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Hedge fund

Highbridge Capital Management LLC

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 919185

Reported value
$1.8bn
24% in companies we cover
Positions we cover
56
Largest SBET 3.7%
Copy, a year
+20.1%
S&P 500 +14.1%
Copy Sharpe ratio
0.50
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k$160k 2013201520172019202120232025 $113k$57.0k
CopyS&P 500 $10,000 copying Highbridge Capital Management LLC's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −61.2% (S&P 500 −31.8%); beta 0.96; alpha +14.5% a year (t = 1.05); last 12 months +11.6% against +12.1%.

Reported value by quarter

Highbridge Capital Management LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $5B $10B Reported value, 2013-06-30: $6.6B Reported value, 2013-09-30: $6.2B Reported value, 2013-12-31: $5.7B Reported value, 2014-03-31: $4.5B Reported value, 2014-06-30: $4.7B Reported value, 2014-09-30: $5B Reported value, 2014-12-31: $5.5B Reported value, 2015-03-31: $5B Reported value, 2015-06-30: $4.9B Reported value, 2015-09-30: $4.5B Reported value, 2015-12-31: $8.3B Reported value, 2016-03-31: $3.5B Reported value, 2016-06-30: $3.8B Reported value, 2016-09-30: $3.6B Reported value, 2016-12-31: $3.6B Reported value, 2017-03-31: $3.9B Reported value, 2017-06-30: $3.5B Reported value, 2017-09-30: $3.5B Reported value, 2017-12-31: $3.1B Reported value, 2018-03-31: $2.8B Reported value, 2018-06-30: $2.3B Reported value, 2018-09-30: $2B Reported value, 2018-12-31: $1.3B Reported value, 2019-03-31: $1.5B Reported value, 2019-06-30: $561.6M Reported value, 2019-09-30: $190.7M Reported value, 2019-12-31: $187M Reported value, 2020-03-31: $172.9M Reported value, 2020-06-30: $251.9M Reported value, 2020-09-30: $470.3M Reported value, 2020-12-31: $708.6M Reported value, 2021-03-31: $744.6M Reported value, 2021-06-30: $1.5B Reported value, 2021-09-30: $1.8B Reported value, 2021-12-31: $2.7B Reported value, 2022-03-31: $2.5B Reported value, 2022-06-30: $2.7B Reported value, 2022-09-30: $3B Reported value, 2022-12-31: $1.9B Reported value, 2023-03-31: $737.6K Reported value, 2023-06-30: $272M Reported value, 2023-09-30: $311M Reported value, 2023-12-31: $250.4M Reported value, 2024-03-31: $368.4M Reported value, 2024-06-30: $439.3M Reported value, 2024-09-30: $623M Reported value, 2024-12-31: $772.6M Reported value, 2025-03-31: $682.3M Reported value, 2025-06-30: $691.3M Reported value, 2025-09-30: $720M Reported value, 2025-12-31: $1.3B Reported value, 2026-03-31: $1.1B Reported value, 2026-06-30: $1.8B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $1.8B
View chart data
Period Reported value
2013-06-30 $6.6B
2013-09-30 $6.2B
2013-12-31 $5.7B
2014-03-31 $4.5B
2014-06-30 $4.7B
2014-09-30 $5B
2014-12-31 $5.5B
2015-03-31 $5B
2015-06-30 $4.9B
2015-09-30 $4.5B
2015-12-31 $8.3B
2016-03-31 $3.5B
2016-06-30 $3.8B
2016-09-30 $3.6B
2016-12-31 $3.6B
2017-03-31 $3.9B
2017-06-30 $3.5B
