HBK INVESTMENTS L P

DALLAS, TX · CIK 1011443 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2009 · limited partnership

Assets managed$35.6bn
Staff198 · 61 in investment roles
Main clients (by assets)Private funds 95%, Other advisers 4%, Sovereign wealth funds 1%
Private funds4 (3 hedge) · $32.8bn gross assets
Websitehbk.com
Form ADV · 2026-06-30SEC adviser record

Legal entityHBK INVESTMENTS L.P. (US)

Kindhedge funds, private equity, futures
Others nearbyDallas, TX, New York, NY, London, Charlottesville, VA

As an employer

Offices in2 countries
Private fundshedge 3, private equity 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Dallas, TX (main office)United States	United States	about 11
New York, NYUnited States	United States	38
LondonUnited Kingdom	United Kingdom	11
Charlottesville, VAUnited States	United States	1

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$8.5bn reported value +7.6% vs Q1 2026

197positions

63.5%in top 10

69 new 25 added 30 reduced 93 sold out vs Q1 2026

Options: 17 call positions ($261.5m notional), 62 put positions ($1.4bn notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TOPBUILD CORP COM BLD	BLD	2,625,000	$930.6m10.89%	10.89%	New
2	ELECTRONIC ARTS INC COM EA	EA	3,190,000	$654.1m7.66%	7.66%	Reduced -80.1k	-80,100 -2.5%
3	PENUMBRA INC COM PEN	PEN	1,838,508	$580.5m6.80%	6.80%	Added +204.2k	+204,247 12.5%
4	NORFOLK SOUTHN CORP COM NSC	NSC	1,750,000	$550.5m6.44%	6.44%	Added +13.6k	+13,644 0.8%
5	KENVUE INC COM KVUE	KVUE	28,000,001	$535.1m6.26%	6.26%	Added +7.0m	+7,000,000 33.3%
6	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	18,965,932	$505.6m5.92%	5.92%	Added +2.6m	+2,604,732 15.9%
7	BIO-TECHNE CORP COM TECH	TECH	6,825,000	$482.2m5.64%	5.64%	New
8	NUVALENT INC COM COM		3,483,100	$430.2m5.04%	5.04%	New
9	APOGEE THERAPEUTICS INC COM COM		2,850,000	$378.3m4.43%	4.43%	New
10	CHART INDS INC COM GTLS	GTLS	1,789,092	$373.8m4.38%	4.38%	Added +1.1m	+1,100,000 159.6%
11	TECK RESOURCES LTD CL B TECK	TECK	5,773,121	$343.3m4.02%	4.02%	Added +4.2m	+4,188,029 264.2%
12	JANUS HENDERSON GROUP PLC ORD SHS ORD SHS		5,149,300	$267.8m3.13%	3.13%	Added +918.6k	+918,577 21.7%
13	GAMESTOP CORP NOTE 6/1 · principal GME 0 06.15.32 · principal	GME 0 06.15.32	253,521,000	$257.8m3.02%	3.02%	New
14	SILICON LABORATORIES INC COM SLAB	SLAB	1,000,000	$218.6m2.56%	2.56%	New
15	ROKU INC COM CL A ROKU	ROKU	1,184,334	$163.6m1.92%	1.92%	New
