HUDBAY MINERALS INC HBM
COM · Common Stock · CUSIP 443628102 · ISIN CA4436281022
- SectorMaterials
- IndustryMetal Mining
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($13.1m this quarter). Holder counts are more reliable. Shares outstanding: 395.5m as of 2025-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $15.21. Options: 16 managers hold calls ($83.8m notional), 13 hold puts ($14.2m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 116 |
| Q4 2022 | 147 |
| Q1 2023 | 165 |
| Q2 2023 | 173 |
| Q3 2023 | 172 |
| Q4 2023 | 179 |
| Q1 2024 | 178 |
| Q2 2024 | 213 |
| Q3 2024 | 216 |
| Q4 2024 | 225 |
| Q1 2025 | 211 |
| Q2 2025 | 240 |
| Q3 2025 | 263 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 91 | 72 |
| Q1 2024 | 92 | 83 |
| Q2 2024 | 141 | 76 |
| Q3 2024 | 119 | 102 |
| Q4 2024 | 131 | 85 |
| Q1 2025 | 108 | 107 |
| Q2 2025 | 134 | 108 |
| Q3 2025 | 146 | 128 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $14.6m | $3.3m | 0.22 |
| Q1 2025 | $28.6m | $6.5m | 0.23 |
| Q2 2025 | $17.8m | $5.8m | 0.33 |
| Q3 2025 | $83.8m | $14.2m | 0.17 |
Biggest buyers
| FIL Ltd | New | +11.0m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | New | +8.2m |
| Connor, Clark & Lunn Investment Management Ltd. | Added | +3.9m |
| BANK OF NOVA SCOTIA | Added | +3.7m |
| ACADIAN ASSET MANAGEMENT LLC | Added | +3.7m |
| JPMORGAN CHASE & CO | Added | +3.5m |
| Artemis Investment Management LLP | Added | +3.0m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Added | +2.7m |
| FMR LLC | Added | +2.6m |
| D. E. Shaw & Co., Inc. | Added | +2.4m |
Biggest sellers
| Condire Management, LP | Sold out | -7.3m |
| L1 Capital Pty Ltd | Reduced | -6.7m |
| ROYAL BANK OF CANADA | Reduced | -5.6m |
| LETKO, BROSSEAU & ASSOCIATES INC | Reduced | -4.5m |
| GMT Capital Corp | Reduced | -3.8m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -3.7m |
| Waratah Capital Advisors Ltd. | Sold out | -3.5m |
| JENNISON ASSOCIATES LLC | Reduced | -3.0m |
| Woodline Partners LP | Reduced | -2.7m |
| GOLDMAN SACHS GROUP INC | Reduced | -2.5m |
Biggest calls
| PEAK6 LLC | Added | $32.3m2.1m shares |
| BANK OF MONTREAL /CAN/ | New | $8.1m533.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $8.0m529.8k shares |
| CIBC WORLD MARKET INC. | New | $7.1m470.0k shares |
| MILLENNIUM MANAGEMENT LLC | New | $6.1m400.0k shares |
| SIG North Trading, ULC | Added | $5.2m343.9k shares |
| SIMPLEX TRADING, LLC | Added | $3.0m198.3k shares |
| TORONTO DOMINION BANK | Added | $2.8m188.0k shares |
| GROUP ONE TRADING LLC | Added | $2.1m136.9k shares |
| CITADEL ADVISORS LLC | Added | $2.0m131.0k shares |
Biggest puts
| CIBC WORLD MARKET INC. | New | $3.0m200.0k shares |
| PEAK6 LLC | New | $2.6m170.2k shares |
| SIG North Trading, ULC | Added | $2.1m135.3k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $1.4m923 shares |
| CITADEL ADVISORS LLC | Added | $1.2m82.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $1.2m75.9k shares |
| JANE STREET GROUP, LLC | Added | $1.0m68.6k shares |
| ROYAL BANK OF CANADA | Reduced | $606.0k40.0k shares |
| SIMPLEX TRADING, LLC | Added | $356.0k23.5k shares |
| IMC-Chicago, LLC | New | $239.5k15.8k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| FIL Ltd 13G · institution -2.1 pts · filed 2026-08-06 | 6.3% |
Fell to 5% or below in the last year: GMT CAPITAL CORP (4.6%, 2026-08-14), DIMENSIONAL FUND ADVISORS LP (4.9%, 2026-01-21)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| GMT Capital Corp 19.30% of their portfolio | 28.1m $425.8m | Reduced -3.8m |
| VANGUARD GROUP INC 0.00% of their portfolio | 16.2m $245.4m | Added +373.4k |
| Hancock Prospecting Pty Ltd 7.17% of their portfolio | 14.5m $220.1m | Unchanged |
| Invesco Ltd. 0.03% of their portfolio | 11.4m $172.7m | Added +46.9k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 11.3m $171.8m | Added +348.3k |
| FIL Ltd 0.13% of their portfolio | 11.0m $166.2m | New |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.25% of their portfolio | 10.5m $159.1m | Added +986.3k |
