§ 13F · FUND PROFILE
Hudson Bay Capital Management LP.
Multi-strategy, convertible arbitrage
AUM · $29440.6T (13F)Positions · 1443Turnover · 87% · Q4Filed · Feb 13, 2026
CONCENTRATION
25%
Top 10 holdings
NEW BUYS
+425
+$2067.7T deployed
EXITS
0
No exits
SECTOR SHIFT
RETAIL → TECHNOLOGY
-2pp · +5pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 13, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | TSLA | TESLA INC | 3.02M | $1358.2T | 4.5% | +72% |
| 2 | NVDA | NVIDIA CORPORATION | 5.92M | $1103.7T | 3.6% | — |
| 3 | NVDA | NVIDIA CORPORATION | 5.45M | $1016.7T | 3.4% | — |
| 4 | TSLA | TESLA INC | 1.80M | $810.1T | 2.7% | +2% |
| 5 | AMZN | AMAZON COM INC | 2.90M | $669.4T | 2.2% | −34% |
| 6 | AMD | ADVANCED MICRO DEVICES INC | 2.75M | $588.9T | 1.9% | +43% |
| 7 | AMZN | AMAZON COM INC | 2.52M | $580.7T | 1.9% | −42% |
| 8 | TSLA | TESLA INC | 1.24M | $557.7T | 1.8% | −30% |
| 9 | IWM | ISHARES TR | 2.15M | $529.0T | 1.7% | — |
| 10 | AMD | ADVANCED MICRO DEVICES INC | 2.35M | $503.3T | 1.7% | +22% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other31.3% (+2pp)
Technology14.3% (+5pp)
Semiconductors13.4% (+1pp)
Automobiles9.1% (+3pp)
Retail8.0% (−2pp)
Media7.6% (+3pp)
§ 03 · THE HUDSON SIGNAL
AC read
Hudson Bay Capital Management LP is a Tactical / Macro fund managing $29440638.1 trillion in assets. The fund runs a massive portfolio of 1,443 positions, broad diversification across holdings, with the top 10 accounting for 25%. Trading activity is aggressive at 87% quarterly turnover, with 425 new positions and 0 exits last quarter. Top sector allocations: Other (31%), Technology (14%), Semiconductors (13%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+425 buys · −0 exits · 694 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q2 2025
Steady book
+0 buys · −0 exits · 0 changed