16	AES CORP COM AES	AES	11,070,839	$162.3m1.90%	1.90%	New
17	LIBERTY BROADBAND CORP COM SER C LBRDK	LBRDK	4,495,095	$149.5m1.75%	1.75%	Added +206.1k	+206,081 4.8%
18	VALARIS LTD CL A VAL	VAL	1,575,143	$114.4m1.34%	1.34%	New
19	CATALYST PHARMACEUTICALS INC COM CPRX	CPRX	2,820,302	$88.6m1.04%	1.04%	New
20	UBER TECHNOLOGIES INC NOTE 5/1 · principal UBER 0 05.15.28 · principal	UBER 0 05.15.28	40,575,000	$47.0m0.55%	0.55%	New
21	TXNM ENERGY INC NOTE 5.750% 6/0 · principal TXNM 5.75 06.01.54 · principal	TXNM 5.75 06.01.54	34,500,000	$45.1m0.53%	0.53%	Added +7.5m	+7,500,000 27.8%
22	ALIGNMENT HEALTHCARE INC NOTE 4.250%11/1 · principal ALHC 4.25 11.15.29 · principal	ALHC 4.25 11.15.29	25,600,000	$44.0m0.51%	0.51%	Added +1.5m	+1,500,000 6.2%
23	MAKEMYTRIP LIMITED MAURITIUS NOTE 7/0 · principal MMYT 0 07.01.30 · principal	MMYT 0 07.01.30	47,500,000	$43.3m0.51%	0.51%	New
24	HEWLETT PACKARD ENTERPRISE C 7.625 MAND CONV HPE 7.625 09.01.27	HPE 7.625 09.01.27	350,000	$41.0m0.48%	0.48%	Added +50.0k	+50,000 16.7%
25	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	237,500	$40.6m0.48%	0.48%	New
26	FRESHPET INC NOTE 3.000% 4/0 · principal FRPT 3 04.01.28 · principal	FRPT 3 04.01.28	34,160,000	$39.9m0.47%	0.47%	Added +3.5m	+3,460,000 11.3%
27	ARK 21SHARES BITCOIN ETF SHS BEN INT ARKB	ARKB	1,966,887	$38.3m0.45%	0.45%	Unchanged
28	PELOTON INTERACTIVE INC NOTE 5.500%12/0 · principal PTON 5.5 12.01.29 · principal	PTON 5.5 12.01.29	21,500,000	$34.8m0.41%	0.41%	Reduced -2.0m	-2,000,000 -8.5%
29	COOPER COS INC COM COO	COO	441,651	$31.7m0.37%	0.37%	New
30	CONCENTRA GROUP HOLDINGS PAR COMMON STOCK CON	CON	1,044,614	$31.1m0.36%	0.36%	Added +181.9k	+181,864 21.1%
31	RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal	RIVN 3.625 10.15.30	28,200,000	$30.3m0.35%	0.35%	Added +4.2m	+4,200,000 17.5%
32	SOLVENTUM CORP COM SHS SOLV	SOLV	388,022	$29.9m0.35%	0.35%	Unchanged
33	NEWS CORP NEW CL A NWSA	NWSA	1,183,664	$29.4m0.34%	0.34%	Unchanged
34	TXNM ENERGY INC COM TXNM	TXNM	484,938	$27.5m0.32%	0.32%	Reduced -2.6m	-2,556,000 -84.0%
35	ANI PHARMACEUTICALS INC NOTE 2.250% 9/0 · principal ANIP 2.25 09.01.29 · principal	ANIP 2.25 09.01.29	20,150,000	$26.1m0.31%	0.31%	Unchanged
36	UBER TECHNOLOGIES INC COM UBER	UBER	361,434	$26.1m0.31%	0.31%	Added +62.6k	+62,585 20.9%
37	SIRIUSXM HOLDINGS INC COMMON STOCK SIRI	SIRI	848,845	$25.1m0.29%	0.29%	Reduced -315.4k	-315,358 -27.1%
