HBK INVESTMENTS L P
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +3.9% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 53.1% of quarters (excess t = 1.06, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 221 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| HOL | $741M | | ADD |
| EA | $667M | | ADD |
| PEN | $537M | | NEW |
| NSC | $498M | | TRIM |
| MASI | $458M | | NEW |
| WBD | $449M | | ADD |
| CTRA | $371M | | NEW |
| KVUE | $362M | | ADD |
| AIRT | $359M | | ADD |
| CWAN | $328M | | ADD |
| SEE | $307M | | NEW |
| ACLX | $262M | | NEW |
| JHG | $217M | | NEW |
| LBRDK | $216M | | TRIM |
| TXNM | $178M | | ADD |
| TERN | $156M | | NEW |
| APLS | $143M | | NEW |
| GTLS | $142M | | TRIM |
| FOLD | $127M | | TRIM |
| TECK | $82M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.