CIK: 0001687241
Total reported value
$23.4B
Reporting period: 2026-03-31 · Number of holdings: 50
Castle Hook Partners LP disclosed 50 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $23.4B and a quarterly turnover rate of 90.8%.
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Castle Hook Partners LP's disclosed holdings carry a Herfindahl concentration index of 0.281 — mathematically equivalent to about 4 equally-sized positions, well below its 50 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.65), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 28% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add SPY
-97.4% $6.4B
Trim GLD
-99.4% -$2.5B
Trim ALB
-96.6% -$572.1M
Trim APP
-96.2% -$259.4M
Add SNDK
+3741.0% $174.2M
Add AMAT
+115.4% $115.8M
Castle Hook Partners LP is running a concentrated barbell—SPY at 46% and GLD at 25.4%—while aggressively rotating the satellite book from defensive growth (QQQ and LLY zeroed) into cyclical reflation (new airline positions UAL 4.94%, DAL 2.08%, plus heavy Industrials weighting). The move is a high-conviction hunt for alpha in a soft-landing scenario: sell the safety trade, buy late-cycle air travel betas, but maintain a massive gold anchor as insurance against a policy error.
The portfolio prices in a muddle-through/no-recession regime: they are selling the flight to quality (QQQ, LLY) and reducing gold (down 9.6pp) to add cyclical exposure, yet still keep gold at one-fourth of assets. The bet is that the economy avoids a hard landing but inflation stays sticky enough that gold remains an effective hedge. The opposing thesis: a growth collapse would batter the airline/industrial bets while gold could lose its safe-haven premium if real rates stay positive; alternatively, a surprise dovish pivot could crater gold and leave the portfolio over-hedged into a rally.
SPY and GLD together at 71.4% of assets create an extreme two-asset concentration—a liquidity trap combined with a leveraged correlation bet. The 90.8% turnover rate and zero momentum tilt confirm they have no tolerance for holding through a drawdown; if either leg of the barbell breaks, the forced deleveraging from the satellite trades will compound losses.
Generated by AI based on public SEC filings. Reflects past holdings only and should not be treated as investment advice.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NTRA | Natera INC | Stock-Healthcare | 9.86% | — | +16.70% | |
| 2 | FIX | Comfort Systems USA INC | Stock-Industrials | 5.61% | +0.19% | -22.00% | |
| 3 | EQIX | Equinix INC | Stock-Real Estate | 5.04% | +1.10% | NEW | |
| 4 | RTX | Rtx CORP | Stock-Industrials | 4.83% | +1.06% | NEW | |
| 5 | WMT | Walmart INC | Stock-Consumer Staples | 4.74% | +0.11% | -2.25% | |
| 6 | WDC | Western Digital CORP | Stock-Tech | 4.63% | — | -33.70% | |
| 7 | WELL | Welltower INC | Stock-Real Estate | 4.59% | — | -4.60% | |
| 8 | LHX | L3harris Technologies INC | Stock-Industrials | 4.53% | +0.99% | NEW | |
| 9 | STX | Seagate Technology Holdings plc | Stock-Tech | 4.29% | — | -30.01% | |
| 10 | INSM | Insmed INC | Stock-Healthcare | 4.04% | — | +1.29% | |
| 11 | TTMI | Ttm Technologies | Stock-Tech | 4.01% | +0.33% | +9.39% | |
| 12 | KRMN | Karman Holdings INC | Stock-Industrials | 3.89% | +0.85% | NEW | |
| 13 | AMAT | Applied Materials INC | Stock-Tech | 3.47% | +0.50% | +115.37% | |
| 14 | SNDK | Sandisk CORP | Stock-Tech | 3.43% | +0.74% | +3740.98% | |
| 15 | SOLS | Solstice Adv Materials INC | Stock-Materials | 3.30% | +0.48% | +87.05% | |
| 16 | DHR | Danaher CORP | Stock-Healthcare | 3.25% | -0.39% | -23.62% | |
