Hudson Bay Capital Management Portfolio holdings
Hudson Bay Capital Management is an alternative asset management firm whose funds span credit, stocks, convertibles, event and merger strategies, and volatility. Sander Gerber founded it in 2005; he had started his own trading firm, Gerber Asset Management, in 1997 as an equity options trader at the American Stock Exchange, and that firm was dissolved and folded into Hudson Bay. Most of its assets sit in its multi-strategy fund, but it also invests in distressed debt and has taken part in shareholder activism. Gerber mainly designed its risk framework, the Deal Code System, and also developed the Gerber Statistic, a way of measuring how different assets move together. The firm manages money through privately offered funds.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$494M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$450M |
| 3 |
Sandisk
SNDK
|
+$437M |
| 4 |
Palantir
PLTR
|
+$400M |
| 5 |
Amazon
AMZN
|
+$293M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$403M |
| 2 |
Advanced Micro Devices
AMD
|
+$384M |
| 3 |
Flagstar Bank National Association
FLG
|
+$354M |
| 4 |
NVIDIA
NVDA
|
+$265M |
| 5 |
Broadcom
AVGO
|
+$200M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 49.87% |
| 2 | Technology | 15.36% |
| 3 | Financials | 7.19% |
| 4 | Consumer Discretionary | 6.58% |
| 5 | Communication Services | 5.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Tesla
TSLA
$1.54T
| $1.19B | 3.22% |
2,818,600
+265,000
| +10% | +$105M |
2024 Q3
7 quarters
|
|
|
2
PUT
Amazon
AMZN
$2.91T
| $1.13B | 3.07% |
4,747,000
+435,000
| +10% | +$109M |
2022 Q2
16 quarters
|
|
|
3
Amazon
AMZN
$2.91T
| $982M | 2.67% |
4,119,525
+1,168,128
| +40% | +$293M |
2021 Q4
18 quarters
|
|
|
4
PUT
NVIDIA
NVDA
$4.18T
| $942M | 2.56% |
4,707,700
-2,237,800
| -32% | -$460M |
2023 Q4
10 quarters
|
|
5
PUT
iShares Russell 2000 ETF
IWM
$78.5B
| $935M | 2.54% |
3,112,500
-404,700
| -12% | -$114M |
2024 Q2
8 quarters
|
|
|
6
PUT
TSMC
TSM
$2.12T
| $931M | 2.53% |
1,950,000
+1,280,000
| +191% | +$519M |
2025 Q3
3 quarters
|
|
|
7
TSMC
TSM
$2.12T
| $923M | 2.51% |
1,933,095
+1,216,396
| +170% | +$494M |
2024 Q1
9 quarters
|
|
|
8
Tesla
TSLA
$1.54T
| $864M | 2.34% |
2,053,052
+155,437
| +8% | +$61.8M |
2024 Q3
7 quarters
|
|
|
9
PUT
Advanced Micro Devices
AMD
$874B
| $820M | 2.23% |
1,411,100
-996,400
| -41% | -$409M |
2023 Q4
10 quarters
|
|
|
10
NVIDIA
NVDA
$4.18T
| $786M | 2.13% |
3,927,100
-1,291,194
| -25% | -$265M |
2022 Q2
16 quarters
|
|
|
11
PUT
Palantir
PLTR
$414B
| $758M | 2.06% |
6,494,700
+2,494,700
| +62% | +$340M |
2025 Q1
5 quarters
|
|
|
12
Sandisk
SNDK
$136B
| $696M | 1.89% |
+306,118
| New | +$437M |
2026 Q2
0 quarters
|
|
|
13
PUT
Sandisk
SNDK
$136B
| $693M | 1.88% |
+304,800
| New | +$435M |
2026 Q2
0 quarters
|
|
|
14
Palantir
PLTR
$414B
| $658M | 1.79% |
5,642,150
+2,933,931
| +108% | +$400M |
2025 Q1
5 quarters
|
|
15
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$803B
| $569M | 1.54% |
761,600
-169,400
| -18% | -$123M |
2020 Q1
25 quarters
|
|
|
16
Alphabet (Google) Class A
GOOGL
$3.57T
| $559M | 1.52% |
1,564,152
+1,251,479
| +400% | +$450M |
2022 Q2
16 quarters
|
|
|
17
PUT
Alphabet (Google) Class A
GOOGL
$3.57T
| $531M | 1.44% |
1,485,000
+1,135,000
| +324% | +$409M |
2022 Q3
15 quarters
|
|
18
PUT
Berkshire Hathaway Class B
BRK.B
$1.23T
| $460M | 1.25% |
918,600
+118,600
| +15% | +$57M |
2023 Q4
10 quarters
|
|
|
19
Berkshire Hathaway Class B
BRK.B
$1.23T
| $409M | 1.11% |
818,279
+53,013
| +7% | +$25.5M |
2022 Q2
16 quarters
|
|
|
20
Advanced Micro Devices
AMD
$874B
| $398M | 1.08% |
685,802
-937,008
| -58% | -$384M |
2023 Q3
11 quarters
|
|
21
Microsoft
MSFT
$3.93T
| $389M | 1.05% |
1,041,517
+312,132
| +43% | +$126M |
2022 Q2
16 quarters
|
|
|
22
PUT
Microsoft
MSFT
$3.93T
| $375M | 1.02% |
1,005,000
+280,000
| +39% | +$113M |
2025 Q4
2 quarters
|
|
23
PUT
Netflix
NFLX
$260B
| $318M | 0.86% |
4,451,000
-1,449,000
| -25% | -$128M |
2024 Q3
7 quarters
|
|
24
PUT
Invesco QQQ Trust
QQQ
$465B
| $309M | 0.84% |
419,200
+369,200
| +738% | +$254M |
2023 Q3
11 quarters
|
|
25
Meta Platforms (Facebook)
META
$1.63T
| $288M | 0.78% |
511,031
+458,270
| +869% | +$280M |
2021 Q4
18 quarters
|
|
Similar funds
Hudson Bay Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, Hudson Bay Capital Management held 1,853 positions worth $36.8B, up 27% from $29B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Hudson Bay Capital Management's Q2 2026 filing shows 472 new, 265 increased, 308 reduced and 518 closed positions. Its largest new stake was Sandisk: 306,118 shares worth $696M. The largest sale was Apple, an estimated $403M.
By sector, the portfolio is most concentrated in Miscellaneous at 50% of assets, down from 51% a quarter earlier, followed by Technology and Financials.
- Hudson Bay Capital Management's largest Q2 2026 buy was Sandisk: 306,118 shares worth $696M.
- Hudson Bay Capital Management added most to TSMC in Q2 2026, an estimated $494M increase.
- Hudson Bay Capital Management's biggest Q2 2026 reduction was Apple, cutting an estimated $403M.
- Hudson Bay Capital Management fully exited Broadcom in Q2 2026, selling an estimated $200M.
- Hudson Bay Capital Management's ten largest holdings make up 26% of its $36.8B portfolio in Q2 2026.
- Hudson Bay Capital Management opened 472 new positions and closed 518 in Q2 2026.
- Hudson Bay Capital Management's portfolio value rose 27% quarter-over-quarter to $36.8B.
Based on Hudson Bay Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.