Cinctive Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Cinctive Capital Management LP reported 374 stock positions worth $1.7 billion. Its top holding was Vistra (VST) at 3.1% of the portfolio, followed by Chevron (CVX, 2.1%) and Frontier Communications Pare (FYBR, 2.1%). Compared with Q3 2025, it opened 160 new positions, sold out of 158, added to 85 and reduced 127. The biggest buy was Exact Sciences (EXAS, shares +1359%) and the biggest sale an exit from Kellanova (K).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001787258
- Portfolio Value
- $1.7B (Q4 2025)
- SEC Filing
- 0001172661-26-000866 ↗ filed Feb 17, 2026
Holdings Value
Holdings 374 stocks · $1.7B
| VST Vistra Corp. | 3.11% | 333,724 | $53.8M | Add +69.9% |
| CVX Chevron Corp. | 2.11% | 239,885 | $36.6M | Add +448.1% |
| FYBR Frontier Communications Pare | 2.10% | 956,395 | $36.4M | Add +26.4% |
| EXAS Exact Sciences Corp. | 1.93% | 330,000 | $33.5M | Add +1359.3% |
| CYBR Cyberark Software Ltd./Israel | 1.90% | 73,823 | $32.9M | Add +11.7% |
| LZM Lifezone Metals Ltd. | 1.71% | 6,922,924 | $29.6M | Add +66.8% |
| KMI Kinder Morgan Inc. | 1.50% | 942,600 | $25.9M | Reduce -3.6% |
| SRE Sempra | 1.49% | 292,101 | $25.8M | Reduce -0.3% |
| TEAM Atlassian Corp. Class A | 1.45% | 154,988 | $25.1M | New |
| NVDA Nvidia Corp. | 1.38% | 127,931 | $23.9M | Add +63.0% |
| CEG Constellation Energy | 1.32% | 64,811 | $22.9M | Add +15.8% |
| ROST Ross Stores Inc. | 1.26% | 121,060 | $21.8M | Reduce -41.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.22% | 383,251 | $21.1M | Reduce -21.6% |
| WBI Waterbridge Infrastruc Class A | 1.20% | 1,037,289 | $20.8M | Add +43.3% |
| EXE Expand Energy Corp. | 1.17% | 183,073 | $20.2M | Reduce -23.8% |
| VLO Valero Energy Corp. | 1.15% | 122,244 | $19.9M | Add +102.5% |
| CVLT Commvault Systems Inc. | 1.14% | 157,815 | $19.8M | New |
| HBAN Huntington Bancshares Inc. | 1.05% | 1,053,067 | $18.3M | Add +83.9% |
| HUBS HubSpot Inc. | 1.02% | 43,875 | $17.6M | Add +10.3% |
| KRSP Rice Acquisition Corp. 3-A | 0.98% | 1,654,849 | $17.0M | New |
| FFIV F5 Inc. | 0.95% | 64,186 | $16.4M | New |
| PEG Public Service Enterprise GP | 0.92% | 198,854 | $16.0M | Add +8.6% |
| HOLX Hologic Inc. | 0.90% | 210,000 | $15.6M | Add +216.3% |
| COF Capital One Financial Corp. | 0.90% | 64,491 | $15.6M | Add +10.0% |
| JBS JBS NV-A | 0.89% | 1,070,517 | $15.4M | Add +41.0% |
| C Citigroup Inc. | 0.84% | 124,253 | $14.5M | Reduce -29.2% |
| MS Morgan Stanley | 0.83% | 80,991 | $14.4M | Add +6003.3% |
| CFLT Confluent Inc. Class A | 0.79% | 450,000 | $13.6M | Add +265.1% |
| BIRK Birkenstock Holding PLC | 0.78% | 330,442 | $13.5M | Reduce -3.6% |
| TXRH Texas Roadhouse Inc. | 0.78% | 81,357 | $13.5M | Reduce -28.5% |
| ORLY O'reilly Automotive Inc. | 0.76% | 144,637 | $13.2M | Add +84.4% |
| CHDN Churchill Downs Inc. | 0.72% | 109,296 | $12.4M | Reduce -44.2% |
| HD Home Depot Inc. | 0.71% | 35,539 | $12.2M | Reduce -36.8% |
| FIVE Five Below | 0.70% | 64,084 | $12.1M | Add +44.4% |
| NSC Norfolk Southern Corp. | 0.68% | 40,745 | $11.8M | Reduce -38.5% |
| FHN First Horizon Corp. | 0.66% | 477,149 | $11.4M | Add +18.4% |