| 17 | CCJ | Cameco CORP | Stock-Energy | 2.94% | -0.15% | -33.55% | |
| 18 | XOM | Exxon Mobil CORP | Stock-Energy | 2.88% | +0.63% | NEW | |
| 19 | LIN | Linde plc | Stock-Materials | 2.46% | +0.54% | NEW | |
| 20 | LYV | Live Nation Entertainment In | Stock-Comm Services | 2.37% | +0.52% | NEW | |
| 21 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 2.10% | +27.96% | -97.40% | |
| 22 | LITE | Lumentum Holdings INC | Stock-Tech | 2.07% | +0.43% | +1332.91% | |
| 23 | DKS | Dick's Sporting Goods INC | Stock-Consumer Disc | 1.97% | — | -13.44% | |
| 24 | ADI | Analog Devices INC | Stock-Tech | 1.77% | +0.39% | +8750.73% | |
| 25 | GLD | Spdr Gold Shares | ETF-Commodities | 1.16% | -9.64% | -99.35% | |
| 26 | BP | Bp Plc-spons Adr | Stock-Energy | 1.03% | +0.23% | NEW | |
| 27 | DXCM | Dexcom INC | Stock-Healthcare | 0.98% | -0.49% | -68.37% | |
| 28 | STLD | Steel Dynamics INC | Stock-Materials | 0.95% | +0.21% | NEW | |
| 29 | VIK | Viking Holdings Ltd | Stock-Consumer Disc | 0.91% | +0.20% | NEW | |
| 30 | NAMS | NewAmsterdam Pharma Company N.V. | Stock-Other | 0.65% | — | -3.91% | |
| 31 | ALB | Albemarle CORP | Stock-Materials | 0.51% | -2.38% | -96.57% | |
| 32 | COMP | Compass INC - Class A | Stock-Real Estate | 0.36% | +0.07% | +1735.38% | |
| 33 | NUE | Nucor CORP | Stock-Materials | 0.28% | — | — | |
| 34 | UAL | United Airlines Holdings INC | Stock-Industrials | 0.23% | +4.94% | NEW | |
| 35 | ASHR | Xtrackers Harvest Csi 300 Ch | ETF-Other | 0.18% | — | — | |
| 36 | TSCO | Tractor Supply Company | Stock-Consumer Disc | 0.18% | — | -11.11% | |
| 37 | APP | Applovin Corp-class A | Stock-Tech | 0.12% | -1.07% | -96.19% | |
| 38 | DAL | Delta Air Lines INC | Stock-Industrials | 0.10% | +2.08% | NEW | |
| 39 | CRBG | Corebridge Financial INC | Stock-Financials | 0.08% | — | — | |
| 40 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.04% | — | — | |
| 41 | W | Wayfair Inc- Class A | Stock-Consumer Disc | 0.04% | — | — | |
| 42 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.03% | — | — | |
| 43 | HAS | Hasbro INC | Stock-Consumer Disc | 0.03% | — | — | |
| 44 | ABT | Abbott Laboratories | Stock-Healthcare | 0.02% | — | — | |
| 45 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.02% | +0.35% | NEW | |
| 46 | MCK | Mckesson CORP | Stock-Healthcare | 0.02% | — | — | |
| 47 | SGI | Somnigroup International INC | Stock-Consumer Disc | 0.01% | — | — | |
| 48 | NVDA | Nvidia CORP | Stock-Tech | 0.01% | — | -90.31% | |
| 49 | EWY | Ishares Msci South Korea ETF | ETF-Other | — | +0.09% | NEW | |
| 50 | ZVIA | Zevia Pbc-a | Stock-Other | — | — | — |
Performance for Q3 2026
+1.4%
Performance Last 4 Quarters
+30%
Based on 89% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 50 | $23.4B | 91 | |
| 2025-12-31 | 59 | $24.1B | 68 | |
| 2025-09-30 | 63 | $19.7B | 100 | |
| 2025-06-30 | 71 | $17.6B | 0 | |
| 2025-03-31 | 37 | $9.7B | 100 | |
| 2024-12-31 | 45 | $8.1B | 0 | |
| 2024-09-30 | 39 | $5.3B | 0 | |
| 2024-06-30 | 49 | $4.2B | 0 | |
| 2024-03-31 | 56 | $3.6B | 0 | |
| 2023-12-31 | 47 | $8.0B | 0 | |
| 2023-09-30 | 41 | $2.8B | 0 | |
| 2023-06-30 | 34 | $3.4B | 0 | |
| 2023-03-31 | 31 | $4.4B | 0 | |
| 2022-12-31 | 42 | $1.5B | 0 | |
| 2022-09-30 | 46 | $629.9M | 0 | |
| 2022-06-30 | 45 | $2.8B | 0 | |
| 2022-03-31 | 58 | $2.3B | 0 | |
| 2021-12-31 | 63 | $2.3B | 0 | |
| 2021-09-30 | 76 | $2.7B | 0 | |
| 2021-06-30 | 68 | $1.3B | 91 | |
| 2021-03-31 | 75 | $1.1B | 100 | |
| 2020-12-31 | 36 | $2.0B | 100 | |
| 2020-09-30 | 46 | $2.6B | 100 | |
| 2020-06-30 | 39 | $1.3B | 100 | |
| 2020-03-31 | 29 | $985.4M | 100 | |
| 2019-12-31 | 41 | $9.9B | 100 | |
