Castle Hook Partners
Castle Hook Partners is managed by a team of seasoned investment professionals with a strong track record in asset management. The fund is known for its strategic approach to investing, focusing on long-term capital appreciation through a diversified portfolio. Their investment philosophy emphasizes rigorous research and a disciplined evaluation of macroeconomic factors.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| SPYPUT | $10.79B | 46.04% | $648.67 | $747.31 | +15.2% | 46.0% | |
| GLDCALL | $5.95B | 25.39% | $430.29 | $377.27 | -12.3% | 25.4% | |
| UALCALL | $1.16B | 4.94% | $92.07 | $127.83 | +38.8% | 4.9% | |
| NTRA | $505.9M | 2.16% | $199.99 | $279.55 | +39.8% | 2.2% | |
| DALCALL | $488.0M | 2.08% | $66.30 | $88.53 | +33.5% | 2.1% | |
| FIX | $288.1M | 1.23% | $1378.45 | $1679.77 | +21.9% | 1.2% | |
| EQIX | $258.7M | 1.10% | $975.42 | $1024.90 | +5.1% | 1.1% | |
| RTX | $248.2M | 1.06% | $192.10 | $200.91 | +4.6% | 1.1% | |
| WMT | $243.4M | 1.04% | $124.04 | $111.54 | -10.1% | 1.0% | |
| WDC | $237.7M | 1.01% | $270.42 | $529.66 | +95.9% | 1.0% | |
| WELL | $235.6M | 1.01% | $197.04 | $237.86 | +20.7% | 1.0% | |
| LHX | $232.7M | 0.99% | $343.76 | $295.83 | -13.9% | 1.0% | |
| STX | $220.0M | 0.94% | $391.48 | $827.64 | +111.4% | 0.9% | |
| INSM | $207.6M | 0.89% | $163.52 | $112.72 | -31.1% | 0.9% | |
| TTMI | $206.0M | 0.88% | $97.42 | $144.67 | +48.5% | 0.9% | |
| KRMN | $199.6M | 0.85% | $80.05 | $51.56 | -35.6% | 0.8% | |
| AMAT | $177.9M | 0.76% | $341.37 | $548.86 | +60.8% | 0.8% | |
| SNDK | $175.9M | 0.75% | $635.34 | $1611.07 | +153.6% | 0.8% | |
| SOLS | $169.6M | 0.72% | $76.09 | $61.62 | -19.0% | 0.7% | |
| DHR | $166.8M | 0.71% | $189.21 | $194.00 | +2.5% | 0.7% | |
| CCJ | $150.8M | 0.64% | $108.61 | $94.71 | -12.8% | 0.6% | |
| XOM | $147.6M | 0.63% | $168.52 | $141.35 | -16.1% | 0.6% | |
| LIN | $126.4M | 0.54% | $495.76 | $539.54 | +8.8% | 0.5% | |
| LYV | $121.7M | 0.52% | $152.51 | $183.84 | +20.5% | 0.5% | |
| LITE | $106.4M | 0.45% | $702.76 | $699.46 | -0.5% | 0.5% | |
| DKS | $101.0M | 0.43% | $197.18 | $222.74 | +13.0% | 0.4% | |
| ADI | $91.0M | 0.39% | $318.14 | $376.25 | +18.3% | 0.4% | |
| IWMPUT | $81.6M | 0.35% | $247.41 | $296.46 | +19.8% | 0.3% | |
| BP | $52.8M | 0.23% | $46.47 | $38.65 | -16.8% | 0.2% | |
| DXCM | $50.4M | 0.21% | $62.80 | $73.57 | +17.1% | 0.2% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| UALCALL | $1.16B | +38.8% | |
| DALCALL | $488.0M | +33.5% | |
| EQIX | $258.7M | +5.1% | |
| RTX | $248.2M | +4.6% | |
| LHX | $232.7M | -13.9% | |
| KRMN | $199.6M | -35.6% | |
| XOM | $147.6M | -16.1% | |
| LIN | $126.4M | +8.8% |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| QQQ | $3.92B | |
| C | $606.9M | |
| LLY | $412.2M | |
| SHOP | $318.7M | |
| CVNA | $293.3M | |
| TSLA | $272.3M | |
| CLF | $240.1M | |
| U | $219.4M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| ADI | $90.1M | +8750.7% | +18.3% | |
| SNDK | $174.2M | +3741.0% | +153.6% | |
| COMP | $16.8M | +1735.4% | ||
| LITE | $102.5M | +1332.9% | -0.5% | |
| DXCM | $31.5M | +182.3% | +17.1% | |
| AMAT | $115.8M | +115.4% | +60.8% | |
| SOLS | $111.8M | +87.1% | -19.0% | |
| NTRA | $9.3M | +16.7% | +39.8% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| GLDCALL | $-2482.1M | -99.4% | -12.3% | |
| SPYPUT | $6.44B | -97.4% | +15.2% | |
| APP | $-259.4M | -96.2% | ||
| ALB | $-365.2M | -94.8% | ||
| NVDA | $-5.2M | -90.3% | ||
| ALB | $-180.9M | -90.1% | ||
| DXCM | $-99.0M | -64.4% | +17.1% | |
| WDC | $9.4M | -33.7% | +95.9% |
Quarter Activity
During the quarter, Castle Hook Partners initiated significant new positions in United Airlines (UAL) and Delta Air Lines (DAL), reflecting a notable shift towards the airline industry with investments totaling approximately $1.65 billion. The fund also exited substantial holdings in QQQ and Citigroup (C), marking a major reallocation of resources amounting to over $4.5 billion. Additionally, there was a considerable increase in the fund's stake in Analog Devices (ADI), which became one of the largest positions in the portfolio.
AI Commentary
<p>Castle Hook Partners' portfolio showcases a significant concentration in financial instruments tied to market indices and commodities, with the top positions being a put option on SPY (STATE STR SPRD S&P 500 ETF Trust) representing 46.0% of the portfolio and a call option on GLD (SPDR Gold Trust) accounting for 25.4%. The fund also shows a notable interest in the airline sector, with new call positions in UAL (United Airlines Holdings Inc) and DAL (Delta Air Lines Inc), which together make up nearly 7% of the total portfolio. This sector-specific focus is complemented by investments in diverse industries through holdings in NTRA (Natera Inc), FIX (Comfort Systems USA Inc), and WDC (Western Digital Corp).</p> <p>The recent quarter's activity indicates a strategic shift in Castle Hook Partners' investment approach. The closure of substantial positions in QQQ (Invesco QQQ Trust) and various individual stocks like C (Citigroup Inc) and LLY (Eli Lilly and Co) suggests a move away from certain technology and financial equities. Simultaneously, the dramatic increase in positions such as ADI (Analog Devices Inc) and SNDK (SanDisk Corp) alongside the significant reductions in the previously dominant SPY and GLD positions signal a recalibration of risk and a potential realignment towards specific tech and industrial sectors. This pivot could be indicative of the fund's response to macroeconomic conditions or sector-specific dynamics anticipated by the fund managers.</p>