John Paulson’s portfolio: Paulson & Co 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001035674Latest: Q2 2026
Q3 2025 filing in brief
In its Q3 2025 13F, filed November 14, 2025, Paulson & Co reported $3.0B across 10 US positions. The largest: MDGL (29.5%), PPTA (22.0%), BHC (15.4%), AAMI (12.6%), NG (8.1%). In the quarter it opened 0 positions, sold out of 5, added to 1 and trimmed 2; positions opened and sold out came to 2.8% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed Nov 14, 2025
- 0 New
- 1 Added
- 2 Trimmed
- 5 Exited
10 positions at September 30, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MDGL | MADRIGAL PHARMACEUTICALS INC | $875M | 1.9M | 29.46% | −8.7% | Trimmed |
| 2 | PPTA | PERPETUA RESOURCES CORP | $654M | 32.3M | 22.04% | 0.0% | Held |
| 3 | BHC | BAUSCH HEALTH COS INC | $456M | 70.8M | 15.37% | +115.8% | Added |
| 4 | AAMI | ACADIAN ASSET MANAGEMENT INC | $373M | 7.7M | 12.56% | −13.5% | Trimmed |
| 5 | NG | NOVAGOLD RES INC | $240M | 27.2M | 8.07% | 0.0% | Held |
| 6 | AEM | AGNICO EAGLE MINES LTD | $132M | 783.6K | 4.45% | 0.0% | Held |
| 7 | THM | INTERNATIONAL TOWER HILL MIN | $115M | 70.2M | 3.88% | 0.0% | Held |
| 8 | THRY | THRYV HLDGS INC | $52M | 4.3M | 1.74% | 0.0% | Held |
| 9 | HON | HONEYWELL INTL INC | $42M | 200.0K | 1.42% | 0.0% | Held |
| 10 | TMQ | TRILOGY METALS INC NEW | $30M | 14.3M | 1.01% | 0.0% | Held |
5 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| SA | SEABRIDGE GOLD INC | $30M | 2.1M |
| EQX | EQUINOX GOLD CORP | $14M | 2.5M |
| IAG | IAMGOLD CORP | $14M | 1.9M |
| JNPR | JUNIPER NETWORKS INC | $10M | 250.0K |
| GOOG | ALPHABET INC | $2M | 9.0K |
Every quarter on file (53)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.