Hudbay Minerals

HBM • NYSE

Hudbay Minerals is a copper company in the basic materials sector on NYSE, led by Stephen A. Lang, with a market cap of $6.9B. As of Q3 2025, 72% of shares are held by 259 institutional investors, with GMT CAPITAL CORP as the largest holder at 7.1%.

CEOStephen A. Lang

Market Cap$6.9B

Copper

Basic Materials

Employees2.7K

Websitehudbayminerals.com

Overview

Overview of institutional ownership in HBM as of Q3 2025 with a market cap of $6.0B

All Institutions

Institutions: 259
Value Held: $4.3B
Shares Held: 282.6M
Avg Position: $16.6M
Median Position: $1.8M

Hedge Funds

Hedge Funds: 49
Value Held: $900.6M
Shares Held: 59.4M
Avg Position: $18.4M
Median Position: $2.8M

Ownership Breakdown

Institutional (non-HF)

56.64%

$3.4B

Hedge Funds

15.01%

$900.6M

Retail & Other

28.34%

$1.7B

Based on market cap of $6.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in HBM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
GMT CAPITAL CORP Hedge Fund•Long/Short	Thomas Eugene Claugus President	$425.8M 19.30% of portfolio	7.10% 28.1M shares	Q4 2016 Held for 8y 11m	$2.2B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$245.4M 0.00% of portfolio	4.09% 16.2M shares	Q1 2015 Held for 10y 8m	$6.69T
Hancock Prospecting Pty Ltd RIA/Wealth	Walter J Sedlock CEO	$220.1M 7.17% of portfolio	3.67% 14.5M shares	Q2 2025 Held for 5 months	$3.1B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$172.7M 0.03% of portfolio	2.88% 11.4M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	Gerard Kieran O'Reilly CEO	$171.8M 0.04% of portfolio	2.86% 11.3M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
F FIL Ltd Institution	-	$166.2M 0.13% of portfolio	2.77% 11.0M shares	Q3 2025 Held for 2 months	$127.75B
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	-	$159.1M 0.26% of portfolio	2.65% 10.5M shares	Q2 2024 Held for 1y 5m	$61.8B
L L1 Capital Pty Ltd Institution	-	$134.1M 8.46% of portfolio	2.12% 8.4M shares	Q2 2021 Held for 4y 5m	$1.6B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$123.7M 0.08% of portfolio	2.06% 8.2M shares	Q3 2025 Held for 2 months	$158.92B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$117.3M 0.01% of portfolio	1.96% 7.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T

Net Capital Flow

Institutional buying and selling activity for HBM in Q3 2025

Net Flow: −$343.3M
Buyers: 89
Sellers: 122
Total Bought: +$610.9M
Total Sold: −$954.2M
Avg Position: $16.5M

Biggest Buyers

Institution	Net Bought	Current Position
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	+$58.3M +3.9M shares	$98.5M 6.5M shares
BANK OF NOVA SCOTIA / Institution	+$56.3M +3.7M shares	$64.8M 4.3M shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	+$55.5M +3.7M shares	$77.2M 5.1M shares
A Artemis Investment Management LLP Institution	+$45.0M +3.0M shares	$74.8M 4.9M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$41.0M +2.7M shares	$50.3M 3.3M shares
FMR LLC Institution	+$39.8M +2.6M shares	$44.9M 3.0M shares
D D. E. Shaw & Co., Inc. Institution	+$36.5M +2.4M shares	$54.8M 3.6M shares
BANK OF MONTREAL /CAN/ Institution	+$34.0M +2.2M shares	$95.3M 6.3M shares
M Man Group plc Institution	+$25.4M +1.7M shares	$57.2M 3.8M shares
MORGAN STANLEY RIA/Wealth	+$22.7M +1.5M shares	$117.3M 7.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
L L1 Capital Pty Ltd Institution	−$106.8M −6.7M shares	$134.1M 8.4M shares
C Condire Management, LP Hedge Fund•Long/Short	−$77.2M −7.3M shares	Sold Off 0 shares
LETKO, BROSSEAU & ASSOCIATES INC Long Only Manager	−$68.6M −4.5M shares	$53.5M 3.5M shares
GMT CAPITAL CORP Hedge Fund•Long/Short	−$57.5M −3.8M shares	$425.8M 28.1M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$56.2M −3.7M shares	$18.3M 1.2M shares
JENNISON ASSOCIATES LLC Long Only Manager	−$45.6M −3.0M shares	$4.2M 273.9K shares
Woodline Partners LP Hedge Fund•Long/Short	−$40.3M −2.7M shares	$6.2M 406.4K shares
GOLDMAN SACHS GROUP INC Institution	−$38.4M −2.5M shares	$57.7M 3.8M shares
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	−$37.4M −3.5M shares	Sold Off 0 shares
C Cubist Systematic Strategies, LLC Institution	−$28.6M −1.9M shares	$2.4M 156.7K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited HBM in Q3 2025