| L1 Capital Pty Ltd 8.46% of their portfolio | 8.4m $134.1m | Reduced -6.7m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.08% of their portfolio | 8.2m $123.7m | New |
| MORGAN STANLEY 0.01% of their portfolio | 7.7m $117.3m | Added +1.5m |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 7.7m $117.1m | Added +3.5m |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 6.5m $99.2m | Reduced -5.6m |
| Connor, Clark & Lunn Investment Management Ltd. 0.31% of their portfolio | 6.5m $98.5m | Added +3.9m |
| PICTON MAHONEY ASSET MANAGEMENT 1.23% of their portfolio | 6.4m $96.2m | Added +538.0k |
| BANK OF MONTREAL /CAN/ 0.04% of their portfolio | 6.3m $95.3m | Added +2.2m |
| DONALD SMITH & CO., INC. 1.74% of their portfolio | 5.8m $87.3m | Reduced -1.7m |
| AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio | 5.6m $85.5m | Added +1.4m |
| EdgePoint Investment Group Inc. 0.59% of their portfolio | 5.2m $79.1m | Reduced -1.6m |
| ACADIAN ASSET MANAGEMENT LLC 0.13% of their portfolio | 5.1m $77.1m | Added +3.7m |
| Artemis Investment Management LLP 0.93% of their portfolio | 4.9m $74.8m | Added +3.0m |
| MACKENZIE FINANCIAL CORP 0.09% of their portfolio | 4.7m $71.3m | Reduced -366.5k |
| BANK OF NOVA SCOTIA 0.11% of their portfolio | 4.3m $64.8m | Added +3.7m |
| RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio | 4.0m $59.9m | Reduced -274.0k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 3.8m $57.7m | Reduced -2.5m |
| Man Group plc 0.11% of their portfolio | 3.8m $57.2m | Added +1.7m |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 3.6m $54.8m | Added +2.4m |
| LETKO, BROSSEAU & ASSOCIATES INC 0.92% of their portfolio | 3.5m $53.5m | Reduced -4.5m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.04% of their portfolio | 3.3m $50.3m | Added +2.7m |
| FMR LLC 0.00% of their portfolio | 3.0m $44.9m | Added +2.6m |
| NATIONAL BANK OF CANADA /FI/ 0.04% of their portfolio | 2.6m $38.7m | Added +754.1k |
| TD Asset Management Inc 0.03% of their portfolio | 2.1m $32.1m | Added +924.2k |
| Driehaus Capital Management LLC 0.22% of their portfolio | 2.1m $31.1m | New |
| Allianz Asset Management GmbH 0.04% of their portfolio | 2.0m $30.7m | Reduced -448.8k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio | 1.9m $28.2m | Added +67.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.9m $28.1m | Reduced -1.3m |
| AGF MANAGEMENT LTD 0.10% of their portfolio | 1.4m $22.0m | Reduced -448.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 1.4m $21.4m | Added +382.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 1.3m $20.3m | Added +323.4k |
| CastleKnight Management LP 1.07% of their portfolio | 1.3m $19.9m | Reduced -587.0k |
| MOORE CAPITAL MANAGEMENT, LP 0.39% of their portfolio | 1.3m $19.5m | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 1.3m $19.2m | Reduced -610.9k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 1.2m $18.3m | Reduced -3.7m |
| Robeco Schweiz AG 0.39% of their portfolio | 1.2m $17.5m | Added +80.0k |
| MACQUARIE GROUP LTD 0.02% of their portfolio | 1.1m $16.3m | Reduced -371.5k |
| TORONTO DOMINION BANK 0.03% of their portfolio | 1.0m $15.8m | Added +128.0k |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 1.0m $15.7m | Added +777.7k |
| Hillsdale Investment Management Inc. 0.47% of their portfolio | 1.0m $15.5m | New |
| CIBC WORLD MARKET INC. 0.03% of their portfolio | 973.2k $14.7m | Added +52.0k |
| Mountaineer Partners Management, LLC 8.42% of their portfolio | 955.4k $14.5m | Reduced -169.0k |
| Mudita Advisors LLP 4.05% of their portfolio | 924.5k $14.0m | Reduced -432.6k |
| M&G PLC 0.07% of their portfolio | 899.3k $13.6m | New |
| Nokomis Capital, L.L.C. 4.67% of their portfolio | 868.2k $13.2m | Reduced -44.5k |
| Boston Partners 0.02% of their portfolio | 856.8k $18.1m | Reduced -1.2m |
| Temasek Holdings (Private) Ltd 0.04% of their portfolio | 800.5k $12.1m | Reduced -1.2m |
