Candlestick Capital Management LP
Candlestick Capital Management LP is a hedge fund headquartered in Greenwich, Connecticut. Founded in January 2019, the firm operates as an SEC-registered investment adviser managing private funds and caters primarily to accredited investors and institutions. As of 2025, the firm employs approximately 40 professionals, with the majority in investment roles.
Investment Strategy
Candlestick Capital Management LP pursues an equity long/short strategy, focusing primarily on public equities. The firm utilizes fundamental research to identify investment opportunities, seeking to generate risk-adjusted returns for its clients. It manages private funds, employing rigorous risk controls and diversified portfolios to achieve capital appreciation over time.
Latest 13F Filing Activity
Candlestick Capital Management LP filed their most recent 13F report on Jun 30, 2025 disclosing 50 equity positions and 22 options positions with a total 13F market value of $5B. The fund increased holdings in Amazon Com Inc., Microsoft Corp., Carnival Corp. among other positions. Candlestick Capital Management LP reduced exposure to Meta Platforms Inc., Netflix Inc., Kroger Co. among others.
Top Holdings
Equity Positions (50)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
A AMZN | AMAZON COM INC | 3.03% | $158.6M | 722,954 | $219.39 | $219.39 | +$158.6M |
C CNK | CINEMARK HLDGS INC | 2.90% | $151.8M | 5,030,814 | $23.53 | $30.18 | +$15.2M |
M MSFT | MICROSOFT CORP | 2.51% | $131.2M | 263,754 | $497.41 | $497.41 | +$131.2M |
U UAL | UNITED AIRLS HLDGS INC | 2.46% | $128.5M | 1,614,285 | $50.18 | $79.63 | +$23.5M |
A AS | AMER SPORTS INC | 2.12% | $111.1M | 2,866,290 | $15.60 | $38.76 | +$21.3M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
Q QQQ | INVESCO QQQ TR | Bought | Put | $508.9M | 9,225 | $551.64 | $478.01 | +5,406 | +$329.8M |
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $325.7M | 5,272 | $617.85 | $590.87 | +1,453 | +$112.1M |
I IWM | ISHARES TR | Bought | Put | $199.1M | 9,225 | $215.79 | $218.46 | +2,860 | +$72.1M |
D DAL | DELTA AIR LINES INC DEL | Sold | Call | $183.0M | 37,209 | $49.18 | $49.18 | -30,568 | -$112.5M |
A ALK | ALASKA AIR GROUP INC | Bought | Call | $133.9M | 27,062 | $49.48 | $49.29 | +6,860 | +$34.5M |
Industry Allocation
Investment Team (14)
| Name | Role | Location | |
|---|---|---|---|
 | Analyst | Dallas, TX , United States | |
| Portfolio Analyst | United States | ||
C Ceci Zhang | Senior Analyst | New York, NY , United States | |
C Cody Ross | Senior Analyst | New York, NY , United States | |
C Craig Bench | Co-President, Candlestick Capital | New York, NY , United States | |
| Senior Analyst | United States | ||
E Eric Bierman | Portfolio Manager | New York, NY , United States | |
 | Analyst | Richmond, VA , United States | |
 | Analyst | New York, NY , United States | |
 | Analyst | New York, NY , United States |