New Positions: 30
New Value: $47.0M
Exited Positions: 32
Exited Value: $189.0M

New Positions

Institution	Position Value
M M&G Plc Institution	$13.6M 899.3K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$11.0M 727.2K shares
S SIR Capital Management, L.P. Hedge Fund•Long/Short	$6.8M 448.8K shares
E Employees Retirement System of Texas Institution	$3.9M 255.0K shares
R Robeco Institutional Asset Management B.V. Institution	$2.6M 172.7K shares
Blackstone Group L.P. Institution	$1.5M 101.7K shares
G Greenland Capital Management LP Hedge Fund•Multi-Strategy	$1.1M 74.9K shares
Caption Management, LLC Hedge Fund•Long/Short	$939.9K 62.0K shares
Precision Wealth Strategies, LLC RIA/Wealth	$854.7K 56.4K shares
B Baader Bank INC Institution	$699.5K 47.6K shares

Exited Positions

Institution	Previous Position
C Condire Management, LP Hedge Fund•Long/Short	$77.2M 7.3M shares
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	$37.4M 3.5M shares
C Carrhae Capital LLP Hedge Fund•Long/Short	$16.4M 1.5M shares
A Assenagon Asset Management S.A. Institution	$15.4M 1.4M shares
T THOMIST CAPITAL MANAGEMENT, LP Hedge Fund•Long/Short	$13.4M 1.3M shares
Marshall Wace LLP Institution	$6.9M 647.8K shares
G GCIC Ltd. Institution	$6.0M 568.0K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$4.1M 388.5K shares
PDT Partners, LLC Hedge Fund•Quant	$3.8M 357.7K shares
A AXA Institution	$1.2M 116.4K shares

Options Activity

Institutions with the largest Call and Put options positions in HBM as of Q3 2025

Call Positions: 11
Call Value: $59.2M
Put Positions: 9
Put Value: $10.7M

Call Positions

Institution	Position Value
P PEAK6 LLC Institution	$16.1M 10.6K contracts
BANK OF MONTREAL /CAN/ Institution	$8.1M 5.3K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.0M 5.3K contracts
C CIBC World Markets Inc. Institution	$7.1M 4.7K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$6.1M 4.0K contracts
S SIG North Trading, ULC Institution	$5.2M 3.4K contracts
TORONTO DOMINION BANK Institution	$2.8M 1.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.0M 1.3K contracts
R ROYAL BANK OF CANADA Institution	$1.7M 1.2K contracts
J JANE STREET GROUP, LLC Institution	$1.3M 835.0 contracts

Put Positions

Institution	Position Value
C CIBC World Markets Inc. Institution	$3.0M 2.0K contracts
S SIG North Trading, ULC Institution	$2.1M 1.4K contracts
P PEAK6 LLC Institution	$1.3M 851.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.2M 824.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.2M 759.0 contracts
J JANE STREET GROUP, LLC Institution	$1.0M 686.0 contracts
R ROYAL BANK OF CANADA Institution	$606.4K 400.0 contracts
W WOLVERINE TRADING, LLC Institution	$226.6K 149.0 contracts
TORONTO DOMINION BANK Institution	$101.5K 67.0 contracts

Most Committed Institutions

Institutions with HBM as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
GMT CAPITAL CORP Hedge Fund•Long/Short	Thomas Eugene Claugus President	19.30% $425.8M	7.10% 28.1M shares	Q4 2016 Held for 8y 11m	$2.2B
EAM Global Investors LLC Long Only Manager	Derek John Gaertner CEO	14.99% $3.5M	0.06% 233.9K shares	Q3 2025 Held for 2 months	$23.6M
Orchard Capital Managment, LLC RIA/Wealth	Joshua Paul Fairbank Managing Partner	8.76% $6.6M	0.11% 437.5K shares	Q4 2023 Held for 1y 11m	$75.8M
L L1 Capital Pty Ltd Institution	-	8.46% $134.1M	2.12% 8.4M shares	Q2 2021 Held for 4y 5m	$1.6B
Mountaineer Partners Management, LLC Hedge Fund•Long/Short	Mark M Lee Managing Partner	8.42% $14.5M	0.24% 955.4K shares	Q1 2023 Held for 2y 8m	$171.9M
Hancock Prospecting Pty Ltd RIA/Wealth	Walter J Sedlock CEO	7.17% $220.1M	3.67% 14.5M shares	Q2 2025 Held for 5 months	$3.1B
N Nokomis Capital, L.L.C. Hedge Fund•Long/Short	Kendall Katherine Lunney CFO	4.77% $13.2M	0.22% 868.2K shares	Q1 2023 Held for 2y 8m	$276.2M
Mudita Advisors LLP Hedge Fund•Multi-Strategy	Thomas Luke Rimington Hardy Founder	4.05% $14.0M	0.23% 924.5K shares	Q2 2023 Held for 2y 5m	$345.8M
G Galibier Capital Management Ltd. Institution	-	3.47% $10.4M	0.17% 687.0K shares	Q1 2022 Held for 3y 8m	$300.1M
BAROMETER CAPITAL MANAGEMENT INC. Long Only Manager	David Charles Burrows CEO	3.10% $13.6M	0.16% 642.9K shares	Q2 2025 Held for 5 months	$436.6M

Hedge Fund Spotlight

Discover hedge funds investing in HBM

DRIEHAUS CAPITAL MANAGEMENT LLC

Hedge Fund • Event Driven

Portfolio ManagerStephen Thomas Weber

Portfolio Value: $13.9B
Positions: 419
Last Reported: Q3 2025

Sector Allocation

Position in Hudbay Minerals

Market Value: $31.1M
Shares Held: 2.1M
Portfolio Weight: 0.22%
Owned Since: 2025-Q3

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