| Yaupon Capital Management LP 0.62% of their portfolio | 790.4k $12.0m | Reduced -580.4k |
| Goehring & Rozencwajg Associates, LLC 1.41% of their portfolio | 773.6k $11.7m | Reduced -4.5k |
| Swiss National Bank 0.01% of their portfolio | 772.3k $11.7m | Added +12.4k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 745.3k $11.3m | Reduced -176.0k |
| ExodusPoint Capital Management, LP 0.16% of their portfolio | 730.5k $11.1m | Reduced -461.3k |
| LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio | 727.2k $11.0m | New |
| Schonfeld Strategic Advisors LLC 0.07% of their portfolio | 700.3k $10.6m | Added +437.4k |
| Galibier Capital Management Ltd. 3.47% of their portfolio | 687.0k $10.4m | Reduced -458.2k |
| CITIGROUP INC 0.01% of their portfolio | 672.6k $10.2m | Added +618.5k |
| Walleye Capital LLC 0.08% of their portfolio | 662.6k $10.0m | Reduced -310.0k |
| BlackRock, Inc. 0.00% of their portfolio | 655.4k $9.9m | Reduced -6.7k |
| BAROMETER CAPITAL MANAGEMENT INC. 3.10% of their portfolio | 642.9k $13.6m | Added +519.4k |
| Regal Partners Ltd 0.70% of their portfolio | 642.0k $9.7m | Reduced -645.4k |
| UBS Group AG 0.00% of their portfolio | 635.1k $9.6m | Reduced -148.9k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 551.9k $8.4m | Reduced -591.2k |
| Lumbard & Kellner, LLC 2.98% of their portfolio | 533.6k $8.1m | Added +450 |
| Triasima Portfolio Management inc. 1.22% of their portfolio | 531.8k $8.1m | New |
| CIBC Asset Management Inc 0.02% of their portfolio | 530.0k $8.0m | Reduced -913.9k |
| TD Waterhouse Canada Inc. 0.05% of their portfolio | 501.0k $7.7m | Added +323.9k |
| Trexquant Investment LP 0.08% of their portfolio | 500.9k $7.6m | Added +259.1k |
| Amundi 0.00% of their portfolio | 479.4k $7.5m | Added +178.0k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 471.9k $7.2m | Added +288.1k |
| SIR Capital Management, L.P. 0.61% of their portfolio | 448.8k $6.8m | New |
| Quadrature Capital Ltd 0.08% of their portfolio | 442.6k $6.7m | Added +410.7k |
| CoreCommodity Management, LLC 1.20% of their portfolio | 437.8k $6.6m | Reduced -413.8k |
| Orchard Capital Management, LLC 8.76% of their portfolio | 437.5k $6.6m | Added +26.7k |
| AXA Investment Managers S.A. 0.02% of their portfolio | 434.0k $6.6m | First filing |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 425.3k $6.4m | New |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.25% of their portfolio | 422.6k $6.4m | Added +58.8k |
| Woodline Partners LP 0.03% of their portfolio | 406.4k $6.2m | Reduced -2.7m |
| Legal & General Group Plc 0.00% of their portfolio | 395.2k $6.0m | Reduced -21.3k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 382.2k $5.8m | Reduced -4.0k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.02% of their portfolio | 381.3k $5.8m | Added +191.2k |
| Cumberland Partners Ltd 0.36% of their portfolio | 364.7k $5.5m | Unchanged |
| Wealth High Governance Capital Ltda 1.57% of their portfolio | 360.0k $5.5m | Reduced -260.9k |
| Clearbridge Investments, LLC 0.00% of their portfolio | 345.5k $5.2m | Reduced -4.5k |
| Alberta Investment Management Corp 0.04% of their portfolio | 345.4k $5.2m | Added +125.8k |
| Northwest & Ethical Investments L.P. 0.11% of their portfolio | 315.3k $4.8m | Added +8.6k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 300.5k $4.6m | Reduced -532.7k |
| Nuveen, LLC 0.00% of their portfolio | 295.7k $4.5m | Unchanged |
| EASTERLY INVESTMENT PARTNERS LLC 0.29% of their portfolio | 286.9k $4.3m | Added +41.6k |
| Informed Momentum Co LLC 0.50% of their portfolio | 285.0k $4.3m | New |
| JENNISON ASSOCIATES LLC 0.00% of their portfolio | 273.9k $4.2m | Reduced -3.0m |
| Heathbridge Capital Management Ltd. 1.53% of their portfolio | 263.0k $4.0m | Reduced -825 |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 261.7k $4.0m | Added +233.4k |
| HighTower Advisors, LLC 0.00% of their portfolio | 258.6k $3.9m | Added +24.5k |