACBR	$105.0K	500,000	0.00%	flat	5q	HELD
American Drive Acquisition Co	ADACW	$105.0K	166,667	0.00%	flat	2q	HELD
CH4 Natural Solutions Corp	MTNEWS	$99.0K	300,000	0.00%	-	new	NEW
GORES HLDGS X INC	GTENW	$92.5K	125,000	0.00%	flat	4q	HELD
Infinite Eagle Acquisition C Right 01/13/2031	IEAGR	$87.8K	450,000	0.00%	flat	2q	HELD
KRAKacquisition Corp	KRAQW	$81.9K	175,001	0.00%	flat	2q	HELD
AVERIN CAP ACQUISITION CORP	ACAAW	$81.3K	125,001	0.00%	-	new	NEW
KPET ULTRA PACELINE CORP	KPETWS	$78.8K	125,001	0.00%	-	new	NEW
ONEIM ACQUISITION CORP	OIMAW	$70.8K	83,334	0.00%	flat	2q	HELD
SIDDHI ACQUISITION CORP	SDHIR	$68.4K	300,000	0.00%	flat	5q	HELD
Alussa Energy Acquisition Corp II	ALUBWS	$66.6K	166,667	0.00%	flat	2q	HELD
Irenic Acquisition Corp	IACQW	$64.2K	116,668	0.00%	-	new	NEW
FutureCrest Acquisition Corp	FCRSWS	$63.8K	75,001	0.00%	flat	3q	HELD
Pyrophyte Acquisition Corp II	PAIIWS	$62.5K	125,000	0.00%	flat	4q	HELD
Safeguard Acquisition Corp	SACWS	$59.0K	100,001	0.00%	flat	2q	HELD
SilverBox Corp V	SBXEWS	$56.0K	116,667	0.00%	flat	2q	HELD
KARBON CAP PARTNERS CORP	KBONW	$54.1K	100,001	0.00%	flat	2q	HELD
CHURCHILL CAP CORP XII	CXIIW	$51.0K	30,001	0.00%	-	new	NEW
Colombier Acquisition Corp III	CLBRWS	$50.0K	62,501	0.00%	flat	2q	HELD
ARCHIMEDES TECH SPAC PTNRS I	ARCIW	$46.9K	62,501	0.00%	flat	2q	HELD
Highview Merger Corp	HVMCW	$43.8K	125,000	0.00%	flat	3q	HELD
Paloma Acquisition Corp I	PALOW	$43.8K	125,001	0.00%	-	new	NEW
Solarius Capital Acquisition Corp	SOCAW	$43.5K	150,000	0.00%	flat	4q	HELD
Drugs Made In Amer Acq Ii Co Right 09/16/2030	DMIIR	$36.4K	500,000	0.00%	flat	3q	HELD
HCM IV ACQUISITION CORP	HACQW	$33.8K	62,501	0.00%	-	new	NEW
1RT Acquisition Corp	ONCHW	$31.9K	62,501	0.00%	flat	4q	HELD
BAIN CAP GSS INVT CORP	BCSSWS	$27.2K	40,001	0.00%	flat	3q	HELD
General Purpose Acquisition Corp	GPACW	$26.0K	100,001	0.00%	flat	2q	HELD
Rice Acquisition Corp 3	KRSPWS	$24.8K	25,000	0.00%	flat	3q	HELD
HCM III Acquisition Corp	HCMAW	$21.7K	33,334	0.00%	flat	4q	HELD
FIGX CAP ACQUISITION CORP.	FIGXW	$17.5K	62,501	0.00%	flat	4q	HELD
ProCap Acquisition Corp	PCAPW	$10.7K	33,334	0.00%	flat	4q	HELD
IDEA ACQUISITION EQY WARRANTS	IACOW	$8.5K	24,290	0.00%	-	new	NEW

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Medical Devices	$670.5M	6.5%
Transport & Logistics	$568.3M	5.5%
Funds & ETFs	$561.6M	5.5%
Chemicals	$547.4M	5.3%
Biotech & Pharma	$482.8M	4.7%
Semiconductors & Electronics	$463.6M	4.5%
Mining & Metals	$426.7M	4.1%
Telecom & Media	$293.7M	2.9%
Software & IT Services	$260.7M	2.5%
Utilities	$194.9M	1.9%
Holding & Investment	$181.5M	1.8%
Other sectors	$535.7M	5.2%
Not classified	$5.1B	49.6%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q3 2025	+9.7%	+7.8%	+1.9%	63%
Q2 2025	-7.5%	+10.5%	-17.9%	71%
Q4 2024	+6.7%	+2.1%	+4.5%	70%
Q2 2024	-2.5%	+4.0%	-6.5%	81%
Q1 2024	+7.6%	+10.0%	-2.4%	71%
Q4 2023	+1.2%	+11.2%	-10.0%	69%
Q4 2021	+7.3%	+10.7%	-3.4%	61%
Q3 2020	+2.1%	+8.6%	-6.5%	60%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q2 2026	$10.3B	245	74	25	43	95	54.3%	78
Q1 2026	$9.9B	266	116	25	28	72	51.1%	45
Q4 2025	$12.7B	222	82	24	33	75	54.0%	48
Q3 2025	$9.1B	215	92	22	30	58	50.7%	45
Q2 2025	$7.7B	181	77	27	29	51	56.6%	44
Q1 2025	$7.1B	155	57	20	32	66	62.8%	45
Q4 2024	$8.0B	164	53	27	30	35	64.7%	45
Q3 2024	$9.1B	146	50	33	25	35	70.1%	45
Q2 2024	$22.6B	131	55	26	12	59	90.9%	45
Q1 2024	$23.0B	135	48	20	15	68	92.2%	45
Q4 2023	$22.0B	155	48	25	27	61	90.3%	45
Q3 2023	$19.1B	168	63	30	22	162	87.4%	45
Q2 2023	$18.6B	267	137	22	29	93	87.2%	45
Q1 2023	$15.7B	223	215	4	3	7	86.6%	45
Q4 2022	$2.4B	15	8	6	1	311	87.2%	135
Q3 2022	$14.1B	318	59	26	40	153	75.4%	45
Q2 2022	$17.9B	412	112	80	76	384	77.6%	46
Q1 2022	$24.2B	684	230	31	104	259	78.1%	46
Q4 2021	$27.0B	713	188	43	33	216	78.6%	45
Q3 2021	$25.7B	741	183	66	33	262	77.3%	46
Q2 2021	$28.5B	820	325	92	35	312	73.3%	47
Q1 2021	$22.1B	807	575	24	69	447	69.6%	47
Q4 2020	$15.3B	679	227	58	61	168	58.7%	47
Q3 2020	$13.4B	620	185	76	53	120	56.8%	47
Q2 2020	$7.6B	555	547	3	4	7	57.2%	437
Q1 2020	$2.4B	15	9	4	1	647	93.0%	77
Q4 2019	$10.4B	653	204	61	54	164	59.1%	45
Q3 2019	$7.8B	613	235	61	35	211	50.0%	45
Q2 2019	$11.5B	589	220	42	123	650	64.5%	45
Q1 2019	$9.9B	1,019	362	218	315	508	41.2%	45
Q4 2018	$9.4B	1,165	1,161	4	0	5	40.5%	45
Q3 2018	$2.9B	9	7	1	1	3	100.0%	137
Q2 2018	$3.1B	5	2	1	1	1	100.0%	229
Q1 2018	$2.0B	4	2	1	0	0	100.0%	320
Q4 2017	$1.0B	2	0	0	0	0	100.0%	410

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.