Hudson Bay Capital Management LP

Key Holdings

The portfolio is dominated by mega-cap technology leaders, which serve as the primary anchors. NVIDIA Corporation (NVDA) remains the largest holding with a value of $2.69 billion, comprising 8.93% of the portfolio, despite a reduction in shares during the quarter. Tesla Inc (TSLA) and Amazon.com Inc (AMZN) follow closely as the second and third largest positions, representing 6.54% and 6.51% of the portfolio, respectively.

A notable feature of the top holdings is the significant allocation to ETFs and financial innovation. The SPDR S&P 500 ETF (SPY) and the iShares Russell 2000 ETF (IWM) hold prominent positions, suggesting the firm utilizes broad market exposure for liquidity or beta management. Furthermore, the inclusion of the iShares Bitcoin Trust (IBIT) and Strategy Inc (MSTR)—formerly MicroStrategy—in the top 12 highlights a substantial bet on digital assets, totaling nearly 4% of the portfolio between the two. Financial services also play a key role, with Robinhood Markets (HOOD) and Berkshire Hathaway (BRK/B) appearing in the top ten.