HCM II Acquisition Corp.

HOND • XNAS

HCM II Acquisition Corp. is a blank checks company on XNAS, with a market cap of $518.7M. As of Q3 2025, 34% of shares are held by 63 institutional investors, with D. E. Shaw & Co., Inc. as the largest holder at 3.8%.

Market Cap$518.7M

BLANK CHECKS

Overview

Overview of institutional ownership in HOND as of Q3 2025 with a market cap of $471.8M

All Institutions

Institutions: 63
Value Held: $158.5M
Shares Held: 9.7M
Avg Position: $2.5M
Median Position: $963.2K

Hedge Funds

Hedge Funds: 22
Value Held: $90.8M
Shares Held: 5.5M
Avg Position: $4.1M
Median Position: $2.6M

Ownership Breakdown

Institutional (non-HF)

14.35%

$67.7M

Hedge Funds

19.26%

$90.8M

Retail & Other

66.39%

$313.2M

Based on market cap of $471.8M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in HOND as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
D D. E. Shaw & Co., Inc. Institution	-	$17.9M 0.02% of portfolio	3.80% 1.1M shares	Q4 2024 Held for 11 months	$115.81B
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$16.9M 0.01% of portfolio	3.58% 1.0M shares	Q2 2025 Held for 5 months	$122.08B
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dmitry Balyasny CIO	$14.2M 0.03% of portfolio	3.01% 864.3K shares	Q1 2025 Held for 8 months	$48.1B
L LMR Partners LLP Institution	-	$11.9M 0.23% of portfolio	2.52% 725.3K shares	Q4 2024 Held for 11 months	$5.1B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$10.3M 0.01% of portfolio	2.19% 629.4K shares	Q4 2024 Held for 11 months	$121.98B
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$9.9M 0.01% of portfolio	2.09% 601.9K shares	Q1 2025 Held for 8 months	$67.9B
V Vennlight Capital Management, LP Hedge Fund•Long/Short	Igor (Nmn) Gitelman Founder	$8.2M 10.68% of portfolio	1.74% 500.0K shares	Q2 2025 Held for 5 months	$76.9M
C CANTOR FITZGERALD, L. P. Institution	-	$5.6M 0.11% of portfolio	1.19% 341.3K shares	Q2 2025 Held for 5 months	$5.1B
Davidson Kempner Capital Management LP Hedge Fund•Multi-Strategy	James Meisheng Li President	$4.4M 0.15% of portfolio	0.94% 270.5K shares	Q3 2025 Held for 2 months	$3.0B
Sourcerock Group LLC Hedge Fund•Long/Short	Andrew Michael Haley COO	$4.2M 0.29% of portfolio	0.90% 257.9K shares	Q3 2025 Held for 2 months	$1.5B

Net Capital Flow

Institutional buying and selling activity for HOND in Q3 2025

Traded: −$96.9M
Buyers: 46
Sellers: 48
Total Bought: +$75.5M
Total Sold: −$172.4M
Avg Position: $1.7M

Biggest Buyers

Institution	Net Bought	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$15.8M +960.7K shares	$16.9M 1.0M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$9.6M +586.8K shares	$9.9M 601.9K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$7.0M +429.4K shares	$10.3M 629.4K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$5.2M +319.4K shares	$14.2M 864.3K shares
Davidson Kempner Capital Management LP Hedge Fund•Multi-Strategy	+$4.4M +270.5K shares	$4.4M 270.5K shares
Sourcerock Group LLC Hedge Fund•Long/Short	+$4.2M +257.9K shares	$4.2M 257.9K shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	+$4.0M +244.7K shares	$4.0M 244.7K shares
S SIR Capital Management, L.P. Hedge Fund•Long/Short	+$3.6M +217.6K shares	$3.6M 217.6K shares
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	+$3.3M +198.2K shares	$3.3M 198.2K shares
M MOORE CAPITAL MANAGEMENT, LP Hedge Fund•Global Macro	+$2.9M +175.0K shares	$2.9M 175.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	−$28.6M −1.7M shares	$3.4M 209.4K shares
Magnetar Financial LLC Hedge Fund•Multi-Strategy	−$20.6M −1.3M shares	$2.3M 142.3K shares
Vivaldi Asset Management, LLC Fund of Funds	−$11.7M −1.1M shares	Sold Off 0 shares
M MMCAP International Inc. SPC Institution	−$10.7M −962.1K shares	Sold Off 0 shares
V Vennlight Capital Management, LP Hedge Fund•Long/Short	−$8.7M −527.9K shares	$8.2M 500.0K shares
Arosa Capital Management LP Hedge Fund•Multi-Strategy	−$8.1M −495.0K shares	$1.1M 65.0K shares
S Shay Capital LLC Institution	−$6.3M −386.1K shares	$2.7M 162.1K shares
Calamos Advisors LLC Long Only Manager	−$5.6M −500.0K shares	Sold Off 0 shares
DLD Asset Management, LP Hedge Fund•Multi-Strategy	−$5.2M −468.8K shares	Sold Off 0 shares
GOLDMAN SACHS GROUP INC Institution	−$4.8M −435.1K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 31
New Value: $34.4M
Exited Positions: 32
Exited Value: $76.2M