38	COMCAST CORP NEW CL A CMCSA	CMCSA	937,002	$23.0m0.27%	0.27%	Reduced -130.0k	-129,999 -12.2%
39	TRIPADVISOR INC COM TRIP	TRIP	1,514,728	$20.8m0.24%	0.24%	Reduced -1.0m	-1,011,888 -40.0%
40	SILVERCORP METALS INC NOTE 4.750%12/1 · principal SVMCN 4.75 12.15.29 · principal	SVMCN 4.75 12.15.29	8,000,000	$19.5m0.23%	0.23%	Unchanged
41	REDWOOD TRUST INC NOTE 7.750% 6/1 · principal RWT 7.75 06.15.27 · principal	RWT 7.75 06.15.27	18,875,000	$19.2m0.22%	0.22%	Added +16.4m	+16,375,000 655.0%
42	MATTEL INC COM MAT	MAT	1,300,000	$18.0m0.21%	0.21%	Unchanged
43	CENTERPOINT ENERGY INC NOTE 4.250% 8/1 · principal CNP 4.25 08.15.26 · principal	CNP 4.25 08.15.26	14,895,000	$17.9m0.21%	0.21%	Unchanged
44	MARRIOTT VACATIONS WORLDWIDE NOTE 3.250%12/1 · principal VAC 3.25 12.15.27 · principal	VAC 3.25 12.15.27	16,500,000	$16.3m0.19%	0.19%	Unchanged
45	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	13,700,000	$16.2m0.19%	0.19%	Added +1.7m	+1,700,000 14.2%
46	GAMESTOP CORP NEW CL A GME	GME	729,665	$16.1m0.19%	0.19%	Reduced -52.7k	-52,700 -6.7%
47	PENNYMAC CORP NOTE 8.500% 6/0 · principal PMT 8.5 06.01.29 · principal	PMT 8.5 06.01.29	15,250,000	$15.7m0.18%	0.18%	Unchanged
48	FIDELITY ETHEREUM FD SHS FETH	FETH	980,008	$15.4m0.18%	0.18%	Reduced -146.1k	-146,131 -13.0%
49	FORTUNA MNG CORP NOTE 3.750% 6/3 · principal FVICN 3.75 06.30.29 · principal	FVICN 3.75 06.30.29	10,000,000	$15.4m0.18%	0.18%	Unchanged
50	QUANTINUUM INC CL A COM QNT	QNT	179,462	$14.7m0.17%	0.17%	New
51	INTEGER HLDGS CORP COM ITGR	ITGR	155,186	$14.5m0.17%	0.17%	New
52	VERSIGENT PLC ORDINARY SHARES VGNT	VGNT	343,706	$14.4m0.17%	0.17%	New
53	DIGITAL RLTY TR INC COM DLR	DLR	80,000	$14.4m0.17%	0.17%	Added +67.3k	+67,264 528.1%
54	PAR TECHNOLOGY CORP NOTE 1.000% 1/1 · principal PAR 1 01.15.30 · principal	PAR 1 01.15.30	16,200,000	$13.1m0.15%	0.15%	Added +6.0m	+6,000,000 58.8%
55	MEDLINE INC COM CL A MDLN	MDLN	325,000	$12.8m0.15%	0.15%	Reduced -100.0k	-100,000 -23.5%
56	SPDR SERIES TRUST PORTFOLIO S&P500 SPYM	SPYM	137,616	$12.1m0.14%	0.14%	Added +17.1k	+17,077 14.2%
57	NEXTERA ENERGY INC UNIT 02/15/2029 NEE 7.375 02.15.29	NEE 7.375 02.15.29	250,000	$12.0m0.14%	0.14%	Added +150.0k	+150,000 150.0%
58	CAPITAL SOUTHWEST CORP NOTE 5.125%11/1 · principal CSWC 5.125 11.15.29 · principal	CSWC 5.125 11.15.29	10,763,000	$11.3m0.13%	0.13%	Added +500.0k	+500,000 4.9%
