Candlestick Capital Management LP
Reported holdings as of Q3 2025, from 24 quarterly filings.
This filer last reported in Q3 2025; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| DELTA AIR LINES INC CALL | DAL | $418.0M | 2,264,991 | +4.88pp | 12q | +20.7%+$71.7M | |
| STATE STR SPDR S&P 500 ETF T PUT | SPY | $268.0M | options only | +0.28pp | 5q | OPTIONS | |
| INVESCO QQQ TR PUT | QQQ | $241.5M | options only | -3.87pp | 11q | OPTIONS | |
| APPLE INC CALL | AAPL | $226.3M | 371,747 | +3.22pp | 2q | HELD | |
| UNITED AIRLS HLDGS INC | UAL | $216.1M | 2,239,037 | +2.78pp | 7q | +38.7%+$60.3M | |
| TAPESTRY INC | TPR | $147.8M | 1,305,329 | +2.13pp | 4q | +50.3%+$49.4M | |
| CINEMARK HLDGS INC CALL | CNK | $144.5M | 4,330,951 | +0.60pp | 7q | -13.9%-$23.4M | |
| AMER SPORTS INC | AS | $124.0M | 3,568,381 | +0.88pp | 7q | +24.5%+$24.4M | |
| CARNIVAL CORP CALL | CCL | $119.4M | 3,097,517 | +0.86pp | 2q | HELD | |
| SPOTIFY TECHNOLOGY S A | SPOT | $114.9M | 164,643 | - | new | NEW | |
| YUM BRANDS INC | YUM | $100.5M | 660,916 | +0.90pp | 2q | +22.1%+$18.2M | |
| ISHARES TR PUT | IWM | $97.3M | options only | -1.44pp | 5q | OPTIONS | |
| ALASKA AIR GROUP INC CALL | ALK | $93.5M | 361,928 | -0.29pp | 4q | HELD | |
| HYATT HOTELS CORP | H | $89.6M | 631,290 | +1.08pp | 2q | +53.9%+$31.4M | |
| LAUDER ESTEE COS INC | EL | $85.0M | 965,049 | +1.23pp | 2q | +78.3%+$37.3M | |
| MONGODB INC | MDB | $79.3M | 255,493 | - | new | NEW | |
| NIKE INC CALL | NKE | $76.9M | options only | +0.07pp | 3q | OPTIONS | |
| SELECT SECTOR SPDR TR | XLP | $75.6M | 965,050 | - | new | NEW | |
| CHURCH & DWIGHT CO INC | CHD | $75.5M | 861,651 | - | new | NEW | |
| DECKERS OUTDOOR CORP PUT | DECK | $74.8M | options only | - | new | OPTIONS | |
| META PLATFORMS INC | META | $73.5M | 100,058 | - | new | NEW | |
| ULTA BEAUTY INC | ULTA | $71.1M | 130,101 | +1.47pp | 2q | +355.0%+$55.5M | |
| GENUINE PARTS CO CALL | GPC | $69.5M | 391,296 | - | new | NEW | |
| ARK ETF TR PUT | ARKK | $69.4M | options only | +0.30pp | 2q | OPTIONS | |
| NORWEGIAN CRUISE LINE HLDGS | NCLH | $68.2M | 2,767,223 | -0.25pp | 4q | +82.2%+$30.7M | |
| HERSHEY CO | HSY | $64.5M | 344,660 | - | new | NEW | |
| PERFORMANCE FOOD GROUP CO | PFGC | $61.0M | 586,599 | +1.34pp | 8q | +613.4%+$52.5M | |
| CHEWY INC | CHWY | $59.7M | 1,476,101 | +0.36pp | 3q | +10.3%+$5.6M | |
| THOR INDS INC | THO | $57.2M | 551,457 | +0.30pp | 11q | -14.2%-$9.5M | |
| MICROSOFT CORP | MSFT | $56.3M | 108,762 | -2.30pp | 2q | -58.8%-$80.3M | |
| AT&T INC | T | $54.6M | 1,933,593 | +0.21pp | 2q | -4.3%-$2.4M | |
| MOHAWK INDS INC | MHK | $53.3M | 413,592 | - | new | NEW | |
| TRACTOR SUPPLY CO | TSCO | $52.3M | 919,039 | - | new | NEW | |
| SPDR SERIES TRUST PUT | XRT | $46.2M | options only | - | new | OPTIONS | |
| AMERICAN AIRLINES GROUP INC PUT | AAL | $45.2M | options only | +0.25pp | 2q | OPTIONS | |
| SOUTHWEST AIRLS CO PUT | LUV | $42.8M | options only | - | new | OPTIONS | |
