In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Castle Hook Partners LP reported 34 stock positions worth $3.8 billion . Its top holding was Eqt (EQT) at 8.5% of the portfolio, followed by Eli Lilly (LLY, 6.9% ) and Williams Cos (WMB, 6.4% ). Compared with Q4 2024, it opened 8 new positions, sold out of 17, added to 11 and reduced 13. The biggest buy was a new position in Sea Ltd.-ADR (SE) and the biggest sale United Airlines (UAL, shares −83% ).
Location NEW YORK, NY
CIK 0001687241
Portfolio Value $3.8B (Q1 2025) Holdings 34 stocks · $3.8B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 EQT Eqt Corp. 6,042,564 $322.9M Add +51.4% LLY Eli Lilly & Co. 315,307 $260.4M Add +249.1% WMB Williams Cos Inc. 4,053,858 $242.3M Reduce -19.8% NTRA Natera Inc. 1,568,615 $221.8M Add +28.3% SE Sea Ltd.-ADR 1,671,994 $218.2M New C Citigroup Inc. 3,007,907 $213.5M Add +70.5% CVNA Carvana Co. 997,795 $208.6M Add +74.9% FCX Freeport-McMoran Inc. 5,481,654 $207.5M New KMI Kinder Morgan Inc. 6,999,910 $199.7M Reduce -12.0% X United States Steel Corp. 4,683,199 $197.9M Add +37.8% GEV GE Vernova Inc. 631,816 $192.9M Reduce -16.0% EXE Expand Energy Corp. 1,728,815 $192.5M Add +56.4% WELL Welltower Inc. 938,174 $143.7M New VST Vistra Corp. 941,326 $110.5M Reduce -68.2% WMT Walmart Inc. 1,152,950 $101.2M New BSX Boston Scientific Corp. 828,906 $83.6M Add +8.8% SPOT Spotify Technology SA 129,666 $71.3M Reduce -52.8% SHOP Shopify Inc. Class A 734,150 $70.1M Reduce -30.3% IBIT iShares Bitcoin Trust ETF 1,496,492 $70.1M Add +104.2% APP AppLovin Corp. Class A 264,006 $70.0M Reduce -58.3% CTRA Coterra Energy Inc. 1,883,321 $54.4M New AR Antero Resources Corp. 1,265,977 $51.2M Reduce -27.2% UAL United Airlines Holdings Inc. 725,687 $50.1M Reduce -83.5% ISRG Intuitive Surgical Inc. 88,724 $43.9M Reduce -34.4% DASH DoorDash Inc. Class A 215,719 $39.4M Reduce -28.7% NUE Nucor Corp. 317,208 $38.2M New DAL Delta Air Lines Inc. 678,587 $29.6M Reduce -85.7% SGI Somnigroup International Inc. 475,019 $28.4M New RGA Reinsurance Group of America 129,928 $25.6M Add +9.8% HOOD Robinhood Markets Inc. Class A 557,040 $23.2M Reduce -78.5% MT Arcelormittal-NY Registered 439,513 $12.7M Add +471.0% RBA RB Global Inc. 27,508 $2.8M New SLG SL Green Realty Corp. 14,294 $825K No change IONS Ionis Pharmaceuticals Inc. 23,940 $722K No change
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($5.2B), FREEPORT MCMORAN INC calls ($571.2M), INVESCO QQQ TR calls ($127.8M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ UAL United Airlines Holdings Inc. Reduce -83.5% 1.32% −7.76 VST Vistra Corp. Reduce -68.2% 2.91% −5.78 AMZN Amazon.com Inc. Sold out 0.00% −5.53 DAL Delta Air Lines Inc. Reduce -85.7% 0.78% −5.33 TSLA Tesla Inc. Sold out 0.00% −3.70 ALL Allstate Corp. Sold out 0.00% −3.38 