59	VERTEX INC NOTE 0.750% 5/0 · principal VERX 0.75 05.01.29 · principal	VERX 0.75 05.01.29	11,000,000	$9.9m0.12%	0.12%	Reduced -9.0m	-9,000,000 -45.0%
60	ATLANTA BRAVES HLDGS INC COM SER C BATRK	BATRK	185,872	$9.6m0.11%	0.11%	Reduced -12.6k	-12,597 -6.3%
61	VIAVI SOLUTIONS INC COM VIAV	VIAV	200,000	$9.6m0.11%	0.11%	New
62	NIO INC NOTE 4.625%10/1 · principal NIO 4.625 10.15.30 · principal	NIO 4.625 10.15.30	9,300,000	$9.3m0.11%	0.11%	Unchanged
63	GLADSTONE CAP CORP NOTE 5.875%10/0 · principal GLAD 5.875 10.01.30 · principal	GLAD 5.875 10.01.30	9,500,000	$9.2m0.11%	0.11%	Added +500.0k	+500,000 5.6%
64	FLUOR CORP NEW COM FLR	FLR	160,953	$8.4m0.10%	0.10%	New
65	IMAX CORP COM IMAX	IMAX	202,160	$8.1m0.09%	0.09%	New
66	FORTRESS VALUE ACQU CORP V ORD SHS CL A FVAV	FVAV	750,000	$7.6m0.09%	0.09%	Unchanged
67	KPET ULTRA PACELINE CORP ORD CL A KPET	KPET	750,006	$7.5m0.09%	0.09%	New
68	PERSHING SQUARE USA LTD COM SHS PSUS	PSUS	200,000	$7.5m0.09%	0.09%	New
69	AVERIN CAP ACQUISITION CORP ORD SHS CL A ACAA	ACAA	750,006	$7.5m0.09%	0.09%	New
70	GORES HOLDINGS XI INC UNIT 06/24/2031 GHXIU	GHXIU	725,000	$7.4m0.09%	0.09%	New
71	JENA ACQUISITION CORP II USD CL A ORD SHS JENA	JENA	699,900	$7.3m0.08%	0.08%	Unchanged
72	GENERAL CATALYST GBL RESIL M CL A GCGR	GCGR	700,004	$7.1m0.08%	0.08%	New
73	ZIFF DAVIS INC DEBT 3.625% 3/0 · principal ZD 3.625 03.01.28 · principal	ZD 3.625 03.01.28	7,000,000	$7.0m0.08%	0.08%	Reduced -5.0m	-5,000,000 -41.7%
74	KRAKACQUISITION CORPORATION CL A ORD SHS KRAQ	KRAQ	700,004	$7.0m0.08%	0.08%	Unchanged
75	FMC CORP COM NEW FMC	FMC	595,200	$6.8m0.08%	0.08%	New
76	ALPHABET INC DEP SHS RP1/20 B GOOGL 6.25 05.15.29 B	GOOGL 6.25 05.15.29 B	133,800	$6.7m0.08%	0.08%	New
77	RMG ML SPORTS HOLDINGS UNIT 06/05/2031 SHOTU	SHOTU	650,000	$6.5m0.08%	0.08%	New
78	BLACKLINE INC NOTE 1.000% 6/0 · principal BL 1 06.01.29 · principal	BL 1 06.01.29	7,005,000	$6.5m0.08%	0.08%	Reduced -6.0m	-6,000,000 -46.1%
79	LIFTOFF MOBILE INC COM LFTO	LFTO	256,250	$6.2m0.07%	0.07%	New
80	INNIO NV ORDINARY SHARES INIO	INIO	152,500	$6.0m0.07%	0.07%	New
81	CH4 NATURAL SOLUTIONS CORP ORD SHS CL A MTNE	MTNE	600,000	$5.9m0.07%	0.07%	New
82	GAMESTOP CORP NOTE 4/0 · principal GME 0 04.01.30 · principal	GME 0 04.01.30	5,750,000	$5.9m0.07%	0.07%	New
83	DATADOG INC CL A COM DDOG	DDOG	22,249	$5.8m0.07%	0.07%	Reduced -39.4k	-39,400 -63.9%
84	HONEYWELL AEROSPACE INC COM HONA	HONA	25,004	$5.5m0.06%	0.06%	New
