SEC 13F Intelligence

Managers / Q1 2026

HBK INVESTMENTS L P

CIK 0001011443 · 2300 NORTH FIELD STREET, STE 2200, DALLAS, TX, 75201 · 2147586100

Reported Value
$9.9B
Q1 2026
Positions
346
Filings on Record
103
2019–present window
Filed
May 15, 2026
original filing

Summary

Hbk Investments L P reported $9.9B in U.S.-listed holdings across 346 positions for Q1 2026.

Its largest position, KEL, represents 8.4% of the portfolio.

Compared with Q4 2025, the fund opened 116 new positions and exited 83.

Portfolio Metrics

Turnover
+38.8%
vs prior filed quarter
Top-10 Concentration
+56.1%
share of reported value
Largest Position
+8.4%
Kellanova
New / Exited
116 / 83
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: $7.0BQ4 ’18Q1 ’19: $8.3BQ2 ’19: $8.3BQ3 ’19: $5.1BQ4 ’19: $11.5BQ4 ’19Q1 ’20: $3.3BQ2 ’20: $7.3BQ3 ’20: $10.5BQ4 ’20: $12.8BQ4 ’20Q1 ’21: $18.9BQ2 ’21: $23.9BQ3 ’21: $25.0BQ4 ’21: $29.0BQ4 ’21Q1 ’22: $21.5BQ2 ’22: $25.9BQ3 ’22: $11.7BQ4 ’22: $14.9BQ4 ’22Q1 ’23: $2.4BQ2 ’23: $19.9BQ3 ’23: $15.4BQ4 ’23: $18.5BQ4 ’23Q1 ’24: $25.0BQ2 ’24: $23.0BQ3 ’24: $6.3BQ4 ’24: $7.3BQ4 ’24Q1 ’25: $5.6BQ2 ’25: $4.7BQ3 ’25: $11.5BQ4 ’25: $15.1BQ4 ’25Q1 ’26: $9.9Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 80.0%Other: 9.1%ETP: 5.4%US DOMESTIC: 3.6%GLOBAL: 0.6%Other: 1.2%
  • Common Stock · 80.0% · $10.6B
  • Other · 9.1% · $1.2B
  • ETP · 5.4% · $713M
  • US DOMESTIC · 3.6% · $477M
  • GLOBAL · 0.6% · $86M
  • Other · 1.2% · $165M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PENPENUMBRA INCNEW+1.63M1.63M+$537M$537M
MASI*MASIMO CORPNEW+2.58M2.58M+$458M$458M
CTRACOTERRA ENERGY INCNEW+10.57M10.57M+$371M$371M
SDASEALED AIR CORP NEWNEW+7.31M7.31M+$307M$307M
ACLXGBXARCELLX INCNEW+2.28M2.28M+$262M$262M
JANUS HENDERSON GROUP PLCNEW+4.23M4.23M+$217M$217M
430TERNS PHARMACEUTICALS INCNEW+2.95M2.95M+$156M$156M
APLSUSDAPELLIS PHARMACEUTICALS INCNEW+3.55M3.55M+$143M$143M

