HBK INVESTMENTS L P

Hedge Fund • Multi-Strategy

HBK INVESTMENTS L P is a Multi-Strategy Hedge Fund based in Dallas, TX led by Matthew Atcheson Leffers, reporting $28.5B in AUM as of Q3 2025 with 35% Technology concentration, 69% concentrated in top 10 holdings, and 19% allocation to CYBR.

PresidentMatthew Atcheson Leffers

Portfolio Value: $6.0B
Positions: 99
Top Holding: CYBR at 18.82%
Last Reported: Q3 2025

Address2300 North Field Street, Suite 2200, Dallas, TX, 75201-7849, United States

Top Holdings

Largest long holdings in HBK INVESTMENTS L P's portfolio (68.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 CyberArk Software CYBR	Software - Infrastructure Technology	$1.1B	18.82%	+$1.1B Bought	4.66% 2.4M shares	Q3 2025 Held for 2 months
2 VRNA Verona Pharma VRNA	Unknown Unknown	$455.0M	7.54%	+$455.0M New	— 4.3M shares	Q3 2025 Held for 2 months
3 Chart Industries GTLS	Industrial - Machinery Industrials	$425.9M	7.06%	+$425.9M Bought	4.73% 2.1M shares	Q3 2025 Held for 2 months
4 Norfolk Southern NSC	Railroads Industrials	$381.5M	6.33%	+$381.5M Bought	0.57% 1.3M shares	Q3 2025 Held for 2 months
5 Liberty Broadband Corporation LBRDK	Telecommunications Services Communication Services	$360.6M	5.98%	+$360.6M Bought	3.96% 5.7M shares	Q3 2025 Held for 2 months
6 Informatica INFA	Software - Infrastructure Technology	$322.3M	5.34%	+$322.3M New	4.26% 13.0M shares	Q3 2025 Held for 2 months
7 Dayforce DAY	Software - Application Technology	$296.2M	4.91%	+$296.2M New	2.72% 4.3M shares	Q3 2025 Held for 2 months
8 The Interpublic Group of Companies IPG	Advertising Agencies Communication Services	$295.3M	4.90%	+$295.3M Bought	2.89% 10.6M shares	Q3 2025 Held for 2 months
9 Merus N.V. MRUS	Biotechnology Healthcare	$268.3M	4.45%	+$268.3M New	3.76% 2.9M shares	Q3 2025 Held for 2 months
10 Mr. Cooper Group Inc. COOP	Financial - Mortgages Financial Services	$200.3M	3.32%	+$200.3M New	1.48% 950.0K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in HBK INVESTMENTS L P's latest filing

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Market Value

$6.0B

Prior: $2.0B

Q/Q Change

+203.19%

+$4.0B

Net Flows % of MV

+8.17%

Turnover Ratio

58.14%

New Purchases

33 stocks

$2.0B

Added To

12 stocks

+$36.8M

Sold Out Of

37 stocks

$1.4B

Reduced Holdings

17 stocks

-$122.4M

Increased Positions

Position	Shares Δ	Change
1 VRNA Verona Pharma VRNA	New	0 → 4.3M +$455.0M
2 Informatica INFA	New	0 → 13.0M +$322.3M
3 Dayforce DAY	New	0 → 4.3M +$296.2M
4 Merus N.V. MRUS	New	0 → 2.9M +$268.3M
5 Mr. Cooper Group Inc. COOP	New	0 → 950.0K +$200.3M

Decreased Positions

Position	Shares Δ	Change
1 Hess HES	Sold	9.0M → 0 −$1.2B
2 GMS GMS	Sold	704.7K → 0 −$76.6M
3 RYAAY Ryanair Holdings plc RYAAY	Sold	423.8K → 0 −$24.4M
4 Six Flags Entertainment FUN	Sold	397.6K → 0 −$12.1M
5 QXO, Inc. QXO	Sold	500.0K → 0 −$10.8M

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Analytics

Portfolio insights and performance metrics for HBK INVESTMENTS L P

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Sector Allocation

Technology

34.90%

Industrials

18.10%

Communication Services

14.70%

Healthcare

5.50%

Financial Services

3.30%

Consumer Defensive

2.90%

ETF

2.70%

Real Estate

0.20%

Consumer Cyclical

0.20%

Energy

0.10%

Basic Materials

0.10%

Market Cap Distribution

Mega Cap (> $200B)

0.81%

Large Cap ($10B - $200B)

44.14%

Mid Cap ($2B - $10B)

36.60%

Small Cap ($300M - $2B)

3.32%

Micro Cap ($50M - $300M)

0.44%

Nano Cap (< $50M)

2.29%

N/A (ETF or Unknown)

12.40%

Portfolio Concentration

Top 10 Holdings %

68.65%

Top 20 Holdings %

89.86%

Top 50 Holdings %

98.41%

Top 100 Holdings %

100.0%