APP AppLovin Corp. Class A Reduce -58.3% 1.84% −2.52 V Visa Inc. Class A Sold out 0.00% −2.38 HOOD Robinhood Markets Inc. Class A Reduce -78.5% 0.61% −1.45 AER Aercap Holdings NV Sold out 0.00% −1.39 NFLX Netflix Inc. Sold out 0.00% −1.31 Z Zillow Group Inc. Class C Sold out 0.00% −1.06 TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −1.02 SPOT Spotify Technology SA Reduce -52.8% 1.88% −0.74 KRC Kilroy Realty Corp. Sold out 0.00% −0.64 ICE Intercontinental Exchange Inc. Sold out 0.00% −0.64 SHOP Shopify Inc. Class A Reduce -30.3% 1.84% −0.54 LPLA LPL Financial Holdings Inc. Sold out 0.00% −0.53 RH RH Sold out 0.00% −0.53 TLN Talen Energy Corp. Sold out 0.00% −0.51 ISRG Intuitive Surgical Inc. Reduce -34.4% 1.16% −0.35 GEV GE Vernova Inc. Reduce -16.0% 5.08% −0.19 BA The Boeing Co. Sold out 0.00% −0.09 EXK Endeavour Silver Corp. Sold out 0.00% −0.05 DASH DoorDash Inc. Class A Reduce -28.7% 1.04% −0.04 MKTX Marketaxess Holdings Inc. Sold out 0.00% −0.03 SARO Standardaero Inc. Sold out 0.00% −0.00 AR Antero Resources Corp. Reduce -27.2% 1.35% +0.05 WMB Williams Cos Inc. Reduce -19.8% 6.38% +0.56 KMI Kinder Morgan Inc. Reduce -12.0% 5.26% +0.62
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ SE Sea Ltd.-ADR New 5.74% +5.74 FCX Freeport-McMoran Inc. New 5.46% +5.46 LLY Eli Lilly & Co. Add +249.1% 6.85% +5.37 EQT Eqt Corp. Add +51.4% 8.50% +4.58 WELL Welltower Inc. New 3.78% +3.78 CVNA Carvana Co. Add +74.9% 5.49% +3.02 C Citigroup Inc. Add +70.5% 5.62% +2.98 X United States Steel Corp. Add +37.8% 5.21% +2.75 EXE Expand Energy Corp. Add +56.4% 5.06% +2.72 WMT Walmart Inc. New 2.66% +2.66 NTRA Natera Inc. Add +28.3% 5.84% +1.72 CTRA Coterra Energy Inc. New 1.43% +1.43 IBIT iShares Bitcoin Trust ETF Add +104.2% 1.84% +1.02 NUE Nucor Corp. New 1.00% +1.00 BSX Boston Scientific Corp. Add +8.8% 2.20% +0.75 SGI Somnigroup International Inc. New 0.75% +0.75 MT Arcelormittal-NY Registered Add +471.0% 0.33% +0.30 RGA Reinsurance Group of America Add +9.8% 0.67% +0.14 RBA RB Global Inc. New 0.07% +0.07
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put New 8,800,000 $5.2B SPY SS SPDR S&P 500 ETF Trust-US put Sold out 3,750,000 $2.2Bbefore exit GLD SPDR Gold Shares call Sold out 5,104,000 $1.2Bbefore exit FREEPORT MCMORAN INC call New 15,000,000 $571.2M INVESCO QQQ TR call New 250,000 $127.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 66 $9.3B NTRA, WDC, LLY, SNDK, STX Q1 2026 44 $4.9B NTRA, FIX, EQIX, RTX, WMT Q4 2025 54 $7.0B C, NTRA, LLY, SHOP, CVNA Q3 2025 58 $6.6B VST, C, CVNA, APP, TLN Q2 2025 63 $6.8B VST, C, EQT, CVNA, WMB Q1 2025 34 $3.8B EQT, LLY, WMB, NTRA, SE Q4 2024 43 $4.7B UAL, VST, DAL, WMB, AMZN Q3 2024 35 $3.3B VST, CEG, GEV, UAL, TSLA Q2 2024 46 $2.9B AAPL, KMI, VST, CEG, AER Q1 2024 53 $2.8B VST, FCX, BAC, XBI, KMI