SEC 13F Intelligence

Notable Investors / Q1 2026

Sander Gerber’s Portfolio — Hudson Bay Capital Management LP

Founder & CEO, Hudson Bay Capital

CIK 0001393825 · 290 HARBOR DR, 3RD FLOOR, STAMFORD, CT, 06902 · 212-571-1244

About Sander Gerber

Sander Gerber built Hudson Bay Capital into a multi-strategy firm known for event-driven and volatility trading, structured deals, and convertible issuance — frequently appearing as the financing counterparty in small-cap capital raises.

Hudson Bay's 13F is heavy in options, warrants, and convertible-linked positions; it maps deal flow more than conviction, which is precisely what makes it interesting to event-driven readers.

Portfolio data below is from Hudson Bay Capital Management LP’s SEC 13F filings. View the full filer page →

Reported Value
$29.0B
Q1 2026
Positions
1,607
Filings on Record
37
2019–present window
Filed
May 13, 2026
original filing

Summary

Hudson Bay Capital Management LP reported $29.0B in U.S.-listed holdings across 1,607 positions for Q1 2026.

Its largest position, NVDA, represents 3.1% of the portfolio.

Compared with Q4 2025, the fund opened 510 new positions and exited 272.

Portfolio Metrics

Turnover
+29.4%
vs prior filed quarter
Top-10 Concentration
+17.7%
share of reported value
Largest Position
+3.1%
Nvidia Corporation
New / Exited
510 / 272
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $7.5BQ4 ’18Q1 ’19: $7.8BQ2 ’19: $4.4BQ3 ’19: $3.6BQ4 ’19: $4.5BQ4 ’19Q1 ’20: $4.0BQ2 ’20: $5.7BQ3 ’20: $6.7BQ4 ’20: $9.3BQ4 ’20Q1 ’21: $8.1BQ2 ’21: $8.3BQ3 ’21: $7.4BQ4 ’21: $9.8BQ4 ’21Q1 ’22: $7.4BQ2 ’22: $13.2BQ3 ’22: $11.3BQ4 ’22: $9.8BQ4 ’22Q1 ’23: $22.9BQ2 ’23: $13.8BQ3 ’23: $12.7BQ4 ’23: $15.8BQ4 ’23Q1 ’24: $18.0BQ2 ’24: $21.3BQ3 ’24: $24.7BQ4 ’24: $28.4BQ4 ’24Q1 ’25: $32.4BQ2 ’25: $29.4BQ3 ’25: $30.1BQ4 ’25: $30.3BQ4 ’25Q1 ’26: $29.0Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 73.7%ETP: 11.3%Other: 4.6%GLOBAL: 3.5%ADR: 2.3%Other: 4.7%
  • Common Stock · 73.7% · $21.4B
  • ETP · 11.3% · $3.3B
  • Other · 4.6% · $1.3B
  • GLOBAL · 3.5% · $1.0B
  • ADR · 2.3% · $654M
  • Other · 4.7% · $1.4B

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UNHUNITEDHEALTH GROUP INCNEW+1.40M1.40M+$379M$379M
MUMICRON TECHNOLOGY INCNEW+1.00M1.00M+$338M$338M
GQ9SPDR GOLD TRNEW+566.7K566.7K+$244M$244M
PENPENUMBRA INCNEW+349.0K349.0K+$115M$115M
ITGRINTEGER HLDGS CORPNEW+1.00M1.00M+$88M$88M
SPDR SERIES TRUSTNEW+464.0K464.0K+$84M$84M
WBSWEBSTER FINL CORPNEW+1.20M1.20M+$83M$83M
FSLRFIRST SOLAR INCNEW+400.0K400.0K+$79M$79M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

24 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM3.07%$890M5.10M
2TSLATESLA INChistory →COM2.42%$700M1.88M
3AMZNAMAZON COM INChistory →COM2.06%$598M2.87M
4AAPLAPPLE INChistory →COM1.69%$489M1.93M
5ECHOSTAR CORPNOTE 3.875%11/31.62%$470M131.20M
6QC10FLAGSTAR BANK NATIONAL ASSOChistory →COM NEW1.58%$457M34.69M
7NFLXNETFLIX INC.history →COM1.52%$440M4.58M
8PLTRPALANTIR TECHNOLOGIES INChistory →CL A1.34%$387M2.65M
9BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.27%$367M765.3K
10AMDADVANCED MICRO DEVICES INChistory →COM1.14%$330M1.62M
11PG&E CORPNOTE 4.250%12/00.95%$275M263.89M
12ALIBABA GROUP HLDG LTDNOTE 0.500% 6/00.93%$270M194.50M
13TRANSOCEAN INCDEB 4.625% 9/30.92%$266M131.24M
14MSFTMICROSOFT CORPhistory →COM0.92%$265M716.5K
15TSMTAIWAN SEMICONDUCTOR MANUFAChistory →SPONSORED ADS0.77%$223M660.8K
16UNHUNITEDHEALTH GROUP INChistory →COM0.65%$189M700.0K
17MUMICRON TECHNOLOGY INChistory →COM0.58%$169M500.0K
18STATE STR SPDR S&P 500 ETF TTR UNIT0.57%$165M253.5K
19BOFA FIN LLCMTNF 0.600% 5/20.54%$156M130.31M
20AVGOBROADCOM INChistory →COM0.53%$155M500.0K
21UNITI GROUP LLCNOTE 7.500%12/00.47%$136M117.12M
22EAELECTRONIC ARTS INChistory →COM0.44%$128M628.7K
23DLTRDOLLAR TREE INChistory →COM0.43%$124M1.13M
24SHOPSHOPIFY INChistory →CL A SUB VTG SHS0.39%$113M950.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$29.0B1,607May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$30.3B1,279Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$30.1B1,518Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$29.4B1,443Aug 18, 2025RESTATEMENTchanges · EDGAR ↗
Q1 2025$32.4B1,339May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$28.4B946Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$24.7B865Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$21.3B787Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$18.0B739May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$15.8B712Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$12.7B798Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$13.8B851Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023REVEALED$22.9B1,670May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$9.8B986Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$11.3B1,231Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$13.2B1,329Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$7.4B1,186May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$9.8B1,085Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$7.4B991Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$8.3B951Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$8.1B860May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$9.3B588Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$6.7B546Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$5.7B493Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$4.0B494May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$4.5B422Feb 12, 202013F-HRchanges · EDGAR ↗
Q3 2019$3.6B394Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$4.4B403Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$7.8B674May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$7.5B759Feb 13, 2019RESTATEMENTchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 2 additional managers.

  • Hudson Bay Capital UK LLP028-24328
  • Hudson Bay Capital Management (DIFC) Ltd.

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.