Portfolio (Quarterly) Guide ↗

Hudson Bay Capital Management LP

· CIK 0001393825

13F Portfolio $30.3B AUM 1,279 positions Filed Feb 13, 2026 EDGAR ↗ ← All Funds

Q4 2025 Q3 2025 · All 448 New 268 Added 279 Reduced 486 Exited

Page 13 of 25 · 486 positions

#	Ticker	Company	Sector	Shares	Value ↓	% Port	Status
241	BLD PUT	TOPBUILD CORP	Industrials	7,000	$2.7M	0.01%	SOLD
242	DAN	DANA INC	Consumer Cyclical	136,205	$2.7M	0.01%	SOLD
243	WING CALL	WINGSTOP INC	Consumer Cyclical	10,500	$2.6M	0.01%	SOLD
244	—	KLARNA GROUP PLC	—	72,000	$2.6M	0.01%	SOLD
245	AOS PUT	SMITH A O CORP	Industrials	35,900	$2.6M	0.01%	SOLD
246	BROS PUT	DUTCH BROS INC	Consumer Cyclical	50,000	$2.6M	0.01%	SOLD
247	—	TRAILBLAZER ACQUISITION CORP	—	252,518	$2.6M	0.01%	SOLD
248	—	VINE HILL CAP INVT CORP.	—	240,037	$2.6M	0.01%	SOLD
249	AOS CALL	SMITH A O CORP	Industrials	35,000	$2.6M	0.01%	SOLD
250	BEKE	KE HLDGS INC	Real Estate	133,629	$2.5M	0.01%	SOLD
251	—	STARRY SEA ACQUISITION CORP	—	250,000	$2.5M	0.01%	SOLD
252	GNRC PUT	GENERAC HLDGS INC	Industrials	15,000	$2.5M	0.01%	SOLD
253	U	UNITY SOFTWARE INC	Technology	61,704	$2.5M	0.01%	SOLD
254	MCRB CALL	SERES THERAPEUTICS INC	Healthcare	125,000	$2.4M	0.01%	SOLD
255	FWRG CALL	FIRST WATCH RESTAURANT GROUP	Consumer Cyclical	147,500	$2.3M	0.01%	SOLD
256	MDGL CALL	MADRIGAL PHARMACEUTICALS INC	Healthcare	5,000	$2.3M	0.01%	SOLD
257	MAS CALL	MASCO CORP	Industrials	32,300	$2.3M	0.01%	SOLD
258	PTON PUT	PELOTON INTERACTIVE INC	Consumer Cyclical	250,000	$2.2M	0.01%	SOLD
259	MHO PUT	M/I HOMES INC	Consumer Cyclical	15,400	$2.2M	0.01%	SOLD
260	MHO CALL	M/I HOMES INC	Consumer Cyclical	15,200	$2.2M	0.01%	SOLD

Page 13 of 25 · 486 positions

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Sector Allocation

Technology 29.4%

Consumer Cyclical 14.2%

Financial Services 10.8%

Communication Services 10.2%

Healthcare 10.0%

Industrials 8.9%

Real Estate 5.7%

Consumer Defensive 4.3%

Utilities 3.3%

Energy 2.2%