| EVR Evercore Inc. Class A | 0.64% | 32,661 | $11.1M | Add +32.7% |
| BL Blackline Inc. | 0.64% | 199,544 | $11.0M | Add +30.5% |
| MRCY Mercury Systems Inc. | 0.62% | 147,444 | $10.8M | New |
| RL Ralph Lauren Corp. | 0.62% | 30,161 | $10.7M | New |
| NIQ Niq Global Intelligence PLC | 0.61% | 639,269 | $10.5M | Reduce -20.6% |
| LLY Eli Lilly & Co. | 0.60% | 9,746 | $10.5M | New |
| APPN Appian Corp. Class A | 0.60% | 295,603 | $10.5M | Add +59.0% |
| TGT Target Corp. | 0.60% | 106,217 | $10.4M | New |
| MU Micron Technology Inc. | 0.59% | 35,981 | $10.3M | Reduce -41.1% |
| NEE Nextera Energy Inc. | 0.57% | 122,303 | $9.8M | Add +0.6% |
| DT Dynatrace Inc. | 0.56% | 224,666 | $9.7M | New |
| SF Stifel Financial Corp. | 0.56% | 77,411 | $9.7M | Add +1908.6% |
| AMZN Amazon.com Inc. | 0.54% | 40,667 | $9.4M | Reduce -0.8% |
| APO Apollo Global Management Inc. | 0.54% | 64,607 | $9.4M | New |
| BIIB Biogen Inc. | 0.53% | 52,173 | $9.2M | Reduce -20.8% |
| ADSK Autodesk Inc. | 0.52% | 30,606 | $9.1M | New |
| KEY Keycorp | 0.51% | 426,559 | $8.8M | New |
| ASML ASML Holding NV-NY Reg SHS | 0.50% | 8,048 | $8.6M | Add +64.5% |
| LULU Lululemon Athletica Inc. | 0.49% | 40,951 | $8.5M | New |
| SNV Synovus Financial Corp. | 0.49% | 169,341 | $8.5M | New |
| ESTC Elastic NV | 0.47% | 106,845 | $8.1M | Reduce -33.7% |
| CFG Citizens Financial Group | 0.46% | 135,527 | $7.9M | Reduce -43.4% |
| ASO Academy Sports & Outdoors Inc. | 0.46% | 157,962 | $7.9M | New |
| COLB Columbia Banking System Inc. | 0.46% | 282,188 | $7.9M | New |
| ALSN Allison Transmission Holding | 0.45% | 79,411 | $7.8M | New |
| DIOD Diodes Inc. | 0.44% | 156,060 | $7.7M | New |
| PWR Quanta Services Inc. | 0.44% | 18,235 | $7.7M | Add +193.5% |
| ICE Intercontinental Exchange Inc. | 0.44% | 47,454 | $7.7M | New |
| AKAM Akamai Technologies Inc. | 0.43% | 86,006 | $7.5M | New |
| AEO American Eagle Outfitters | 0.42% | 278,646 | $7.3M | New |
| COST Costco Wholesale Corp. | 0.41% | 8,329 | $7.2M | New |
| SMTC Semtech Corp. | 0.40% | 94,424 | $7.0M | New |
| TWLO Twilio Inc. Class A | 0.40% | 48,699 | $6.9M | Add +40.7% |
| BE Bloom Energy Corp. Class A | 0.40% | 78,817 | $6.8M | Add +12.2% |
| AVT Avnet Inc. | 0.39% | 142,265 | $6.8M | New |
| TFC Truist Financial Corp. | 0.38% | 133,908 | $6.6M | New |
| NTRS Northern Trust Corp. | 0.37% | 47,442 | $6.5M | Add +63.9% |
| MDB Mongodb Inc. | 0.37% | 15,413 | $6.5M | New |
| SLAB Silicon Laboratories Inc. | 0.37% | 49,232 | $6.4M | New |
| TPG TPG Inc. | 0.36% | 97,796 | $6.2M | Add +79.6% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.36% | 133,769 | $6.2M | Reduce -16.4% |
| LB Landbridge Co. LLC-A | 0.36% | 126,914 | $6.2M | Add +128.7% |
| BATRK Atlanta Braves Holdings in-C | 0.36% | 157,411 | $6.2M | Add +35.0% |
| ED Consolidated Edison Inc. | 0.36% | 62,232 | $6.2M | New |
| TER Teradyne Inc. | 0.35% | 31,725 | $6.1M | Reduce -29.1% |
| BEN Franklin Templeton Inc. | 0.35% | 256,361 | $6.1M | Add +216.4% |
| BBY Best Buy Co. Inc. | 0.35% | 90,894 | $6.1M | Reduce -51.6% |
| AM Antero Midstream Corp. | 0.34% | 333,639 | $5.9M | Add +235.9% |
| WMT Walmart Inc. | 0.34% | 52,235 | $5.8M | Reduce -36.2% |
