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Funds (13F)

Hudson Bay Capital Management LP

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+14.3%
S&P 500 +14.1%
Last 12 months
+7.4%
S&P 500 +12.1%
Sharpe ratio
0.67
S&P 500 0.78
Biggest drop
−32.3%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $58.2k$57.0k
StrategyS&P 500 $10,000 in Hudson Bay Capital Management LP from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Hudson Bay Capital Management LP'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.

Hudson Bay Capital Management LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+14.3%+14.1%
Total return+482%+470%
Last 12 months+7.4%+12.1%
Last 3 months+0.0%—
Last month−5.5%—
This year so far+8.1%—
Volatility a year19.9%16.0%
Sharpe ratio0.670.78
Biggest drop−32.3%−31.8%
Beta to the S&P 5001.121.00
Alpha a year (t-statistic)−0.6% (−0.24)—
Share of weeks up58%—

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
AMZN6.0%——
TSM5.7%——
TSLA5.3%——
NVDA4.8%——
SNDK4.3%——
PLTR4.0%——
GOOGL3.4%——
AMD2.5%——
MSFT2.4%——
META1.8%——
INTC1.7%——
SPCX1.6%——
NFLX1.3%——
SNPS1.2%——
VRTX1.2%——
AAPL1.1%——
NSC0.9%——
DLTR0.9%——
FLG0.9%——
ABT0.9%——
ADBE0.8%——
V0.8%——
ISRG0.8%——
BE0.8%——
MCHP0.8%——
SHOP0.8%——
LLY0.7%——
ANET0.7%——
UNH0.7%——
AMGN0.6%——
ABBV0.6%——
AHR0.6%——
ITGR0.6%——
BTU0.6%——
HD0.5%——
EOSE0.5%——
PH0.5%——
BLK0.5%——
MS0.5%——
WMT0.4%——
ETR0.4%——
NWE0.4%——
ROKU0.4%——
WFC0.4%——
PEN0.4%——
AEP0.4%——
COF0.4%——
MNST0.4%——
CMG0.4%——
NEOG0.4%——
UAL0.4%——
IBM0.3%——
SUI0.3%——
ABNB0.3%——
NNN0.3%——
TXNM0.3%——
CORZ0.3%——
BMRN0.3%——
UDR0.3%——
ECHO0.3%——
ALNY0.3%——
KEEL0.3%——
DLR0.3%——
AZO0.3%——
NATL0.3%——
KVUE0.3%——
FE0.3%——
FCPT0.3%——
XEL0.2%——
LPLA0.2%——
CBRS0.2%——
AEE0.2%——
HWM0.2%——
OHI0.2%——
AKR0.2%——
JPM0.2%——
NVO0.2%——
TDS0.2%——
EVRG0.2%——
SKT0.2%——
REXR0.2%——
TMS0.2%——
VISN0.2%——
BSX0.2%——
COP0.2%——
BRX0.2%——
RTX0.2%——
NOW0.2%——
COHR0.2%——
CUBE0.2%——
BXP0.2%——
JCI0.2%——
MTD0.2%——
CMI0.2%——
PNC0.2%——
CFG0.2%——
BA0.2%——
EXR0.2%——
PECO0.1%——
BHC0.1%——
LNC0.1%——
CSX0.1%——
BNTX0.1%——
PODD0.1%——
FSLR0.1%——
AES0.1%——
WEC0.1%——
VRSK0.1%——
IRT0.1%——
COIN0.1%——
NBIX0.1%——
ALL0.1%——
LNT0.1%——
MSCI0.1%——
INIO0.1%——
TNL0.1%——
TTWO0.1%——
BIIB0.1%——
LFUS0.1%——
FPS0.1%——
ICE0.1%——
AME0.1%——
CSR0.1%——
NEE0.1%——
PPL0.1%——
IMCR0.1%——
ED0.1%——
AIG0.1%——
DHC0.1%——
HLT0.1%——
YUM0.1%——
VSAT0.1%——
GLPI0.1%——
CLSK0.1%——
BNY0.1%——
AXP0.1%——
VST0.1%——
ASML0.1%——
TXRH0.1%——
HAYW0.1%——
MAIR0.1%——
TEX0.1%——
SWX0.1%——
LITE0.1%——
VSEC0.1%——
CNO0.1%——
ORLY0.1%——
WMB0.1%——
BFH0.1%——
NRG0.1%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+14.3%+14.1%0.670.78−32.3%1.12−0.6% (−0.24)
2018 onwards5 Jan 2018 to 2 Nov 2026+15.3%+13.9%0.650.66−32.3%1.09+0.7% (0.30)
Last three years3 Nov 2023 to 2 Nov 2026+21.4%+21.8%0.941.16−20.8%1.19−2.8% (−0.88)
Last year7 Nov 2025 to 2 Nov 2026+11.2%+14.2%0.500.84−9.7%1.18−4.0% (−0.61)
DateCompanyAction
21 Aug 2026ZMBought
21 Aug 2026YSWYBought
21 Aug 2026YDDLBought
21 Aug 2026XYZBought
21 Aug 2026XEBought
21 Aug 2026WYNNBought
21 Aug 2026WWDBought
21 Aug 2026WTSBought
21 Aug 2026WMGBought
21 Aug 2026WHBought
21 Aug 2026WFRDBought
21 Aug 2026WCNBought
21 Aug 2026VTEXBought
21 Aug 2026VSHBought
21 Aug 2026VRSKBought
21 Aug 2026VPGBought
21 Aug 2026VNOMBought
21 Aug 2026VNETBought
21 Aug 2026VLTOBought
21 Aug 2026VLOBought
21 Aug 2026VICRBought
21 Aug 2026VICIBought
21 Aug 2026VIAVBought
21 Aug 2026VGNTBought
21 Aug 2026VEONBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ZWSSold
21 Aug 2026ZURASold
21 Aug 2026ZNTLSold
21 Aug 2026YSSSold
21 Aug 2026XFORSold
21 Aug 2026WTTRSold
21 Aug 2026WLTHSold
21 Aug 2026WHWKSold
21 Aug 2026WESTSold
21 Aug 2026WELLSold
21 Aug 2026WBTNSold
21 Aug 2026WABSold
21 Aug 2026VYGRSold
21 Aug 2026VSXYSold
21 Aug 2026VOYGSold
21 Aug 2026VNOSold
21 Aug 2026VMRKSold
21 Aug 2026VIASold
21 Aug 2026VERXSold
21 Aug 2026VERISold
21 Aug 2026VERASold
21 Aug 2026VCSold
21 Aug 2026VALSold
21 Aug 2026UWMCSold
21 Aug 2026USFDSold

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