New Positions

Institution	Position Value
Davidson Kempner Capital Management LP Hedge Fund•Multi-Strategy	$4.4M 270.5K shares
Sourcerock Group LLC Hedge Fund•Long/Short	$4.2M 257.9K shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	$4.0M 244.7K shares
S SIR Capital Management, L.P. Hedge Fund•Long/Short	$3.6M 217.6K shares
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	$3.3M 198.2K shares
M MOORE CAPITAL MANAGEMENT, LP Hedge Fund•Global Macro	$2.9M 175.0K shares
J JANE STREET GROUP, LLC Institution	$2.1M 127.2K shares
HITE Hedge Asset Management LLC Hedge Fund•Long/Short	$1.7M 102.3K shares
SONA ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.6M 100.0K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$1.0M 63.4K shares

Exited Positions

Institution	Previous Position
Vivaldi Asset Management, LLC Fund of Funds	$11.7M 1.1M shares
M MMCAP International Inc. SPC Institution	$10.7M 962.1K shares
Calamos Advisors LLC Long Only Manager	$5.6M 500.0K shares
DLD Asset Management, LP Hedge Fund•Multi-Strategy	$5.2M 468.8K shares
GOLDMAN SACHS GROUP INC Institution	$4.8M 435.1K shares
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS Private Equity	$4.5M 406.0K shares
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$4.4M 400.0K shares
S Senator Investment Group LP Institution	$3.8M 340.0K shares
Governors Lane LP Hedge Fund•Event Driven	$3.3M 300.0K shares
Polar Securities Inc. Hedge Fund•Multi-Strategy	$2.9M 257.3K shares

Options Activity

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

Call Positions: 6
Call Value: $13.0M
Put Positions: 5
Put Value: $9.9M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.7M 2.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.3M 2.0K contracts
S Shay Capital LLC Institution	$2.5M 1.5K contracts
J JANE STREET GROUP, LLC Institution	$2.4M 1.5K contracts
P PEAK6 LLC Institution	$1.2M 704.0 contracts
DLD Asset Management, LP Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.1M 3.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.8M 1.1K contracts
J JANE STREET GROUP, LLC Institution	$1.6M 946.0 contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$410.3K 250.0 contracts
P PEAK6 LLC Institution	$1.6K 1.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
V Vennlight Capital Management, LP Hedge Fund•Long/Short	Igor (Nmn) Gitelman Founder	10.68% $8.2M	1.74% 500.0K shares	Q2 2025 Held for 5 months	$76.9M
Arosa Capital Management LP Hedge Fund•Multi-Strategy	Till August Bechtolsheimer CEO	1.75% $1.1M	0.23% 65.0K shares	Q2 2025 Held for 5 months	$60.9M
Tuttle Tactical Management LLC ETF Provider	Matthew Benjamin Tuttle CEO	1.24% $287.2K	0.06% 17.5K shares	Q4 2024 Held for 11 months	$23.2M
WEXFORD CAPITAL LP Hedge Fund•Multi-Strategy	Charles Eugene Davidson Chairman	0.51% $1.7M	0.36% 102.7K shares	Q2 2025 Held for 5 months	$330.0M
S Shay Capital LLC Institution	-	0.48% $2.7M	0.56% 162.1K shares	Q2 2025 Held for 5 months	$548.9M
M Massar Capital Management, LP Institution	-	0.40% $1.1M	0.23% 65.0K shares	Q2 2025 Held for 5 months	$269.6M
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	Siu Min (Joe) Wong CEO	0.35% $3.4M	0.73% 209.4K shares	Q1 2025 Held for 8 months	$971.4M
S SIR Capital Management, L.P. Hedge Fund•Long/Short	Mirco Ronald Elias CFO	0.32% $3.6M	0.76% 217.6K shares	Q3 2025 Held for 2 months	$1.1B
E EHP Funds Inc. Institution	-	0.31% $228.0K	0.05% 13.9K shares	Q3 2025 Held for 2 months	$72.6M
Sourcerock Group LLC Hedge Fund•Long/Short	Andrew Michael Haley COO	0.29% $4.2M	0.90% 257.9K shares	Q3 2025 Held for 2 months	$1.5B

Hedge Fund Spotlight

Discover hedge funds investing in HOND

Waratah Capital Advisors Ltd.

Hedge Fund • Multi-Strategy

Portfolio ManagerBlair Irving Levinsky

Portfolio Value: $1.5B
Positions: 136
Last Reported: Q3 2025

Sector Allocation

Position in HCM II Acquisition Corp.

Market Value: $3.3M
Shares Held: 198.2K
Portfolio Weight: 0.22%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Centerra Gold CGAU	Gold Basic Materials	$74.6M	5.08%
2 Pan American Silver PAAS	Silver Basic Materials	$51.9M	3.53%
3 Teledyne Technologies TDY	Hardware, Equipment & Parts Technology	$48.4M	3.29%