| ANF Abercrombie & Fitch Co. Class A | 0.33% | 45,665 | $5.7M | Add +350.5% |
| DAY Dayforce Inc. | 0.33% | 82,330 | $5.7M | Add +1076.1% |
| KVYO Klaviyo Inc. Class A | 0.33% | 174,770 | $5.7M | Reduce -38.8% |
| CRM Salesforce Inc. | 0.33% | 21,317 | $5.6M | New |
| YUM Yum! Brands Inc. | 0.33% | 37,327 | $5.6M | Reduce -73.6% |
| B Barrick Mining Corp. | 0.32% | 128,571 | $5.6M | Reduce -47.5% |
| ARGX Argenx SE - ADR | 0.32% | 6,606 | $5.6M | Reduce -46.3% |
| WDC Western Digital Corp. | 0.32% | 32,099 | $5.5M | Reduce -18.4% |
| TMO Thermo Fisher Scientific Inc. | 0.32% | 9,480 | $5.5M | Add +36.6% |
| AS Amer Sports Inc. | 0.32% | 146,990 | $5.5M | Add +491.9% |
| ROG Rogers Corp. | 0.32% | 59,626 | $5.5M | Reduce -10.1% |
| BBIO Bridgebio Pharma Inc. | 0.31% | 70,175 | $5.4M | Reduce -26.6% |
| DHR Danaher Corp. | 0.31% | 23,298 | $5.3M | Add +90.7% |
| AVGO Broadcom Inc. | 0.30% | 15,088 | $5.2M | New |
| SOLS Solstice Adv Materials Inc. | 0.30% | 106,446 | $5.2M | Add +1706.1% |
Options reported separately and not counted above: SPY puts ($95.5M), NRG puts ($12.7M), SLV calls ($3.2M), DBC calls ($2.2M), QURE calls ($838K).
Other holdings (4): bonds, preferreds, convertibles and warrants · $483K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LZM.WS Lifezone Metals Ltd. -28 | *W EXP 07/05/202 | 550,000 | $226K | No change |
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | 275,808 | $221K | New |
| FBYDW Falcon's Beyond Global-27 | *W EXP 10/06/202 | 11,747 | $24K | No change |
| SESCW Ivanhoe Capital Class A -CW27 | *W EXP 12/10/202 | 67,024 | $13K | No change |
Total filed on the 13F, all lines: $1.7B.
Portfolio Sells Q3 2025 → Q4 2025
| K Kellanova | Sold out | 0.00% | −1.52 |
| FLR Fluor Corp. | Sold out | 0.00% | −1.34 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −1.18 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −1.04 |
| MPC Marathon Petroleum Corp. | Sold out | 0.00% | −0.92 |
| SYY Sysco Corp. | Reduce -92.6% | 0.07% | −0.90 |
| CSX CSX Corp. | Reduce -88.9% | 0.13% | −0.85 |
| UAL United Airlines Holdings Inc. | Reduce -97.0% | 0.03% | −0.79 |
| YUM Yum! Brands Inc. | Reduce -73.6% | 0.33% | −0.75 |
| GFS Globalfoundries Inc. | Reduce -95.9% | 0.03% | −0.69 |
| DAL Delta Air Lines Inc. | Reduce -85.9% | 0.17% | −0.66 |
| FROG Jfrog Ltd. | Sold out | 0.00% | −0.66 |
| CHKP Check Point Software Tech | Sold out | 0.00% | −0.65 |
| STT State Street Corp. | Sold out | 0.00% | −0.63 |
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −0.63 |
| MSFT Microsoft Corp. | Reduce -91.3% | 0.06% | −0.61 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.60 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.59 |
| DUK Duke Energy Corp. | Reduce -70.7% | 0.27% | −0.57 |
| ENTG Entegris Inc. | Sold out | 0.00% | −0.55 |
| PSMT Pricesmart Inc. | Reduce -78.4% | 0.18% | −0.52 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -92.1% | 0.06% | −0.51 |
| AR Antero Resources Corp. | Reduce -86.3% | 0.09% | −0.48 |
| WNS WNS Holdings Ltd. | Sold out | 0.00% | −0.48 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.46 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.45 |
| A Agilent Technologies Inc. | Reduce -97.3% | 0.02% | −0.45 |
