PC

PointState Capital Portfolio holdings

AUM $7.82B Turnover 60.87%
1-Year Est. Return 43.51%
This Fund
S&P 500
This Quarter Est. Return
+7.91%
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
$6.79B
AUM Growth
+$92.8M
Cap. Flow
+$33.1M
Cap. Flow %
0.49%
Top 10 Hldgs %
41.07%
Holding
73
New
16
Increased
23
Reduced
15
Closed
14
Avg Time Held Equity + Options
0.7 years
Top 10 Avg Time Held Equity + Options
0.2 years
Top 20 Avg Time Held Equity + Options
0.5 years
Avg Time Held Equity only
0.7 years
Top 10 Avg Time Held Equity only
0.3 years
Top 20 Avg Time Held Equity only
0.5 years

Top Buys

Rank Stock Value
1
CEG icon
Constellation Energy
CEG
+$301M
2
FLUT icon
Flutter Entertainment
FLUT
+$180M
3
FCX icon
Freeport-McMoran
FCX
+$169M
4
GRAB icon
Grab
GRAB
+$145M
5
XYZ icon
Block Inc
XYZ
+$142M

Top Sells

Rank Stock Value
1
GLW icon
Corning
GLW
+$443M
2
TEVA icon
Teva Pharmaceutical Industries Limited
TEVA
+$417M
3
TLN icon
Talen Energy Corp
TLN
+$154M
4
ILMN icon
Illumina
ILMN
+$149M
5
CRH icon
CRH
CRH
+$114M

Sector Composition

Rank Sector Weight
1 Miscellaneous 14.66%
2 Industrials 13.45%
3 Consumer Discretionary 13.25%
4 Financials 12.84%
5 Technology 12.19%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
WAB icon
26
Wabtec
WAB
$48.4B
$119M 1.75%
558,359
+300,389
+116% +$61.7M
2025 Q3
1 quarter
TEVA icon
27
Teva Pharmaceutical Industries Limited
TEVA
$47.5B
$118M 1.74%
3,793,986
-16,918,412
-82% -$417M
2024 Q1
7 quarters
TEVA icon
28
CALL
Teva Pharmaceutical Industries Limited
TEVA
$47.5B
$115M 1.69%
3,672,100
– –
2024 Q2
6 quarters
CX icon
29
CALL
Cemex
CX
$13.7B
$103M 1.52%
9,000,000
– –
2025 Q3
1 quarter
WAY icon
30
Waystar Holding Corp
WAY
$5.15B
$90.8M 1.34%
2,773,241
+673,469
+32% +$24M
2025 Q3
1 quarter
GGAL icon
31
Galicia Financial Group
GGAL
$5.71B
$85.9M 1.27%
1,592,990
+1,004,371
+171% +$47M
2024 Q2
6 quarters
ILMN icon
32
CALL
Illumina
ILMN
$41B
$84.8M 1.25%
646,900
-1,000,000
-61% -$117M
2024 Q4
4 quarters
BAC icon
33
Bank of America
BAC
$359B
$78M 1.15%
+1,418,828
New +$75M
2025 Q4
0 quarters
BMA icon
34
Banco Macro
BMA
$4.08B
$77.3M 1.14%
857,488
+623,755
+267% +$47.2M
2024 Q2
6 quarters
GLW icon
35
Corning
GLW
$121B
$75M 1.1%
856,764
-5,147,888
-86% -$443M
2025 Q1
3 quarters
ILMN icon
36
Illumina
ILMN
$41B
$69.8M 1.03%
531,942
-1,268,065
-70% -$149M
2024 Q3
5 quarters
IOT icon
37
Samsara
IOT
$23.9B
$61.6M 0.91%
1,737,068
+533,786
+44% +$20.7M
2025 Q3
1 quarter
TSEM icon
38
Tower Semiconductor
TSEM
$23.6B
$56.4M 0.83%
480,614
+197,110
+70% +$19M
2025 Q3
1 quarter
VST icon
39
Vistra
VST
$50.9B
$55.2M 0.81%
342,360
+279,488
+445% +$50.9M
2024 Q3
5 quarters
COPX icon
40
Global X Copper Miners ETF NEW
COPX
$6.94B
$54M 0.8%
+752,364
New +$48.2M
2025 Q4
0 quarters
TLN icon
41
Talen Energy Corp
TLN
$17B
$50.9M 0.75%
135,870
-396,987
-75% -$154M
2025 Q1
3 quarters
BBAR icon
42
BBVA Argentina
BBAR
$2.56B
$48.2M 0.71%
2,668,038
+1,005,978
+61% +$14.4M
2024 Q2
6 quarters
CRH icon
43
CRH
CRH
$52.7B
$44M 0.65%
352,765
-955,564
-73% -$114M
2024 Q2
6 quarters
EXE icon
44
Expand Energy Corp
EXE
$21.1B
$39.9M 0.59%
361,377
+94,891
+36% +$10.5M
2025 Q2
2 quarters
ETR icon
45
Entergy
ETR
$49.9B
$28.7M 0.42%
+310,325
New +$29.4M
2025 Q4
0 quarters
PAM icon
46
Pampa Energía
PAM
$4.33B
$24M 0.35%
+271,221
New +$21.9M
2025 Q4
0 quarters
VALE icon
47
Vale
VALE
$56.2B
$20.1M 0.3%
+1,542,021
New +$18.7M
2025 Q4
0 quarters
LSCC icon
48
Lattice Semiconductor
LSCC
$16.3B
$19.9M 0.29%
+270,613
New +$19.3M
2025 Q4
0 quarters
METC icon
49
Ramaco Resources Class A
METC
$532M
$18M 0.26%
999,187
+673,241
+207% +$17.7M
2025 Q3
1 quarter
SUPV icon
50
Grupo Supervielle
SUPV
$614M
$18M 0.26%
1,519,056
+682,294
+82% +$6.67M
2024 Q2
6 quarters
1
2
3

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PFA
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LAM
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PointState Capital's Q4 2025 Portfolio in Review

As of Q4 2025, PointState Capital held 73 positions worth $6.79B, up 1.4% from $6.7B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

PointState Capital's Q4 2025 filing shows 16 new, 23 increased, 15 reduced and 14 closed positions. Its largest new stake was Constellation Energy: 827,626 shares worth $292M. The largest sale was Corning, an estimated $443M.

By sector, the portfolio is most concentrated in Miscellaneous at 15% of assets, down from 17% a quarter earlier, followed by Industrials and Consumer Discretionary.

  • PointState Capital's largest Q4 2025 buy was Constellation Energy: 827,626 shares worth $292M.
  • PointState Capital added most to Flutter Entertainment in Q4 2025, an estimated $180M increase.
  • PointState Capital's biggest Q4 2025 reduction was Corning, cutting an estimated $443M.
  • PointState Capital fully exited Expedia Group in Q4 2025, selling an estimated $91.4M.
  • PointState Capital's ten largest holdings make up 41% of its $6.79B portfolio in Q4 2025.
  • PointState Capital opened 16 new positions and closed 14 in Q4 2025.
  • PointState Capital's portfolio value rose 1.4% quarter-over-quarter to $6.79B.

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