85	PG&E CORP PFD CONV SER A PCG 6 12.01.27 A	PCG 6 12.01.27 A	130,000	$5.4m0.06%	0.06%	New
86	NEXTERA ENERGY INC UNIT 06/01/2027 NEE 7.299 06.01.27	NEE 7.299 06.01.27	100,000	$5.4m0.06%	0.06%	Reduced -100.0k	-100,000 -50.0%
87	ARTIUS II ACQUISITION INC SHS CL A SHS CL A		499,998	$5.2m0.06%	0.06%	Unchanged
88	GORES HLDGS X INC SHS CL A GTEN	GTEN	500,000	$5.2m0.06%	0.06%	Unchanged
89	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI SMCI 7 06.01.29	SMCI 7 06.01.29	100,000	$5.1m0.06%	0.06%	New
90	COLOMBIER ACQUISITION CORP I ORD SHS CL A CLBR	CLBR	500,008	$5.1m0.06%	0.06%	Unchanged
91	ONEIM ACQUISITION CORP ORD SHS CL A OIM	OIM	500,004	$5.0m0.06%	0.06%	Unchanged
92	DRUGS MADE IN AMER ACQ II CO USD ORD SHS DMII	DMII	500,000	$5.0m0.06%	0.06%	Unchanged
93	ALUSSA ENERGY ACQUISIT CORP ORD SHS CL A ALUB	ALUB	500,001	$5.0m0.06%	0.06%	Unchanged
94	AMERICAN DRIVE ACQUISITION C USD CL A ORD SHS ADAC	ADAC	500,001	$5.0m0.06%	0.06%	Unchanged
95	SNOW ROTHSCHILD ACQUISITION UNIT 05/22/2031 ISNRU	ISNRU	500,000	$5.0m0.06%	0.06%	New
96	BOLD EAGLE ACQUISITION CORP CL A BEAG	BEAG	450,000	$4.8m0.06%	0.06%	Unchanged
97	CANTOR EQUITY PARTNERS IV IN SHS CL A CEPF	CEPF	450,000	$4.7m0.05%	0.05%	Unchanged
98	INFINITE EAGLE ACQUISITION C CL A IEAG	IEAG	450,000	$4.6m0.05%	0.05%	Unchanged
99	LIFEWAY FOODS INC COM LWAY	LWAY	150,000	$4.5m0.05%	0.05%	New
100	AMERICAN EXCEPTIONALISM ACQU ORD CL A AEXA	AEXA	350,000	$4.1m0.05%	0.05%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HOLOGIC INC HOLX	HOLX	9,800,000	$740.8m9.8m shares
MASIMO CORP MASI	MASI	2,576,109	$458.2m2.6m shares
COTERRA ENERGY INC CTRA	CTRA	10,568,659	$371.4m10.6m shares
AIR LEASE CORP AL	AL	5,527,242	$358.9m5.5m shares
CLEARWATER ANALYTICS HLDGS I		13,875,000	$328.1m13.9m shares
SEALED AIR CORP NEW		7,305,341	$307.2m7.3m shares
ARCELLX INC ACLX	ACLX	2,278,517	$261.6m2.3m shares
TERNS PHARMACEUTICALS INC		2,950,000	$155.5m3.0m shares
APELLIS PHARMACEUTICALS INC APLS	APLS	3,550,000	$142.8m3.5m shares
AMICUS THERAPEUTICS INC FOLD	FOLD	8,783,448	$127.0m8.8m shares
CSG SYS INTL INC CSGS 3.875 09.15.28	CSGS 3.875 09.15.28	63,900,000	$77.6m63.9m shares
DUKE ENERGY CORP NEW DUK 4.125 04.15.26	DUK 4.125 04.15.26	46,000,000	$50.7m46.0m shares
WAYFAIR INC W 3.5 11.15.28	W 3.5 11.15.28	24,805,000	$43.5m24.8m shares
STRATEGY INC MSTR 0 12.01.29	MSTR 0 12.01.29	25,000,000	$21.0m25.0m shares
KRATOS DEFENSE & SEC SOLUTIO KTOS	KTOS	200,000	$14.1m200.0k shares