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

Holdings — Q1 2026

39 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1KELKELLANOVAREVEALEDhistory →COM8.37%$824M9.99M
2HO1HOLOGIC INChistory →COM7.52%$741M9.80M
3EAELECTRONIC ARTS INChistory →COM6.77%$667M3.27M
4ITCIEURINTRA-CELLULAR THERAPIES INCREVEALEDhistory →COM5.87%$578M4.38M
5PENPENUMBRA INChistory →COM5.45%$537M1.63M
6NSCNORFOLK SOUTHN CORPhistory →COM5.06%$498M1.74M
7MASI*MASIMO CORPhistory →COM4.65%$458M2.58M
8WBDWARNER BROS DISCOVERY INChistory →COM SER A4.56%$449M16.36M
9BERYEURBERRY GLOBAL GROUP INCREVEALEDhistory →COM4.07%$401M5.74M
10BECNUSDBEACON ROOFING SUPPLY INCREVEALEDhistory →COM3.85%$379M3.06M
11CTRACOTERRA ENERGY INChistory →COM3.77%$371M10.57M
12KVUEKENVUE INChistory →COM3.67%$362M21.00M
13ALAIR LEASE CORPhistory →CL A3.64%$359M5.53M
14CLEARWATER ANALYTICS HLDGS ICL A3.33%$328M13.88M
15SDASEALED AIR CORP NEWhistory →COM3.12%$307M7.31M
16ACLXGBXARCELLX INChistory →COMMON STOCK2.65%$262M2.28M
17ENSTAR GROUP LIMITEDREVEALEDSHS2.48%$245M735.8K
18JANUS HENDERSON GROUP PLCORD SHS2.21%$217M4.23M
19LBRDKLIBERTY BROADBAND CORPhistory →COM SER C2.19%$216M4.29M
20TXNMTXNM ENERGY INCCOM · NOTE 5.750% 6/02.17%$214M30.04M
21PAYCOR HCM INCREVEALEDCOM2.04%$201M8.95M
22FYBRFRONTIER COMMUNICATIONS PAREREVEALEDhistory →COM1.90%$187M5.21M
23430TERNS PHARMACEUTICALS INChistory →COM1.58%$156M2.95M
24APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM1.45%$143M3.55M
25GTLSCHART INDS INChistory →COM1.45%$142M689.1K
26AM6AMICUS THERAPEUTIChistory →COM1.29%$127M8.78M
27DFSEURDISCOVER FINL SVCSREVEALEDhistory →COM1.03%$102M596.1K
28HEESEURH & E EQUIPMENT SERVICES INCREVEALEDhistory →COM0.91%$89M944.2K
29AZEKAZEK CO INCREVEALEDhistory →CL A0.88%$86M1.76M
30TECK/BTECK RESOURCES LTDhistory →CL B0.83%$82M1.59M
31CSG SYS INTL INCNOTE 3.875% 9/10.79%$78M63.90M
32IPGINTERPUBLIC GROUP COS INCREVEALEDhistory →COM0.76%$75M2.75M
33USX1UNITED STATES STL CORP NEWREVEALEDhistory →COM0.62%$61M1.49M
34DUKE ENERGY CORP NEWNOTE 4.125% 4/10.51%$51M46.00M
35G2CEVERI HLDGS INCREVEALEDhistory →COM0.50%$50M3.63M
36ARKBARK 21SHARES BITCOIN ETFhistory →SHS BEN INT0.45%$44M1.97M
37WAYFAIR INCNOTE 3.500%11/10.44%$44M24.80M
38FRESHPET INCNOTE 3.000% 4/00.36%$35M30.70M
39ALIGNMENT HEALTHCARE INCNOTE 4.250%11/10.34%$34M24.10M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$9.9B346May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025REVEALED$15.1B273Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025REVEALED$11.5B263Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$4.7B202Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025REVEALED$5.6B182May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024REVEALED$7.3B194Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$6.3B154Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024REVEALED$23.0B168Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024REVEALED$25.0B175May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$18.5B194Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023REVEALED$15.4B217Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023REVEALED$19.9B387Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023REVEALED$2.4B21May 15, 2023RESTATEMENTchanges · EDGAR ↗
Q4 2022REVEALED$14.9B301Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$11.7B393Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022REVEALED$25.9B531Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$21.5B662May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021REVEALED$29.0B714Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021REVEALED$25.0B739Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021REVEALED$23.9B804Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021REVEALED$18.9B805May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020REVEALED$12.8B673Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020REVEALED$10.5B614Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020REVEALED$7.3B551Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$3.3B499May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019REVEALED$11.5B650Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$5.1B607Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019REVEALED$8.3B590Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019REVEALED$8.3B1,016May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$7.0B1,156Feb 14, 201913F-HRchanges · EDGAR ↗

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 ↗.