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Funds (13F)

HBK Investments L P

Backtest from 16 May 2014 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+8.2%
S&P 500 +13.7%
Last 12 months
+25.4%
S&P 500 +12.1%
Sharpe ratio
0.40
S&P 500 0.56
Biggest drop
−16.1%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2014201620182020202220242026 $49.6k$26.7k
HBK Investments L PS&P 500 $10,000 in HBK Investments L P from 16 May 2014 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies HBK Investments L P's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

HBK Investments L P's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+8.2%+13.7%
Total return+167%+396%
Last 12 months+25.4%+12.1%
Last 3 months+1.4%—
Last month+4.2%—
This year so far+29.5%—
Volatility a year11.7%17.0%
Sharpe ratio0.400.56
Biggest drop−16.1%−31.8%
Beta to the S&P 5000.101.00
Alpha a year (t-statistic)+3.7% (1.26)—
Share of weeks up17%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
PEN17.6%——
NSC16.7%——
KVUE16.2%——
TECH14.6%——
SLAB6.6%——
ROKU5.0%——
AES4.9%——
VAL3.5%——
SPCX1.2%——
COO1.0%——
CON0.9%——
SOLV0.9%——
NWSA0.9%——
TXNM0.8%——
UBER0.8%——
SIRI0.8%——
CMCSA0.7%——
TRIP0.6%——
MAT0.6%——
GME0.5%——
QNT0.4%——
ITGR0.4%——
VGNT0.4%——
DLR0.4%——
MDLN0.4%——
VIAV0.3%——
FLR0.3%——
IMAX0.2%——
FMC0.2%——
LFTO0.2%——
INIO0.2%——
DDOG0.2%——
HONA0.2%——
BEAG0.1%——
LWAY0.1%——
BOBS0.1%——
HON0.1%——
CCXI0.1%——
GMRS0.1%——
ACHR0.1%——
TTEK0.1%——
PAR0.1%——
CLF0.1%——
MSTR0.1%——
CURB0.1%——
CVX0.0%——
NRG0.0%——
SCHW0.0%——
VZ0.0%——
HAWK0.0%——
KRMN0.0%——
GFS0.0%——
AAMI0.0%——
HAL0.0%——
HUMA0.0%——
DPC0.0%——
CHTR0.0%——
GRAB0.0%——
DHR0.0%——
HTZ0.0%——
LCID0.0%——
PLTR0.0%——
DJT0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 May 2014 to 2 Nov 2026+8.2%+13.7%0.400.56−16.1%0.10+3.7% (1.26)
2018 onwards5 Jan 2018 to 2 Nov 2026+7.8%+13.9%0.290.47−16.1%0.11+2.6% (0.72)
Last three years3 Nov 2023 to 2 Nov 2026+23.5%+21.8%0.590.51−16.1%0.18+7.3% (1.14)
Last year7 Nov 2025 to 2 Nov 2026+25.5%+14.2%0.450.12−12.0%0.05+3.9% (0.77)
DateCompanyAction
21 Aug 2026VIAVBought
21 Aug 2026VGNTBought
21 Aug 2026VALBought
21 Aug 2026TECHBought
21 Aug 2026SPCXBought
21 Aug 2026SLABBought
21 Aug 2026ROKUBought
21 Aug 2026QNTBought
21 Aug 2026PARBought
21 Aug 2026MSTRBought
21 Aug 2026LWAYBought
21 Aug 2026LFTOBought
21 Aug 2026KRMNBought
21 Aug 2026ITGRBought
21 Aug 2026INIOBought
21 Aug 2026IMAXBought
21 Aug 2026HUMABought
21 Aug 2026HTZBought
21 Aug 2026HONABought
21 Aug 2026HONBought
21 Aug 2026HAWKBought
21 Aug 2026GRABBought
21 Aug 2026GMRSBought
21 Aug 2026GFSBought
21 Aug 2026FMCBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WFCSold
21 Aug 2026WELLSold
21 Aug 2026VOYGSold
21 Aug 2026TXNSold
21 Aug 2026TSLASold
21 Aug 2026TSold
21 Aug 2026SPGSold
21 Aug 2026SOSold
21 Aug 2026SLGSold
21 Aug 2026SBUXSold
21 Aug 2026SAROSold
21 Aug 2026QCOMSold
21 Aug 2026PLDSold
21 Aug 2026PHSold
21 Aug 2026PFESold
21 Aug 2026PDDSold
21 Aug 2026NVDASold
21 Aug 2026NFLXSold
21 Aug 2026NEESold
21 Aug 2026NBISSold
21 Aug 2026METASold
21 Aug 2026LIONSold
21 Aug 2026LINSold
21 Aug 2026LGNSold
21 Aug 2026KTOSSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest