Hudson Bay Capital Management: Platform Profile

Overview

Hudson Bay Capital Management is a global multi-strategy alternative asset manager led by founder and CEO Sander Gerber. Its platform integrates public and private markets across credit, convertibles, event/merger, equities and volatility, with a centralized risk framework.

May fit better for

• qualified investors seeking a broad multi-strategy hedge-fund platform;
• allocators interested in relative value, event-driven, volatility and credit;
• investors comfortable with complex derivatives and hedging;
• institutions able to evaluate private pooled vehicles and manager-specific liquidity terms.

May fit less well for

• retail users seeking public self-service access;
• investors wanting one transparent long-only portfolio;
• users who treat public website AUM as regulatory AUM;
• investors who interpret risk-management language as a guarantee against losses.

Hudson Bay is SEC registered

• Legal adviser: Hudson Bay Capital Management LP
• CRD: 155910
• SEC number: 801-73536
• SEC registration effective: 2012-03-30
• SEC registered investment adviser: Yes

The registration record also identifies Hudson Bay Credit Management LLC as a relying adviser.

Public AUM is $20B+

The current first-party homepage states:

• Public AUM: $20B+
• Public AUM observed: 2026-09-05
• Colleagues: 400+
• Global offices: 8
• Track record: 20 years

This is the firm's public presentation.

Regulatory AUM is $40.712B

Current Form-ADV-derived data:

• Regulatory AUM: $40.712B
• Regulatory AUM as of: 2026-07-24
• Discretionary AUM: $40.712B
• Client accounts: 7

The two figures can differ because of scope, definition, timing and how the manager chooses to present public AUM.

Q2 2026 13F value is $36.829B

Current SEC filing:

• Q2 2026 13F value: $36.829B
• Q2 2026 13F as of: 2026-06-30
• Q2 2026 13F entry count: 1520

The filing is consolidated and includes Hudson Bay Capital UK LLP and Hudson Bay Capital Management (DIFC) Ltd.

Current first-party strategy platform

• Credit: Yes
• Convertibles: Yes
• Event Merger: Yes
• Equities: Yes
• Volatility: Yes
• Public and private markets: Yes
• Multi strategy: Yes

Hudson Bay also describes purpose-built solutions and special-opportunities capabilities.

Risk management is central but does not guarantee capital

Current first-party materials describe Deal Codes, the Gerber Statistic and the RMon risk system.

The site uses language around persistent profitability and risk-first investing. Do not convert those objectives or historical claims into a return guarantee.

Private-fund GAV is separate from regulatory AUM

Current Form-ADV-derived research reports:

• Private fund count: 19
• Private fund gross assets: $41.7B
• Private fund gross assets source date: 2026-08-31

The Hudson Bay Master Fund is a private fund, not a second manager review.

Assessment

Hudson Bay is a strong example of why “AUM” needs a label. Its public site says $20B+, its July regulatory AUM is $40.712B, and its Q2 13F is $36.829B.

None of those figures should silently replace another.