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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
+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

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
Block Inc
XYZ
+$142M

Top Sells

Rank Stock Value
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

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
SMH icon
1
PUT
VanEck Semiconductor ETF
SMH
$65.6B
$497M 7.32%
+1,380,000
New +$484M
STUB
2
StubHub Holdings
STUB
$2.5B
$336M 4.95%
24,823,335
+4,117,332
+20% +$64.7M
FLUT icon
3
Flutter Entertainment
FLUT
$17.7B
$301M 4.43%
1,399,735
+798,302
+133% +$180M
CEG icon
4
Constellation Energy
CEG
$98.1B
$292M 4.31%
+827,626
New +$301M
AMZN icon
5
Amazon
AMZN
$2.87T
$290M 4.27%
1,256,355
+384,075
+44% +$87.9M
NVT icon
6
nVent Electric
NVT
$24B
$243M 3.57%
2,378,858
-93,537
-4% -$9.71M
SCHW
7
Charles Schwab
SCHW
$191B
$241M 3.54%
2,408,147
– –
CX icon
8
Cemex
CX
$15.7B
$199M 2.92%
17,283,246
+552,487
+3% +$5.72M
FCX icon
9
Freeport-McMoran
FCX
$110B
$199M 2.92%
+3,908,710
New +$169M
CRS icon
10
Carpenter Technology
CRS
$23.6B
$193M 2.84%
612,211
-225,912
-27% -$68M
PCG icon
11
PG&E
PCG
$36.6B
$190M 2.79%
11,794,997
-2,227,160
-16% -$35.6M
CPNG icon
12
Coupang
CPNG
$29.7B
$185M 2.73%
7,863,165
+2,774,015
+55% +$78.9M
COF icon
13
Capital One
COF
$132B
$184M 2.71%
758,066
-298,284
-28% -$66.4M
CAI
14
Caris Life Sciences
CAI
$7.24B
$181M 2.67%
6,718,707
+2,834,986
+73% +$79.8M
ARMK icon
15
Aramark
ARMK
$15.3B
$175M 2.57%
4,737,646
+1,481,978
+46% +$56.5M
NTRA icon
16
Natera
NTRA
$47B
$164M 2.41%
715,495
-410,910
-36% -$85.7M
GRAB icon
17
Grab
GRAB
$14.8B
$162M 2.39%
32,555,483
+26,186,329
+411% +$145M
RBRK icon
18
Rubrik
RBRK
$19.2B
$161M 2.36%
2,100,000
+397,653
+23% +$30.5M
CCC
19
CCC Intelligent Solutions
CCC
$4.41B
$150M 2.22%
18,925,086
+2,560,000
+16% +$20.8M
WCC
20
WESCO International
WCC
$16.4B
$150M 2.21%
612,505
-76,593
-11% -$18.8M
GLNG icon
21
Golar LNG
GLNG
$5.13B
$146M 2.15%
3,932,104
+637,081
+19% +$24.4M
CRS icon
22
CALL
Carpenter Technology
CRS
$23.6B
$142M 2.09%
+450,000
New +$135M
XYZ
23
Block Inc
XYZ
$50.2B
$134M 1.97%
+2,057,224
New +$142M
DASH icon
24
DoorDash
DASH
$103B
$124M 1.82%
+545,564
New +$128M
RKT icon
25
Rocket Companies
RKT
$39B
$120M 1.77%
6,223,575
-2,142,479
-26% -$38.3M
1
2 3

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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.