Castle Hook Partners LP

Castle Hook Partners' $23.4 billion 13F filed for March 2026 tells a story of a portfolio that is quietly making one very large sector bet while cleaning up an unusually messy slate of legacy positions. The book's defining feature is — and has been — its massive core ETF holdings: SPDR S&P 500 at roughly $10.8 billion and SPDR Gold at $6.0 billion together represent 71.4% of assets, with the remaining quarter of the portfolio spread across 48 individual stock and sector bets. That ETF anchor is not the interesting thing about this quarter. The interesting thing is what the portfolio manager did with the active sleeve: Q1 saw 28 new positions initiated and 28 positions liquidated, effectively replacing almost the entire active book, and the choices signal a focused, almost archetypal rotation. The two largest additions in the active sleeve were airlines — United Airlines at $1.16 billion and Delta at $488 million, which together became the largest single-stick positions in the portfolio and constitute a remarkably directional bet on airline demand recovery and pricing power. That bet was supported by further additions in technology infrastructure — Seagate, Western Digital, Lumentum, and TTM Technologies each joined the book in the $176–$260 million range, names that point toward a semiconductor storage and advanced electronics sub-theme that runs counter to the software-universe direction many managers took out of the post-2022 drawdown. At the same time, the portfolio liquidated roughly $4.96 billion of holdings including QQQ, Citigroup, Eli Lilly, Shopify, Tesla, Carvana, Alcoa, and Cleveland-Cliffs — positions that represented a range of prior mandates from fintech to materials to legacy tech. The thematic through-line on the exits is coherence: names whose theses had run their course or where the manager's conviction had weakened were excised in favor of a narrower airline-plus-semiconductor-thesis complex. The portfolio is now 50-name but actually quite focused in the non-ETF layer: airlines, defense-aerospace (RTX and L3Harris joined), data-center infrastructure (Equinix), energy (Exxon, Linde), and industrial names. The reduction in concentration at the individual stock level is worth flagging — the prior quarter had heavier weightings in Shopify, Tesla, AppLovin, and Dexcom, all names that had been bought at the 2023-2024 bottom and were sold on a thematic rotation rather than a price target. The messaging from this portfolio as a whole is consistent: the ETF core stays intact, and the active sleeve is run by someone making cyclical and thematic calls — this quarter, those calls were deeply pro-airline recovery and pro-semiconductor storage infrastructure.