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DG

David Greenspan Slate Path Capital

AUM $7.22B
1-Year Est. Return 110.75%
 

David Greenspan is the founder of Slate Path Capital, a long/short equity firm with roots in the Tiger Management network. The firm conducts fundamental research across sectors with an emphasis on differentiated views rather than index hugging. Greenspan’s filings attract attention among investors who follow Tiger Cub-style managers.

This Fund
S&P 500
This Quarter Est. Return
+9.73%
1 Year Est. Return
+110.75%
3 Year Est. Return
+393.62%
5 Year Est. Return
+449.87%
10 Year Est. Return
+5,767.79%
AUM
$7.41B
AUM Growth
+$951M
Cap. Flow
+$480M
Cap. Flow %
6.48%
Top 10 Hldgs %
50.46%
Holding
66
New
15
Increased
12
Reduced
19
Closed
15

Top Buys

Rank Stock Value
1
ON icon
ON Semiconductor
ON
+$538M
2
HUM icon
Humana
HUM
+$250M
3
FCX icon
Freeport-McMoran
FCX
+$223M
4
RKT icon
Rocket Companies
RKT
+$213M
5
KNX icon
Knight Transportation
KNX
+$201M

Top Sells

Rank Stock Value
1
SNDK
Sandisk
SNDK
+$302M
2
WBD icon
Warner Bros
WBD
+$231M
3
UNP icon
Union Pacific
UNP
+$201M
4
WDC icon
Western Digital
WDC
+$166M
5
TEVA icon
Teva Pharmaceuticals
TEVA
+$160M

Sector Composition

Rank Sector Weight
1 Technology 39.38%
2 Materials 18.22%
3 Industrials 15.92%
4 Financials 8.5%
5 Energy 6.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HPE icon
1
Hewlett Packard
HPE
$70.8B
$586M 7.9%
24,396,242
+6,887,100
+39% +$162M
ON icon
2
ON Semiconductor
ON
$28.9B
$568M 7.65%
+10,480,200
New +$538M
RKT icon
3
Rocket Companies
RKT
$39.4B
$497M 6.71%
25,689,300
+11,894,300
+86% +$213M
U icon
4
Unity
U
$20.7B
$362M 4.89%
8,200,752
-2,490,100
-23% -$101M
EQT icon
5
EQT Corp
EQT
$33.6B
$336M 4.53%
6,272,388
+332,800
+6% +$18.7M
AMRZ
6
Amrize Ltd
AMRZ
$25B
$317M 4.27%
5,859,119
-263,200
-4% -$13.4M
CLF icon
7
Cleveland-Cliffs
CLF
$6.43B
$298M 4.02%
22,416,281
+2,663,036
+13% +$33.6M
NUE icon
8
Nucor
NUE
$55.3B
$271M 3.66%
1,664,170
+126,870
+8% +$19.1M
FCX icon
9
Freeport-McMoran
FCX
$110B
$262M 3.53%
+5,155,000
New +$223M
HUM icon
10
Humana
HUM
$45.5B
$244M 3.29%
+953,000
New +$250M
GTLB icon
11
GitLab
GTLB
$7.04B
$224M 3.02%
5,973,800
+2,818,800
+89% +$122M
KNX icon
12
Knight Transportation
KNX
$11.7B
$224M 3.02%
+4,285,700
New +$201M
TWLO icon
13
Twilio
TWLO
$34.6B
$222M 3%
1,562,600
+1,107,700
+244% +$137M
NOK icon
14
Nokia
NOK
$57B
$218M 2.94%
33,686,602
-3,200,600
-9% -$19.8M
UAL icon
15
United Airlines
UAL
$36.7B
$211M 2.85%
1,889,952
+731,780
+63% +$73.9M
DAL icon
16
Delta Air Lines
DAL
$54.2B
$203M 2.74%
2,927,048
+1,192,400
+69% +$74.5M
UNP icon
17
Union Pacific
UNP
$183B
$174M 2.34%
750,204
-881,396
-54% -$201M
EXE
18
Expand Energy Corp
EXE
$22.2B
$173M 2.33%
1,567,514
-48,200
-3% -$5.34M
GFS icon
19
GlobalFoundries
GFS
$26.4B
$170M 2.29%
4,856,000
+3,086,900
+174% +$110M
ARWR icon
20
Arrowhead Research
ARWR
$12.3B
$168M 2.26%
2,523,500
-2,458,500
-49% -$120M
Q
21
Qnity Electronics Inc
Q
$27B
$157M 2.11%
+1,916,800
New +$163M
AAL icon
22
American Airlines Group
AAL
$9.15B
$138M 1.87%
9,034,394
-947,400
-9% -$12.8M
STM icon
23
STMicroelectronics
STM
$45.1B
$137M 1.85%
+5,280,500
New +$135M
AER icon
24
AerCap
AER
$23B
$135M 1.82%
938,144
-83,500
-8% -$11.1M
JHX icon
25
James Hardie Industries
JHX
$17.7B
$111M 1.5%
5,364,500
+3,083,434
+135% +$61.8M
1
2 3

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David Greenspan's Q4 2025 Portfolio in Review

As of Q4 2025, David Greenspan held 66 positions worth $7.41B, up 15% from $6.46B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

David Greenspan deployed $480M of net new capital in Q4 2025, opening 15 new positions and adding to 12 existing holdings. Its largest new stake was ON Semiconductor: 10,480,200 shares worth $568M.

By sector, the portfolio is most concentrated in Technology at 39% of assets, up from 33% a quarter earlier, followed by Materials and Industrials.

On the sell side, the largest reduction was Union Pacific, an estimated $201M trimmed.

  • David Greenspan's largest Q4 2025 buy was ON Semiconductor: 10,480,200 shares worth $568M.
  • David Greenspan added most to Rocket Companies in Q4 2025, an estimated $213M increase.
  • David Greenspan's biggest Q4 2025 reduction was Union Pacific, cutting an estimated $201M.
  • David Greenspan fully exited Sandisk in Q4 2025, selling an estimated $302M.
  • David Greenspan's ten largest holdings make up 50% of its $7.41B portfolio in Q4 2025.
  • David Greenspan opened 15 new positions and closed 15 in Q4 2025.
  • David Greenspan's portfolio value rose 15% quarter-over-quarter to $7.41B.

Based on Slate Path Capital's 13F filing for Q4 2025, filed 17 Feb 2026.