BRIGHTSPRING HEALTH SVCS INC BTSG	BTSG	300,000	$12.8m300.0k shares
WELLTOWER INC WELL	WELL	62,515	$12.4m62.5k shares
BRIGHTHOUSE FINL INC BHF	BHF	200,000	$12.0m200.0k shares
LEGENCE CORP LGN	LGN	200,000	$11.3m200.0k shares
TESLA INC TSLA	TSLA	21,490	$8.0m21.5k shares
AVERIN CAP ACQUISITION CORP ACAAU	ACAAU	750,006	$7.5m750.0k shares
KPET ULTRA PACELINE CORP KPET.U	KPET.U	750,000	$7.5m750.0k shares
ADVANCED MICRO DEVICES INC AMD	AMD	36,569	$7.4m36.6k shares
COREWEAVE INC CRWV	CRWV	93,800	$7.3m93.8k shares
BOEING CO BA	BA	32,534	$6.5m32.5k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	467,900	$349.4m467.9k shares	Added
INVESCO QQQ TR QQQ · Put	QQQ	Put	306,400	$225.6m306.4k shares	Added
NVIDIA CORPORATION NVDA · Put	NVDA	Put	1,029,400	$206.0m1.0m shares	Reduced
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	251,100	$187.5m251.1k shares	New
ISHARES TR IWM · Put	IWM	Put	532,300	$159.9m532.3k shares	Reduced
NEBIUS GROUP N.V. NBIS · Put	NBIS	Put	397,200	$109.7m397.2k shares	Reduced
VANGUARD INDEX FDS VTV · Put	VTV	Put	162,200	$35.3m162.2k shares	New
SIRIUSXM HOLDINGS INC SIRI · Call	SIRI	Call	773,400	$22.8m773.4k shares	Added
TESLA INC TSLA · Put	TSLA	Put	52,800	$22.2m52.8k shares	Reduced
HOWMET AEROSPACE INC HWM · Put	HWM	Put	82,000	$22.0m82.0k shares	Reduced
ISHARES TR IWO · Put	IWO	Put	50,000	$19.7m50.0k shares	Unchanged
GAMESTOP CORP NEW GME · Put	GME	Put	820,200	$18.1m820.2k shares	Added
MICROSTRATEGY INC MSTR · Put	MSTR	Put	188,700	$16.4m188.7k shares	Added
TRIPADVISOR INC TRIP · Put	TRIP	Put	1,179,500	$16.2m1.2m shares	Reduced
DELTA AIR LINES INC DEL DAL · Put	DAL	Put	156,900	$14.7m156.9k shares	Added
GAMESTOP CORP NEW GME · Call	GME	Call	657,000	$14.5m657.0k shares	Reduced
ARM HOLDINGS PLC ARM · Put	ARM	Put	40,100	$14.2m40.1k shares	New
SELECT SECTOR SPDR TR XLF · Put	XLF	Put	255,300	$13.7m255.3k shares	Unchanged
VELOCITY FINL INC VEL · Put	VEL	Put	737,500	$13.6m737.5k shares	Unchanged
INVESCO QQQ TR QQQ · Call	QQQ	Call	18,000	$13.3m18.0k shares	Reduced
COREWEAVE INC CRWV · Put	CRWV	Put	124,800	$12.4m124.8k shares	Added
WALMART INC WMT · Put	WMT	Put	107,000	$12.1m107.0k shares	Unchanged
CHARTER COMMUNICATIONS INC N CHTR · Put	CHTR	Put	77,000	$11.0m77.0k shares	Added
COSTCO WHSL CORP NEW COST · Put	COST	Put	11,100	$10.4m11.1k shares	Reduced
ALPHABET INC GOOG · Put	GOOG	Put	27,900	$9.9m27.9k shares	Reduced