| CELSIUS HLDGS INC | CELH | $39.6M | 689,322 | -0.54pp | 3q | -59.2%-$57.6M | |
| SALESFORCE INC | CRM | $39.0M | 164,523 | - | new | NEW | |
| SHERWIN WILLIAMS CO | SHW | $38.2M | 110,292 | - | new | NEW | |
| OREILLY AUTOMOTIVE INC | ORLY | $36.9M | 341,917 | +0.10pp | 3q | -25.5%-$12.6M | |
| E L F BEAUTY INC | ELF | $32.0M | 241,262 | - | new | NEW | |
| NEWELL BRANDS INC | NWL | $31.8M | 6,066,025 | - | new | NEW | |
| ROBLOX CORP | RBLX | $23.4M | 168,920 | - | new | NEW | |
| HIMS & HERS HEALTH INC PUT | HIMS | $19.0M | options only | -0.54pp | 3q | OPTIONS | |
| WINGSTOP INC | WING | $17.2M | 68,348 | - | new | NEW | |
| DRAFTKINGS INC NEW | DKNG | $10.9M | 290,161 | - | new | NEW | |
| WIX COM LTD | WIX | $7.6M | 42,524 | - | new | NEW | |
| STARBUCKS CORP | SBUX | $6.8M | 80,542 | -1.34pp | 5q | -84.5%-$37.3M | |
| PETCO HEALTH & WELLNESS CO I | WOOF | $6.8M | 1,750,000 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Transport & Logistics | $1.0B | 24.3% |
| Retail & Consumer | $714.5M | 17.3% |
| Funds & ETFs | $509.5M | 12.4% |
| Chemicals | $376.0M | 9.1% |
| Telecom & Media | $324.9M | 7.9% |
| Software & IT Services | $279.1M | 6.8% |
| Computer Hardware | $226.3M | 5.5% |
| Wholesale & Distribution | $130.5M | 3.2% |
| Food, Drink & Tobacco | $104.1M | 2.5% |
| Business Services | $89.6M | 2.2% |
| Other sectors | $76.2M | 1.8% |
| Not classified | $288.6M | 7.0% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2025 | $4.1B | 49 | 21 | 11 | 8 | 36 | 49.0% | 45 |
| Q2 2025 | $5.2B | 64 | 29 | 14 | 18 | 27 | 42.7% | 45 |
| Q1 2025 | $4.8B | 62 | 29 | 13 | 13 | 30 | 45.6% | 45 |
| Q4 2024 | $4.3B | 63 | 29 | 16 | 13 | 24 | 50.0% | 45 |
| Q3 2024 | $3.6B | 58 | 23 | 14 | 20 | 34 | 44.4% | 45 |
| Q2 2024 | $3.6B | 69 | 27 | 15 | 23 | 45 | 33.6% | 45 |
| Q1 2024 | $4.8B | 87 | 42 | 12 | 27 | 26 | 31.4% | 45 |
| Q4 2023 | $4.7B | 71 | 38 | 10 | 16 | 36 | 37.7% | 45 |
| Q3 2023 | $3.6B | 69 | 27 | 15 | 21 | 30 | 37.4% | 45 |
| Q2 2023 | $4.3B | 72 | 26 | 19 | 22 | 34 | 38.8% | 45 |
| Q1 2023 | $4.0B | 80 | 45 | 18 | 15 | 27 | 28.9% | 45 |
| Q4 2022 | $2.5B | 62 | 23 | 14 | 19 | 31 | 31.9% | 45 |
| Q3 2022 | $2.8B | 70 | 25 | 16 | 25 | 33 | 36.5% | 45 |
| Q2 2022 | $3.9B | 78 | 32 | 23 | 17 | 31 | 33.2% | 46 |
| Q1 2022 | $3.9B | 77 | 27 | 15 | 25 | 46 | 32.3% | 46 |
| Q4 2021 | $6.8B | 96 | 30 | 31 | 21 | 38 | 31.3% | 45 |
| Q3 2021 | $5.3B | 104 | 47 | 22 | 24 | 34 | 34.9% | 46 |
| Q2 2021 | $4.5B | 91 | 40 | 22 | 25 | 38 | 33.0% | 47 |
| Q1 2021 | $4.6B | 89 | 40 | 20 | 21 | 40 | 32.9% | 47 |
| Q4 2020 | $4.3B | 89 | 42 | 26 | 16 | 30 | 32.6% | 47 |
| Q3 2020 | $3.1B | 77 | 33 | 13 | 23 | 22 | 36.3% | 47 |
| Q2 2020 | $2.8B | 66 | 35 | 11 | 16 | 30 | 43.6% | 45 |
| Q1 2020 | $2.4B | 61 | 31 | 21 | 7 | 31 | 39.1% | 45 |
| Q4 2019 | $1.9B | 61 | 0 | 0 | 0 | 0 | 34.8% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.