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PointState Capital Portfolio holdings

AUM $7.9B
1-Year Est. Return 42.31%
This Fund
S&P 500
This Quarter Est. Return
+7.91%
1 Year Est. Return
+42.31%
3 Year Est. Return
+142.91%
5 Year Est. Return
+261%
10 Year Est. Return
+1,945.58%
AUM
$6.79B
AUM Growth
+$92.8M
Cap. Flow
-$276M
Cap. Flow %
-4.07%
Top 10 Hldgs %
41.07%
Holding
73
New
16
Increased
23
Reduced
15
Closed
14

Top Buys

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
Block Inc
XYZ
+$142M

Top Sells

1
GLW icon
Corning
GLW
+$443M
2
TEVA icon
Teva Pharmaceuticals
TEVA
+$417M
3
TLN
Talen Energy Corp
TLN
+$154M
4
ILMN icon
Illumina
ILMN
+$149M
5
CRH icon
CRH
CRH
+$114M

Sector Composition

1 Industrials 13.45%
2 Consumer Discretionary 13.25%
3 Financials 12.84%
4 Technology 12.19%
5 Healthcare 9.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LOMA
51
Loma Negra
LOMA
$1.31B
$14.6M 0.22%
1,130,732
+803,289
+245% +$8.58M
HUT
52
Hut 8
HUT
$10.8B
$10.7M 0.16%
+232,938
New +$10.3M
UNP icon
53
Union Pacific
UNP
$178B
$10.5M 0.15%
+45,466
New +$10.4M
EQT icon
54
EQT Corp
EQT
$31.1B
$10.4M 0.15%
194,486
-64,828
-25% -$3.64M
ECHO
55
EchoStar
ECHO
$26.9B
$9.49M 0.14%
+87,273
New +$7.11M
XP icon
56
XP
XP
$8.75B
$9.36M 0.14%
+571,756
New +$10.1M
OKTA icon
57
Okta
OKTA
$26B
$7.2M 0.11%
83,300
-898,550
-92% -$78.4M
ALVO icon
58
Alvotech
ALVO
$1.17B
$5.38M 0.08%
1,049,039
– –
APP icon
59
Applovin
APP
$144B
– –
-72,266
Closed -$51.9M
COHR icon
60
Coherent
COHR
$55.7B
– –
-209,458
Closed -$22.6M
EEM icon
61
CALL
iShares MSCI Emerging Markets ETF
EEM
$28.2B
– –
-3,500,000
Closed -$187M
EXPE icon
62
Expedia Group
EXPE
$32.2B
– –
-427,789
Closed -$91.4M
GLW icon
63
CALL
Corning
GLW
$136B
– –
-4,200,000
Closed -$345M
MSFT icon
64
Microsoft
MSFT
$2.93T
– –
-107,665
Closed -$55.8M
NRG icon
65
NRG Energy
NRG
$27.6B
– –
-66,812
Closed -$10.8M
PCG icon
66
CALL
PG&E
PCG
$38.3B
– –
-15,000,000
Closed -$226M
PINS icon
67
Pinterest
PINS
$12.7B
– –
-693,103
Closed -$22.3M
RBLX icon
68
Roblox
RBLX
$37.7B
– –
-244,877
Closed -$33.9M
RGEN icon
69
Repligen
RGEN
$8.25B
– –
-409,503
Closed -$54.7M
ROIV icon
70
Roivant Sciences
ROIV
$25B
– –
-1,791,440
Closed -$27.1M
SRE icon
71
Sempra
SRE
$60.5B
– –
-76,129
Closed -$6.85M
XLF icon
72
CALL
State Street Financial Select Sector SPDR ETF
XLF
$54.9B
– –
-1,000,000
Closed -$53.9M
1 2
3

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CIP
Champlain Investment Partners Burlington, Vermont $7.88B AUM 6.82% 1-Year Est. Return
IMRF
Illinois Municipal Retirement Fund Oak Brook, Illinois $7.86B AUM 24.45% 1-Year Est. Return
SF
Summit Financial Parsippany, New Jersey $7.85B AUM 20.99% 1-Year Est. Return
CMTU
Capital Markets Trading (UK) London, United Kingdom $7.95B AUM 85.98% 1-Year Est. Return
BCWM
Bartlett & Co Wealth Management Cincinnati, Ohio $7.82B AUM 15.4% 1-Year Est. Return
PGFC
Peapack-Gladstone Financial Corp Bedminster, New Jersey $7.82B AUM 21.06% 1-Year Est. Return
SI
Stephens Inc Little Rock, Arkansas $7.99B AUM 21.6% 1-Year Est. Return
EGM
Engineers Gate Manager New York $8B AUM 17.32% 1-Year Est. Return

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 withdrew a net $276M in Q4 2025, closing 14 positions and reducing 15 holdings. Its most notable exit was Expedia Group, an estimated $91.4M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 13% of assets, up from 12% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, PointState Capital opened a new position in Constellation Energy worth $292M.

  • 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.