# Candlestick Capital Management LP

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1789779. Source: https://holderbook.com/funds/1789779-candlestick-capital-management-lp/

- Reported value: $4.1B
- Positions: 49
- Weight of the ten largest: 49.0%
- Filed: 2025-11-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $418.0M | 2,264,991 | 10.1% | 12 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $268.0M | 0 | 6.5% | 5 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $241.5M | 0 | 5.9% | 11 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $226.3M | 371,747 | 5.5% | 2 |
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $216.1M | 2,239,037 | 5.2% | 7 |
| TAPESTRY INC | [TPR](https://holderbook.com/stocks/TPR/) | $147.8M | 1,305,329 | 3.6% | 4 |
| CINEMARK HLDGS INC | [CNK](https://holderbook.com/stocks/CNK/) | $144.5M | 4,330,951 | 3.5% | 7 |
| AMER SPORTS INC | [AS](https://holderbook.com/stocks/AS/) | $124.0M | 3,568,381 | 3.0% | 7 |
| CARNIVAL CORP | [CCL](https://holderbook.com/stocks/CCL/) | $119.4M | 3,097,517 | 2.9% | 2 |
| SPOTIFY TECHNOLOGY S A | [SPOT](https://holderbook.com/stocks/SPOT/) | $114.9M | 164,643 | 2.8% | 1 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $100.5M | 660,916 | 2.4% | 2 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $97.3M | 0 | 2.4% | 5 |
| ALASKA AIR GROUP INC | [ALK](https://holderbook.com/stocks/ALK/) | $93.5M | 361,928 | 2.3% | 4 |
| HYATT HOTELS CORP | [H](https://holderbook.com/stocks/H/) | $89.6M | 631,290 | 2.2% | 2 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $85.0M | 965,049 | 2.1% | 2 |
| MONGODB INC | [MDB](https://holderbook.com/stocks/MDB/) | $79.3M | 255,493 | 1.9% | 1 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $76.9M | 0 | 1.9% | 3 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $75.6M | 965,050 | 1.8% | 1 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $75.5M | 861,651 | 1.8% | 1 |
| DECKERS OUTDOOR CORP | [DECK](https://holderbook.com/stocks/DECK/) | $74.8M | 0 | 1.8% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $73.5M | 100,058 | 1.8% | 1 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $71.1M | 130,101 | 1.7% | 2 |
| GENUINE PARTS CO | [GPC](https://holderbook.com/stocks/GPC/) | $69.5M | 391,296 | 1.7% | 1 |
| ARK ETF TR | [ARKK](https://holderbook.com/stocks/ARKK/) | $69.4M | 0 | 1.7% | 2 |
| NORWEGIAN CRUISE LINE HLDGS | [NCLH](https://holderbook.com/stocks/NCLH/) | $68.2M | 2,767,223 | 1.7% | 4 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $64.5M | 344,660 | 1.6% | 1 |
| PERFORMANCE FOOD GROUP CO | [PFGC](https://holderbook.com/stocks/PFGC/) | $61.0M | 586,599 | 1.5% | 8 |
| CHEWY INC | [CHWY](https://holderbook.com/stocks/CHWY/) | $59.7M | 1,476,101 | 1.4% | 3 |
| THOR INDS INC | [THO](https://holderbook.com/stocks/THO/) | $57.2M | 551,457 | 1.4% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $56.3M | 108,762 | 1.4% | 2 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $54.6M | 1,933,593 | 1.3% | 2 |
| MOHAWK INDS INC | [MHK](https://holderbook.com/stocks/MHK/) | $53.3M | 413,592 | 1.3% | 1 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $52.3M | 919,039 | 1.3% | 1 |
| SPDR SERIES TRUST | [XRT](https://holderbook.com/stocks/XRT/) | $46.2M | 0 | 1.1% | 1 |
| AMERICAN AIRLINES GROUP INC | [AAL](https://holderbook.com/stocks/AAL/) | $45.2M | 0 | 1.1% | 2 |
| SOUTHWEST AIRLS CO | [LUV](https://holderbook.com/stocks/LUV/) | $42.8M | 0 | 1.0% | 1 |
| CELSIUS HLDGS INC | [CELH](https://holderbook.com/stocks/CELH/) | $39.6M | 689,322 | 1.0% | 3 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $39.0M | 164,523 | 0.9% | 1 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $38.2M | 110,292 | 0.9% | 1 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $36.9M | 341,917 | 0.9% | 3 |
| E L F BEAUTY INC | [ELF](https://holderbook.com/stocks/ELF/) | $32.0M | 241,262 | 0.8% | 1 |
| NEWELL BRANDS INC | [NWL](https://holderbook.com/stocks/NWL/) | $31.8M | 6,066,025 | 0.8% | 1 |
| ROBLOX CORP | [RBLX](https://holderbook.com/stocks/RBLX/) | $23.4M | 168,920 | 0.6% | 1 |
| HIMS & HERS HEALTH INC | [HIMS](https://holderbook.com/stocks/HIMS/) | $19.0M | 0 | 0.5% | 3 |
| WINGSTOP INC | [WING](https://holderbook.com/stocks/WING/) | $17.2M | 68,348 | 0.4% | 1 |
| DRAFTKINGS INC NEW | [DKNG](https://holderbook.com/stocks/DKNG/) | $10.9M | 290,161 | 0.3% | 1 |
| WIX COM LTD | [WIX](https://holderbook.com/stocks/WIX/) | $7.6M | 42,524 | 0.2% | 1 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $6.8M | 80,542 | 0.2% | 5 |
| PETCO HEALTH & WELLNESS CO I | [WOOF](https://holderbook.com/stocks/WOOF/) | $6.8M | 1,750,000 | 0.2% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +2.1% | +7.8% | -5.7% | 86% |
| Q2 2025 | +12.9% | +10.5% | +2.4% | 70% |
| Q1 2025 | -11.3% | -4.6% | -6.8% | 90% |
| Q4 2024 | +10.4% | +2.1% | +8.2% | 88% |
| Q3 2024 | +8.9% | +5.4% | +3.4% | 86% |
| Q2 2024 | -6.0% | +4.0% | -10.1% | 88% |
| Q1 2024 | +10.2% | +10.0% | +0.2% | 96% |
| Q4 2023 | +17.6% | +11.2% | +6.5% | 91% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $4.1B | 49 |
| Q2 2025 | $5.2B | 64 |
| Q1 2025 | $4.8B | 62 |
| Q4 2024 | $4.3B | 63 |
| Q3 2024 | $3.6B | 58 |
| Q2 2024 | $3.6B | 69 |
| Q1 2024 | $4.8B | 87 |
| Q4 2023 | $4.7B | 71 |
| Q3 2023 | $3.6B | 69 |
| Q2 2023 | $4.3B | 72 |
| Q1 2023 | $4.0B | 80 |
| Q4 2022 | $2.5B | 62 |