| 2019-09-30 | 37 | $3.1B | 100 | |
| 2019-06-30 | 33 | $2.2B | 100 | |
| 2019-03-31 | 50 | $2.0B | 100 | |
| 2018-12-31 | 37 | $773.0M | 100 | |
| 2018-09-30 | 56 | $3.5B | 98 | |
| 2018-06-30 | 59 | $2.8B | 100 | |
| 2018-03-31 | 46 | $1.4B | 100 | |
| 2017-12-31 | 57 | $2.0B | 100 | |
| 2017-09-30 | 60 | $3.1B | 100 | |
| 2017-06-30 | 50 | $1.5B | 84 | |
| 2017-03-31 | 54 | $1.9B | 100 | |
| 2016-12-31 | 25 | $450.5M | 0 |
Castle Hook Partners LP's most significant position changes for 2026-03-31: Sold out: Invesco Qqq Trust Series 1 (QQQ); New buy: United Airlines Holdings INC (UAL); Sold out: Citigroup INC (C); New buy: Delta Air Lines INC (DAL); Sold out: Eli Lilly & Co (LLY).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +28% | -97.40% | Trim |
| 2 | SNDK | Sandisk CORP | +0.7% | +3740.98% | Add |
| 3 | AMAT | Applied Materials INC | +0.5% | +115.37% | Add |
| 4 | SOLS | Solstice Adv Materials INC | +0.5% | +87.05% | Add |
| 5 | LITE | Lumentum Holdings INC | +0.4% | +1332.91% | Add |
| 6 | ADI | Analog Devices INC | +0.4% | +8750.73% | Add |
| 7 | TTMI | Ttm Technologies | +0.3% | +9.39% | Add |
| 8 | FIX | Comfort Systems USA INC | +0.2% | -22.00% | Trim |
| 9 | WMT | Walmart INC | +0.1% | -2.25% | Trim |
| 10 | COMP | Compass INC - Class A | +0.1% | +1735.38% | Add |
| 11 | CCJ | Cameco CORP | -0.2% | -33.55% | Trim |
| 12 | DHR | Danaher CORP | -0.4% | -23.62% | Trim |
| 13 | DXCM | Dexcom INC | -0.5% | -68.37% | Trim |
| 14 | APP | Applovin Corp-class A | -1.1% | -96.19% | Trim |
| 15 | ALB | Albemarle CORP | -2.4% | -96.57% | Trim |
| 16 | GLD | Spdr Gold Shares | -9.6% | -99.35% | Trim |
| 17 | QQQ | Invesco Qqq Trust Series 1 | — | EXIT | Sold out |
| 18 | UAL | United Airlines Holdings INC | — | NEW | New buy |
| 19 | C | Citigroup INC | — | EXIT | Sold out |
| 20 | DAL | Delta Air Lines INC | — | NEW | New buy |
| 21 | LLY | Eli Lilly & Co | — | EXIT | Sold out |
| 22 | SHOP | Shopify INC - Class A | — | EXIT | Sold out |
| 23 | CVNA | Carvana Co | — | EXIT | Sold out |
| 24 | TSLA | Tesla INC | — | EXIT | Sold out |
| 25 | EQIX | Equinix INC | — | NEW | New buy |
| 26 | RTX | Rtx CORP | — | NEW | New buy |
| 27 | CLF | Cleveland-cliffs INC | — | EXIT | Sold out |
| 28 | LHX | L3harris Technologies INC | — | NEW | New buy |
| 29 | U | Unity Software INC | — | EXIT | Sold out |
| 30 | AA | Alcoa CORP | — | EXIT | Sold out |
| 31 | KRMN | Karman Holdings INC | — | NEW | New buy |
| 32 | GOOG | Alphabet Inc-cl C | — | EXIT | Sold out |
| 33 | FCX | Freeport-mcmoran INC | — | EXIT | Sold out |
| 34 | XOM | Exxon Mobil CORP | — | NEW | New buy |
| 35 | LIN | Linde plc | — | NEW | New buy |
| 36 | LYV | Live Nation Entertainment In | — | NEW | New buy |
| 37 | FSLR | First Solar INC | — | EXIT | Sold out |
| 38 | TEVA | Teva Pharmaceutical-sp Adr | — | EXIT | Sold out |
| 39 | IWM | Ishares Russell 2000 ETF | — | NEW | New buy |
| 40 | PLD | Prologis INC | — | EXIT | Sold out |
| 41 | SQM | Quimica Y Minera Chil-sp Adr | — | EXIT | Sold out |
| 42 | GEHC | GE Healthcare Technology | — | EXIT | Sold out |
| 43 | WMB | Williams Cos INC | — | EXIT | Sold out |
| 44 | BP | Bp Plc-spons Adr | — | NEW | New buy |
| 45 | DASH | Doordash INC - A | — | EXIT | Sold out |
| 46 | STLD | Steel Dynamics INC | — | NEW | New buy |
| 47 | VIK | Viking Holdings Ltd | — | NEW | New buy |
| 48 | SHLS | Shoals Technologies Group -a | — | EXIT | Sold out |
| 49 | ARES | Ares Management CORP - A | — | EXIT | Sold out |
| 50 | EWY | Ishares Msci South Korea ETF | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
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