HBK INVESTMENTS L P

CIK 0001011443 · Q1 2026

13F Equity AUM

$9.8B

-22.6% QoQ

Positions

266

+46 QoQ

AUM Rank

#647

Top 5%

Skill Alpha (FF)

-0.2%/yr^ns

No Clear Edge

Rank #2,616 · Top 32%

vs S&P -6.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 30.9%Top 10: 51.2%Top 20: 73.1%

HOLX7.5%

EA6.8%

NVDA6.1%

PEN5.5%

NSC5.1%

3M44.7%

WBD4.6%

CTRA3.8%

KVUE3.7%

AL3.6%

Others (256)48.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare26.2%

Communication Services16.3%

Technology11.7%

Industrials11.5%

Financial Services11.5%

Consumer Cyclical6.3%

Consumer Defensive4.5%

Energy3.9%

Other8.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 266Median: 0.05%Avg: 0.38%

0–0.5%

238(19.5%)

0.5–1%

5(3.2%)

1–3%

11(19.6%)

3–5%

7(26.8%)

5%+

5(30.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 214Unique: 52vs 20 funds

2.9%Low

266

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

JPMORGAN CHASE & CO

4.1%

BlackRock, Inc.

4.4%

MORGAN STANLEY

3.2%

BANK OF AMERICA CORP /DE/

3.5%

STATE STREET CORP

4.6%

FMR LLC

4.9%

GEODE CAPITAL MANAGEMENT, LLC

3.8%

VANGUARD CAPITAL MANAGEMENT LLC

3.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New116Increased33Decreased51Exited72

New Positions

PEN5.5%

+1.6M

3M44.7%

+2.6M

CTRA3.8%

+10.6M

SEE3.1%

+7.3M

ACLX2.7%

+2.3M

JHG2.2%

+4.2M

TERN1.6%

+3.0M

APLS1.4%

+3.5M

TECK/B0.8%

+1.6M

HWM0.5%

+212K

Increased

DUK 4.125 04/15/260.5%

+26.0M(+130%)

KVUE3.7%

+18.5M(+728%)

CWAN3.3%

+13.5M(+3617%)

CSGS 3.875 09/15/280.8%

+13.1M(+26%)

WBD4.6%

+5.5M(+51%)

TXNM 5.75 06/01/540.4%

+4.5M(+20%)

TRIP0.5%

+3.8M(+357%)

FRPT 3 04/01/280.4%

+3.5M(+13%)

CNP 4.25 08/15/260.2%

+3.4M(+30%)

GLAD 5.875 10/01/300.1%

+1.5M(+20%)

Decreased

MSTR 0 12/01/290.2%

-22,396,000(-47%)

RIVN 3.625 10/15/300.2%

-10,000,000(-29%)

AM61.3%

-6,466,552(-42%)

BL 1 06/01/290.1%

-5,500,000(-30%)

MSTR 0.625 03/15/300.1%

-5,000,000(-49%)

PMT 8.5 06/01/290.2%

-5,000,000(-25%)

NVDA6.1%

-2,509,683(-42%)

VERX 0.75 05/01/290.2%

-2,500,000(-11%)

ANIP 2.25 09/01/290.3%

-2,500,000(-11%)

W 3.25 09/15/270.0%

-2,254,000(-52%)

Exited

-2,450,000

-7,646,637

-7,850,000

-15,000,000

-3,975,000

-4,365,000

-7,800,000

-1,260,000

-488,900

-3,792,518

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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