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PointState Capital Portfolio holdings

AUM $7.82B
1-Year Est. Return 43.51%
This Fund
S&P 500
This Quarter Est. Return
+12.96%
1 Year Est. Return
+43.51%
3 Year Est. Return
+157.95%
5 Year Est. Return
+295.76%
10 Year Est. Return
+2,156.01%
AUM
$6.7B
AUM Growth
+$140M
Cap. Flow
+$450M
Cap. Flow %
6.73%
Top 10 Hldgs %
44.29%
Holding
69
New
16
Increased
18
Reduced
15
Closed
12

Top Buys

Rank Stock Value
1
STUB
StubHub Holdings
STUB
+$380M
2
CRS icon
Carpenter Technology
CRS
+$177M
3
NTRA icon
Natera
NTRA
+$156M
4
RBRK icon
Rubrik
RBRK
+$146M
5
TLN
Talen Energy Corp
TLN
+$103M

Top Sells

Rank Stock Value
1
LITE icon
Lumentum
LITE
+$241M
2
BAC icon
Bank of America
BAC
+$144M
3
EWY icon
iShares MSCI South Korea ETF
EWY
+$134M
4
XYZ
Block Inc
XYZ
+$127M
5
ILMN icon
Illumina
ILMN
+$114M

Sector Composition

Rank Sector Weight
1 Miscellaneous 16.92%
2 Healthcare 15.8%
3 Technology 15.73%
4 Industrials 11.53%
5 Financials 9.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARMK icon
26
Aramark
ARMK
$15.3B
$125M 1.87%
3,255,668
+540,633
+20% +$21.9M
CAI
27
Caris Life Sciences
CAI
$7.24B
$117M 1.75%
3,883,721
+1,385,364
+55% +$44.2M
EXPE icon
28
Expedia Group
EXPE
$39.5B
$91.4M 1.37%
427,789
+116,907
+38% +$23.5M
OKTA icon
29
Okta
OKTA
$29.1B
$90M 1.34%
981,850
+262,026
+36% +$24.5M
CX icon
30
CALL
Cemex
CX
$15.7B
$80.9M 1.21%
+9,000,000
New +$76.8M
WAY
31
Waystar Holding Corp
WAY
$5.03B
$79.6M 1.19%
+2,099,772
New +$77.8M
TEVA icon
32
CALL
Teva Pharmaceuticals
TEVA
$42.5B
$74.2M 1.11%
3,672,100
– –
MSFT icon
33
Microsoft
MSFT
$3.81T
$55.8M 0.83%
+107,665
New +$54.9M
RGEN icon
34
Repligen
RGEN
$9.95B
$54.7M 0.82%
+409,503
New +$49.7M
XLF icon
35
CALL
State Street Financial Select Sector SPDR ETF
XLF
$56.7B
$53.9M 0.8%
+1,000,000
New +$53M
APP icon
36
Applovin
APP
$106B
$51.9M 0.78%
+72,266
New +$33.3M
WAB icon
37
Wabtec
WAB
$49.4B
$51.7M 0.77%
+257,970
New +$50.9M
IOT icon
38
Samsara
IOT
$24B
$44.8M 0.67%
+1,203,282
New +$44.7M
GRAB icon
39
Grab
GRAB
$14.8B
$38.3M 0.57%
6,369,154
-5,987,169
-48% -$31.8M
RBLX icon
40
Roblox
RBLX
$27.5B
$33.9M 0.51%
244,877
+175,521
+253% +$21.8M
EXE
41
Expand Energy Corp
EXE
$22.7B
$28.3M 0.42%
266,486
-352,705
-57% -$35.4M
ROIV icon
42
Roivant Sciences
ROIV
$25.1B
$27.1M 0.4%
1,791,440
-635,123
-26% -$7.86M
COHR icon
43
Coherent
COHR
$54.7B
$22.6M 0.34%
209,458
-483,773
-70% -$48.2M
PINS icon
44
Pinterest
PINS
$13.1B
$22.3M 0.33%
+693,103
New +$25.1M
TSEM icon
45
Tower Semiconductor
TSEM
$23.5B
$20.5M 0.31%
+283,504
New +$15.5M
GGAL icon
46
Galicia Financial Group
GGAL
$6.78B
$16.2M 0.24%
588,619
-1,010,280
-63% -$43.4M
EQT icon
47
EQT Corp
EQT
$34.1B
$14.1M 0.21%
259,314
-188,555
-42% -$9.96M
BBAR icon
48
BBVA Argentina
BBAR
$2.96B
$13.8M 0.21%
1,662,060
-2,029,514
-55% -$27.4M
VST icon
49
Vistra
VST
$46B
$12.3M 0.18%
62,872
– –
NRG icon
50
NRG Energy
NRG
$23.4B
$10.8M 0.16%
+66,812
New +$10.4M
1
2
3

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PFA
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FFM
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EMPI
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LAM
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IMCOOI
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PointState Capital's Q3 2025 Portfolio in Review

As of Q3 2025, PointState Capital held 69 positions worth $6.7B, up 2.1% from $6.56B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

PointState Capital deployed $450M of net new capital in Q3 2025, opening 16 new positions and adding to 18 existing holdings. Its largest new stake was StubHub Holdings: 20,706,003 shares worth $349M.

By sector, the portfolio is most concentrated in Miscellaneous at 17% of assets, down from 32% a quarter earlier, followed by Healthcare and Technology.

On the sell side, the largest reduction was Illumina, an estimated $114M trimmed.

  • PointState Capital's largest Q3 2025 buy was StubHub Holdings: 20,706,003 shares worth $349M.
  • PointState Capital added most to Carpenter Technology in Q3 2025, an estimated $177M increase.
  • PointState Capital's biggest Q3 2025 reduction was Illumina, cutting an estimated $114M.
  • PointState Capital fully exited Lumentum in Q3 2025, selling an estimated $241M.
  • PointState Capital's ten largest holdings make up 44% of its $6.7B portfolio in Q3 2025.
  • PointState Capital opened 16 new positions and closed 12 in Q3 2025.
  • PointState Capital's portfolio value rose 2.1% quarter-over-quarter to $6.7B.

Based on PointState Capital's 13F filing for Q3 2025, filed 14 Nov 2025.