| UHS Universal Health Services-B | Reduce -81.2% | 0.14% | −0.45 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -96.7% | 0.02% | −0.45 |
| SNAP Snap Inc. Class A | Sold out | 0.00% | −0.44 |
| CNC Centene Corp. | Sold out | 0.00% | −0.44 |
| HD Home Depot Inc. | Reduce -36.8% | 0.71% | −0.43 |
| MANH Manhattan Associates Inc. | Sold out | 0.00% | −0.43 |
| GOOG Alphabet Inc. Class C | Reduce -90.8% | 0.07% | −0.43 |
| CCL Carnival Corp. | Reduce -79.5% | 0.14% | −0.42 |
| NCNO Ncino Inc. | Sold out | 0.00% | −0.40 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −0.39 |
| LVS Las Vegas Sands Corp. | Reduce -87.5% | 0.08% | −0.38 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −0.38 |
| SFD Smithfield Foods Inc. | Sold out | 0.00% | −0.37 |
| SIMO Silicon Motion Technol-ADR | Sold out | 0.00% | −0.37 |
| BBY Best Buy Co. Inc. | Reduce -51.6% | 0.35% | −0.36 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.35 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −0.34 |
| MNST Monster Beverage Corp. | Sold out | 0.00% | −0.34 |
| ULTA Ulta Beauty Inc. | Reduce -84.4% | 0.08% | −0.32 |
| NTGR Netgear Inc. | Sold out | 0.00% | −0.32 |
| NSC Norfolk Southern Corp. | Reduce -38.5% | 0.68% | −0.31 |
| GH Guardant Health Inc. | Reduce -91.1% | 0.06% | −0.31 |
| ROST Ross Stores Inc. | Reduce -41.4% | 1.26% | −0.31 |
Portfolio Buys Q3 2025 → Q4 2025
| EXAS Exact Sciences Corp. | Add +1359.3% | 1.93% | +1.87 |
| CVX Chevron Corp. | Add +448.1% | 2.11% | +1.77 |
| TEAM Atlassian Corp. Class A | New | 1.45% | +1.45 |
| VST Vistra Corp. | Add +69.9% | 3.11% | +1.18 |
| CVLT Commvault Systems Inc. | New | 1.14% | +1.14 |
| KRSP Rice Acquisition Corp. 3-A | New | 0.98% | +0.98 |
| FFIV F5 Inc. | New | 0.95% | +0.95 |
| MS Morgan Stanley | Add +6003.3% | 0.83% | +0.82 |
| FYBR Frontier Communications Pare | Add +26.4% | 2.10% | +0.69 |
| HOLX Hologic Inc. | Add +216.3% | 0.90% | +0.68 |
| CFLT Confluent Inc. Class A | Add +265.1% | 0.79% | +0.66 |
| NVDA Nvidia Corp. | Add +63.0% | 1.38% | +0.65 |
| VLO Valero Energy Corp. | Add +102.5% | 1.15% | +0.64 |
| MRCY Mercury Systems Inc. | New | 0.62% | +0.62 |
| RL Ralph Lauren Corp. | New | 0.62% | +0.62 |
| LLY Eli Lilly & Co. | New | 0.60% | +0.60 |
| TGT Target Corp. | New | 0.60% | +0.60 |
| LZM Lifezone Metals Ltd. | Add +66.8% | 1.71% | +0.57 |
| DT Dynatrace Inc. | New | 0.56% | +0.56 |
| HBAN Huntington Bancshares Inc. | Add +83.9% | 1.05% | +0.56 |
| APO Apollo Global Management Inc. | New | 0.54% | +0.54 |
| SF Stifel Financial Corp. | Add +1908.6% | 0.56% | +0.54 |
| ADSK Autodesk Inc. | New | 0.52% | +0.52 |
| KEY Keycorp | New | 0.51% | +0.51 |
| LULU Lululemon Athletica Inc. | New | 0.49% | +0.49 |
| SNV Synovus Financial Corp. | New | 0.49% | +0.49 |
| ASO Academy Sports & Outdoors Inc. | New | 0.46% | +0.46 |
| COLB Columbia Banking System Inc. | New | 0.46% | +0.46 |
| ALSN Allison Transmission Holding | New | 0.45% | +0.45 |
| DIOD Diodes Inc. | New | 0.44% | +0.44 |
| ICE Intercontinental Exchange Inc. | New | 0.44% | +0.44 |
| AKAM Akamai Technologies Inc. | New | 0.43% | +0.43 |
| AEO American Eagle Outfitters | New | 0.42% | +0.42 |