2017-09-30 $3.5B
2017-12-31 $3.1B
2018-03-31 $2.8B
2018-06-30 $2.3B
2018-09-30 $2B
2018-12-31 $1.3B
2019-03-31 $1.5B
2019-06-30 $561.6M
2019-09-30 $190.7M
2019-12-31 $187M
2020-03-31 $172.9M
2020-06-30 $251.9M
2020-09-30 $470.3M
2020-12-31 $708.6M
2021-03-31 $744.6M
2021-06-30 $1.5B
2021-09-30 $1.8B
2021-12-31 $2.7B
2022-03-31 $2.5B
2022-06-30 $2.7B
2022-09-30 $3B
2022-12-31 $1.9B
2023-03-31 $737.6K
2023-06-30 $272M
2023-09-30 $311M
2023-12-31 $250.4M
2024-03-31 $368.4M
2024-06-30 $439.3M
2024-09-30 $623M
2024-12-31 $772.6M
2025-03-31 $682.3M
2025-06-30 $691.3M
2025-09-30 $720M
2025-12-31 $1.3B
2026-03-31 $1.1B
2026-06-30 $1.8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
SBETSharplink, Inc.3.73%$68.9m14.36M+1984.0% Added
LLYVKLiberty Live Holdings, Inc.3.26%$60.3m568.9K+649.7% Added
KVUEKenvue3.10%$57.4m3.01M+156.3% Added
BHFBrighthouse Financial, Inc.1.73%$32.0m503.4K+14.8% Added
NWENorthwestern Energy Group, Inc.1.41%$26.0m358.2K+24.7% Added
FACTFact II Acquisition Corp.0.93%$17.1m1.61MNew
SSACSpacsphere Acquisition Corp.0.77%$14.2m1.43M+2.5% Added
ECHOEchoStar0.68%$12.5m124.0KNew
ROKURoku, Inc0.64%$11.8m85.4KNew
ARCLARC Group Acquisition I Corp.0.62%$11.4m1.15MNew
ELMEElme Communities0.59%$10.9m7.50M+0.1%
BEAGBold Eagle Acquisition Corp.0.58%$10.6m1.00M+30.7% Added
STHOStar Holdings0.55%$10.2m1.13M−0.8% Reduced
EMPDEmpery Digital Inc.0.53%$9.8m2.75M−4.1% Reduced
GOOGLAlphabet Inc. (Class A)0.51%$9.4m26.2KNew
PUBMPubmatic, Inc.0.46%$8.4m644.6KNew
LPBBLaunch Two Acquisition Corp.0.36%$6.7m628.0K+444.2% Added
TOYOToyo Co., Ltd0.35%$6.5m938.5KNew
DCHDauch Corp0.30%$5.5m1.07M+84.5% Added
OPKOpko Health, Inc.0.29%$5.4m3.59MNew
NBRGNewbridge Acquisition Ltd0.29%$5.3m530.3K−0.1%
IRHOIron Horse Acquisition II Corp.0.27%$5.1m503.7K+336.3% Added
BTDRBitdeer Technologies Group0.24%$4.5m283.5K0.0%
ELBMElectra Battery Materials Corp0.20%$3.7m6.21M−20.8% Reduced
CHTRCharter Communications0.20%$3.7m26.0KNew
LNZALanzatech Global, Inc.0.17%$3.1m458.9KNew
CPBCampbell's Co0.13%$2.4m105.0KNew
DELLDell Technologies0.13%$2.4m5.6KNew
TMCRMetals Royalty Co Inc.0.13%$2.3m326.7KNew
GENGen Digital Inc.0.10%$1.8m71.4KNew
IMSRTerrestrial Energy Inc.0.09%$1.7m244.0KNew
WSTNWestin Acquisition Corp0.09%$1.6m161.5K+11.2% Added
HTZHertz Global Holdings, Inc0.08%$1.5m649.0K+124.6% Added
SLSSellas Life Sciences Group, Inc.0.08%$1.5m99.4KNew
MUMicron Technology0.08%$1.4m1.2KNew
IPInternational Paper0.07%$1.3m34.9KNew
LCIDLucid Group, Inc.0.07%$1.2m188.1KNew
KDKKodiak AI, Inc.0.05%$986,688194.2KNew
MKLYMckinley Acquisition Corp0.05%$968,80795.4K+466.7% Added
LUMNLumen Technologies, Inc.0.05%$931,320117.0K+11.4% Added
CARAvis Budget Group, Inc.0.04%$731,7585.0KNew
CAGConagra Brands Inc.0.04%$699,00050.0KNew
MMTXMiluna Acquisition Corp0.03%$605,46559.9K+29724.4% Added
KEELKeel Infrastructure Corp.0.03%$524,82490.8KNew
PPLIPeople Inc0.02%$444,9209.6K−98.3% Reduced
WLFCWillis Lease Finance Corp0.02%$422,3641.8KNew
TDSTelephone & Data Systems Inc0.02%$378,70010.0K0.0%
