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
SMH icon
1
PUT
VanEck Semiconductor ETF
SMH
$68.8B
$497M 7.32%
+1,380,000
New +$484M
2025 Q4
0 quarters
STUB icon
2
StubHub Holdings
STUB
$2.13B
$336M 4.95%
24,823,335
+4,117,332
+20% +$64.7M
2025 Q3
1 quarter
FLUT icon
3
Flutter Entertainment
FLUT
$12.9B
$301M 4.43%
1,399,735
+798,302
+133% +$180M
2024 Q2
6 quarters
CEG icon
4
Constellation Energy
CEG
$99B
$292M 4.31%
+827,626
New +$301M
2025 Q4
0 quarters
AMZN icon
5
Amazon
AMZN
$2.74T
$290M 4.27%
1,256,355
+384,075
+44% +$87.9M
2025 Q1
3 quarters
NVT icon
6
nVent Electric
NVT
$24.7B
$243M 3.57%
2,378,858
-93,537
-4% -$9.71M
2025 Q1
3 quarters
SCHW icon
7
Charles Schwab
SCHW
$167B
$241M 3.54%
2,408,147
– –
2024 Q4
4 quarters
CX icon
8
Cemex
CX
$13.7B
$199M 2.92%
17,283,246
+552,487
+3% +$5.72M
2025 Q2
2 quarters
FCX icon
9
Freeport-McMoran
FCX
$100B
$199M 2.92%
+3,908,710
New +$169M
2025 Q4
0 quarters
CRS icon
10
Carpenter Technology
CRS
$18.8B
$193M 2.84%
612,211
-225,912
-27% -$68M
2025 Q2
2 quarters
PCG icon
11
PG&E
PCG
$39.5B
$190M 2.79%
11,794,997
-2,227,160
-16% -$35.6M
2025 Q1
3 quarters
CPNG icon
12
Coupang
CPNG
$25.9B
$185M 2.73%
7,863,165
+2,774,015
+55% +$78.9M
2023 Q1
11 quarters
COF icon
13
Capital One
COF
$119B
$184M 2.71%
758,066
-298,284
-28% -$66.4M
2024 Q4
4 quarters
CAI icon
14
Caris Life Sciences
CAI
$8.55B
$181M 2.67%
6,718,707
+2,834,986
+73% +$79.8M
2025 Q2
2 quarters
ARMK icon
15
Aramark
ARMK
$14.4B
$175M 2.57%
4,737,646
+1,481,978
+46% +$56.5M
2022 Q3
13 quarters
NTRA icon
16
Natera
NTRA
$56.9B
$164M 2.41%
715,495
-410,910
-36% -$85.7M
2024 Q2
6 quarters
GRAB icon
17
Grab
GRAB
$11.9B
$162M 2.39%
32,555,483
+26,186,329
+411% +$145M
2024 Q3
5 quarters
RBRK icon
18
Rubrik
RBRK
$23.6B
$161M 2.36%
2,100,000
+397,653
+23% +$30.5M
2025 Q3
1 quarter
CCC icon
19
CCC Intelligent Solutions
CCC
$4.5B
$150M 2.22%
18,925,086
+2,560,000
+16% +$20.8M
2025 Q2
2 quarters
WCC icon
20
WESCO International
WCC
$17.1B
$150M 2.21%
612,505
-76,593
-11% -$18.8M
2024 Q2
6 quarters
GLNG icon
21
Golar LNG
GLNG
$4.7B
$146M 2.15%
3,932,104
+637,081
+19% +$24.4M
2024 Q4
4 quarters
CRS icon
22
CALL
Carpenter Technology
CRS
$18.8B
$142M 2.09%
+450,000
New +$135M
2025 Q4
0 quarters
XYZ icon
23
Block Inc
XYZ
$45.6B
$134M 1.97%
+2,057,224
New +$142M
2025 Q4
0 quarters
DASH icon
24
DoorDash
DASH
$79.7B
$124M 1.82%
+545,564
New +$128M
2025 Q4
0 quarters
RKT icon
25
Rocket Companies
RKT
$29.8B
$120M 1.77%
6,223,575
-2,142,479
-26% -$38.3M
2025 Q2
2 quarters
1
2 3

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BFG
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PFA
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FFM
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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.