| COST Costco Wholesale Corp. | New | 0.41% | +0.41 |
| SMTC Semtech Corp. | New | 0.40% | +0.40 |
| CEG Constellation Energy | Add +15.8% | 1.32% | +0.40 |
| AVT Avnet Inc. | New | 0.39% | +0.39 |
| TFC Truist Financial Corp. | New | 0.38% | +0.38 |
| MDB Mongodb Inc. | New | 0.37% | +0.37 |
| SLAB Silicon Laboratories Inc. | New | 0.37% | +0.37 |
| ED Consolidated Edison Inc. | New | 0.36% | +0.36 |
| FIVE Five Below | Add +44.4% | 0.70% | +0.35 |
| ORLY O'reilly Automotive Inc. | Add +84.4% | 0.76% | +0.34 |
| CRM Salesforce Inc. | New | 0.33% | +0.33 |
| JBS JBS NV-A | Add +41.0% | 0.89% | +0.32 |
| APPN Appian Corp. Class A | Add +59.0% | 0.60% | +0.32 |
| PWR Quanta Services Inc. | Add +193.5% | 0.44% | +0.32 |
| DAY Dayforce Inc. | Add +1076.1% | 0.33% | +0.30 |
| CYBR Cyberark Software Ltd./Israel | Add +11.7% | 1.90% | +0.30 |
| AVGO Broadcom Inc. | New | 0.30% | +0.30 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 140,000 | $95.5M |
| NRG NRG Energy Inc. | put | New | 80,000 | $12.7M |
| CVS CVS Health Corp. | put | Sold out | 156,000 | $11.8Mbefore exit |
| CI The Cigna Group | put | Sold out | 34,000 | $9.8Mbefore exit |
| S Sentinelone Inc. Class A | call | Sold out | 471,700 | $8.3Mbefore exit |
| CFLT Confluent Inc. Class A | call | Sold out | 400,000 | $7.9Mbefore exit |
| QRVO Qorvo Inc. | call | Sold out | 80,000 | $7.3Mbefore exit |
| VST Vistra Corp. | call | Sold out | 25,000 | $4.9Mbefore exit |
| FLR Fluor Corp. | call | Sold out | 103,600 | $4.4Mbefore exit |
| PTON Peloton Interactive Inc. Class A | call | Sold out | 400,000 | $3.6Mbefore exit |
| NKE Nike Inc. Class B | put | Sold out | 50,000 | $3.5Mbefore exit |
| SLV iShares Silver Trust | call | Reduce -75.0% | 50,000 | $3.2M |
| LUV Southwest Airlines Co. | put | Sold out | 100,000 | $3.2Mbefore exit |
| ONON On Holding AG Class A | call | Sold out | 75,000 | $3.2Mbefore exit |
| FUN Six Flags Entertainment Corp. | call | Sold out | 125,000 | $2.8Mbefore exit |
| HUM Humana Inc. | call | Sold out | 9,800 | $2.5Mbefore exit |
| TGT Target Corp. | call | Sold out | 25,000 | $2.2Mbefore exit |
| DBC Invesco DB Commodity Index T | call | New | 100,000 | $2.2M |
| SEE Sealed Air Corp. | call | Sold out | 50,000 | $1.8Mbefore exit |
| WBD Warner Bros Discovery Inc. | call | Sold out | 75,000 | $1.5Mbefore exit |
| PFE Pfizer Inc. | call | Sold out | 50,000 | $1.3Mbefore exit |
| QURE Uniqure NV | call | New | 35,000 | $838K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | Sold out | 181,700 | $2.2Mbefore exit |
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | New | 275,808 | $221K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 396 | $2.5B | VST, IWM, APGE, PKG, HD |
| Q1 2026 | 345 | $1.5B | VST, VLO, FPS, HD, LZM |
| Q4 2025 | 374 | $1.7B | VST, CVX, FYBR, EXAS, CYBR |
| Q3 2025 | 371 | $2.0B | VST, CYBR, ROST, K, FYBR |
| Q2 2025 | 336 | $1.8B | VST, FLR, CEG, K, BPMC |
| Q1 2025 | 285 | $1.3B | K, BECN, VST, KMI, CEG |
| Q4 2024 | 321 | $1.9B | CEG, AM, WMB, DFS, K |
| Q3 2024 | 340 | $1.7B | VST, AM, SRCL, BKV, KD |
| Q2 2024 | 349 | $1.9B | VST, AM, MPC, WFC, ARES |
| Q1 2024 | 357 | $1.9B | GE, AES, PI, NEE, VST |