BTUPeabody Energy Corp0.02%$355,02015.3KNew
TXNTexas Instruments0.01%$238,456800New
QCOMQualcomm0.01%$110,874600New
DKDelek US Holdings, Inc.0.00%$51,5801.0K0.0%
BRUNBoost Run Inc.0.00%$38,8101.0KNew
HPAIHelport AI Ltd0.00%$21,89837.4K0.0%
SDSandridge Energy Inc0.00%$7,9355750.0%
DAICCID Holdco, Inc.0.00%$6,7204.0KNew
MRNOMurano Global Investments plc0.00%$482000.0%
CompanyBought (value)Shares
SBETSharplink, Inc.$65.6m13.67M
LLYVKLiberty Live Holdings, Inc.$52.3m493.1K
KVUEKenvue$35.0m1.84M
FACTFact II Acquisition Corp.$17.1m1.61M
ECHOEchoStar$12.5m124.0K
ROKURoku, Inc$11.8m85.4K
ARCLARC Group Acquisition I Corp.$11.4m1.15M
GOOGLAlphabet Inc. (Class A)$9.4m26.2K
PUBMPubmatic, Inc.$8.4m644.6K
TOYOToyo Co., Ltd$6.5m938.5K
LPBBLaunch Two Acquisition Corp.$5.5m512.6K
OPKOpko Health, Inc.$5.4m3.59M
NWENorthwestern Energy Group, Inc.$5.1m70.9K
BHFBrighthouse Financial, Inc.$4.1m65.0K
IRHOIron Horse Acquisition II Corp.$3.9m388.2K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
WIXWix.com Ltd.−$38.2m−424.6K
PPLIPeople Inc−$25.9m−558.9K
BELFABEL Fuse Inc−$25.0m−138.5K
AESAES Corporation−$18.7m−1.34M
SRPTSarepta Therapeutics, Inc.−$5.1m−250.0K
MACIMelar Acquisition Corp. I/cayman−$3.1m−288.8K
WHRWhirlpool Corp−$2.7m−52.5K
NWLNewell Brands Inc.−$2.4m−717.5K
NAVINavient Corp−$2.1m−264.0K
PLMKPlum Acquisition Corp. IV−$1.8m−173.5K
ELBMElectra Battery Materials Corp−$986,148−1.63M
GLIBALiberty Capital Corp−$785,457−21.3K
SMSM Energy Co−$771,120−24.0K
WYFIWhitefiber, Inc.−$734,720−65.6K
RNAAtrium Therapeutics, Inc.−$555,360−41.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
WIXWix.com Ltd.$38.2m424.6K
BELFABEL Fuse Inc$25.0m138.5K
AESAES Corporation$18.7m1.34M
SRPTSarepta Therapeutics, Inc.$5.1m250.0K
MACIMelar Acquisition Corp. I/cayman$3.1m288.8K
WHRWhirlpool Corp$2.7m52.5K
NWLNewell Brands Inc.$2.4m717.5K
NAVINavient Corp$2.1m264.0K
PLMKPlum Acquisition Corp. IV$1.8m173.5K
GLIBALiberty Capital Corp$785,45721.3K
SMSM Energy Co$771,12024.0K
WYFIWhitefiber, Inc.$734,72065.6K
RNAAtrium Therapeutics, Inc.$555,36041.0K
BURUNuburu, Inc.$420,1422.37M
CYABCyabra, Inc.$270,988113.4K
BDMDBaird Medical Investment Holdings Ltd$230,000125.0K
JBSJBS N.V.$182,07010.5K
FLDFold Holdings, Inc.$12,52510.0K
VGASVerde Clean Fuels, Inc.$10,9886.5K
CNCKCoincheck Group N.V.$8,8525.5K
FUFUBitfufu Inc.$1,358742
  • Communication Services39.5%
  • Consumer Staples13.5%
  • Financials12.0%
  • Technology11.1%
  • Industrials7.4%
  • Utilities5.8%
  • Real Estate4.7%
  • Materials2.4%
  • Health Care1.9%
  • Consumer Discretionary1.5%
  • Energy0.1%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+20.1%+14.1%0.500.78−61.2%0.96
2018 onwardsJanuary 5, 2018 to November 2, 2026+22.9%+13.9%0.510.66−61.2%0.95
Last three yearsNovember 3, 2023 to November 2, 2026+7.3%+21.8%0.371.16−61.2%0.60
Last yearNovember 7, 2025 to November 2, 2026+10.3%+14.2%0.600.84−61.2%0.22

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.