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HCM

Highbridge Capital Management Portfolio holdings

AUM $3.09B
1-Year Est. Return 31.21%
This Fund
S&P 500
This Quarter Est. Return
+16.6%
1 Year Est. Return
+31.21%
3 Year Est. Return
+54.52%
5 Year Est. Return
+78.37%
10 Year Est. Return
+191.37%
AUM
$2.3B
AUM Growth
-$158M
Cap. Flow
-$1.36B
Cap. Flow %
-59.29%
Top 10 Hldgs %
37.61%
Holding
364
New
63
Increased
22
Reduced
27
Closed
57

Top Buys

Rank Stock Value
1
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$103M
2
VRNA
Verona Pharma
VRNA
+$52.2M
3
TXNM
TXNM Energy Inc
TXNM
+$35.1M
4
GLIBK
Liberty Capital Corp Series C GCI Group Common Stock
GLIBK
+$18.5M
5
FOX icon
Fox Class B
FOX
+$15.1M

Top Sells

Rank Stock Value
1
HES
Hess
HES
+$79M
2
ALE
Allete
ALE
+$57.5M
3
AMED
Amedisys
AMED
+$33.3M
4
SKX
Skechers
SKX
+$25.2M
5
BPMC
Blueprint Medicines
BPMC
+$24.3M

Sector Composition

Rank Sector Weight
1 Communication Services 8.64%
2 Financials 3.1%
3 Healthcare 2.77%
4 Technology 2.29%
5 Consumer Staples 1.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ETHA
76
iShares Ethereum Trust ETF
ETHA
$5.53B
$471K 0.02%
+14,952
New +$444K
MRNOW
77
Murano Global Investments PLC Warrants
MRNOW
$174K
– –
0
– –
FLDDW
78
Fold Holdings Warrant
FLDDW
$959K
– –
0
– –
TBMCR
79
DELISTED
Trailblazer Merger Corporation I Rights
TBMCR
$409K 0.02%
1,635,164
-5,504
-0.3% -$1.85K
TDS icon
80
Telephone and Data Systems
TDS
$4.1B
$392K 0.02%
10,000
– –
VWAVW
81
VisionWave Holdings Warrant
VWAVW
$1.47M
– –
0
– –
FUFUW icon
82
BitFuFu Inc Warrant
FUFUW
– –
0
– –
BGLWW
83
Blue Gold Ltd Warrant
BGLWW
$518K
– –
0
– –
CHARR
84
Charlton Aria Acquisition Corp Rights
CHARR
$311K 0.01%
1,413,276
-1,250
-0.1% -$239
QETAR icon
85
Quetta Acquisition Corp Right
QETAR
$284K 0.01%
143,660
-5,345
-4% -$9.32K
NTWOU
86
Newbury Street II Acquisition Corp Unit
NTWOU
$280K 0.01%
+330,948
New +$3.46M
MDAIW icon
87
Spectral AI Warrants
MDAIW
$5.67M
– –
0
– –
BDMD
88
Baird Medical Investment Holdings
BDMD
$37.7M
$265K 0.01%
125,000
– –
EURKR
89
Eureka Acquisition Corp Right
EURKR
$261K 0.01%
1,086,415
– –
IAUX.WS
90
i-80 Gold Corp Warrants
IAUX.WS
$128M
– –
0
– –
BLZRU
91
Trailblazer Acquisition Corp Unit
BLZRU
$205M
$256K 0.01%
+25,000
New +$253K
DAIC
92
CID HoldCo Inc
DAIC
$970K
$254K 0.01%
4,000
– –
RFAIR
93
RF Acquisition Corp II Right
RFAIR
$251K 0.01%
2,507,239
– –
ZEOWW
94
Zeo Energy Corp Warrants
ZEOWW
$97.2K
– –
0
– –
DMIIU
95
Drugs Made In America Acquisition II Corp Unit
DMIIU
$249K 0.01%
+25,000
New +$249K
BKHAR
96
Black Hawk Acquisition Corp Rights
BKHAR
$242K 0.01%
142,472
+15,363
+12% +$26.5K
SATLW icon
97
Satellogic Inc Warrant
SATLW
$80.9M
– –
0
– –
ULY
98
DELISTED
Urgent.ly
ULY
$222K 0.01%
+68,748
New +$354K
DMAAR
99
Drugs Made In America Acquisition Corp Rights
DMAAR
$214K 0.01%
983,600
+133,600
+16% +$24.8K
FTW.WS
100
Presidio Production Co Warrants
FTW.WS
– –
0
– –
2 3
4
5 6

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ECP
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TCG
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PC
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CCI
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CLG
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Highbridge Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Highbridge Capital Management held 364 positions worth $2.3B, down 6.4% from $2.45B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Highbridge Capital Management withdrew a net $1.36B in Q3 2025, closing 57 positions and reducing 27 holdings. Its most notable exit was Hess, an estimated $79M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 8.6% of assets, up from 6.8% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Highbridge Capital Management opened a new position in iShares iBoxx $ High Yield Corporate Bond ETF worth $103M.

  • Highbridge Capital Management's largest Q3 2025 buy was iShares iBoxx $ High Yield Corporate Bond ETF: 1,274,752 shares worth $103M.
  • Highbridge Capital Management added most to TXNM Energy Inc in Q3 2025, an estimated $35.1M increase.
  • Highbridge Capital Management's biggest Q3 2025 reduction was HEICO Corp Class A, cutting an estimated $20.8M.
  • Highbridge Capital Management fully exited Hess in Q3 2025, selling an estimated $79M.
  • Highbridge Capital Management's ten largest holdings make up 38% of its $2.3B portfolio in Q3 2025.
  • Highbridge Capital Management opened 63 new positions and closed 57 in Q3 2025.
  • Highbridge Capital Management's portfolio value fell 6.4% quarter-over-quarter to $2.3B.

Based on Highbridge Capital Management's 13F filing for Q3 2025, filed 10 Nov 2025.