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SPC

Slate Path Capital Portfolio holdings

AUM $7.22B
1-Year Est. Return 110.75%
This Fund
S&P 500
This Quarter Est. Return
+31.32%
1 Year Est. Return
+110.75%
3 Year Est. Return
+393.62%
5 Year Est. Return
+449.87%
10 Year Est. Return
+5,767.79%
AUM
$6.46B
AUM Growth
+$663M
Cap. Flow
-$705M
Cap. Flow %
-10.9%
Top 10 Hldgs %
48.17%
Holding
62
New
19
Increased
7
Reduced
20
Closed
11

Top Buys

Rank Stock Value
1
UNP icon
Union Pacific
UNP
+$368M
2
AMRZ
Amrize Ltd
AMRZ
+$312M
3
RKT icon
Rocket Companies
RKT
+$241M
4
NUE icon
Nucor
NUE
+$218M
5
UPST icon
Upstart Holdings
UPST
+$192M

Top Sells

Rank Stock Value
1
WDC icon
Western Digital
WDC
+$378M
2
U icon
Unity
U
+$346M
3
MU icon
Micron Technology
MU
+$318M
4
STX icon
Seagate
STX
+$288M
5
NBIS
Nebius Group N.V.
NBIS
+$218M

Sector Composition

Rank Sector Weight
1 Technology 33.1%
2 Materials 18.77%
3 Industrials 15.37%
4 Financials 8.43%
5 Energy 7.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HPE icon
1
Hewlett Packard
HPE
$72B
$430M 6.65%
17,509,142
+1,612,900
+10% +$35.7M
U icon
2
Unity
U
$19.1B
$428M 6.62%
10,690,852
-9,326,100
-47% -$346M
UNP icon
3
Union Pacific
UNP
$183B
$386M 5.97%
+1,631,600
New +$368M
EQT icon
4
EQT Corp
EQT
$34.3B
$323M 5%
5,939,588
+3,445,900
+138% +$182M
SNDK
5
Sandisk
SNDK
$217B
$302M 4.68%
2,693,657
-2,044,961
-43% -$119M
AMRZ
6
Amrize Ltd
AMRZ
$24.2B
$297M 4.6%
+6,122,319
New +$312M
RKT icon
7
Rocket Companies
RKT
$40.3B
$267M 4.14%
+13,795,000
New +$241M
CLF icon
8
Cleveland-Cliffs
CLF
$6.75B
$241M 3.73%
19,753,245
+4,036,800
+26% +$42.4M
WBD icon
9
Warner Bros
WBD
$72.4B
$231M 3.57%
11,804,700
-9,523,300
-45% -$130M
NUE icon
10
Nucor
NUE
$57.3B
$208M 3.22%
+1,537,300
New +$218M
NOK icon
11
Nokia
NOK
$59.3B
$177M 2.75%
36,887,202
-1,641,153
-4% -$7.42M
ARWR icon
12
Arrowhead Research
ARWR
$12.5B
$172M 2.66%
4,982,000
-250,000
-5% -$5.5M
EXE
13
Expand Energy Corp
EXE
$22.7B
$172M 2.66%
1,615,714
+497,900
+45% +$50M
WDC icon
14
Western Digital
WDC
$167B
$170M 2.63%
1,416,237
-4,621,854
-77% -$378M
TEVA icon
15
Teva Pharmaceuticals
TEVA
$43.8B
$160M 2.48%
7,927,998
-362,000
-4% -$6.36M
STX icon
16
Seagate
STX
$192B
$156M 2.41%
658,867
-1,689,139
-72% -$288M
GTLB icon
17
GitLab
GTLB
$7.57B
$142M 2.2%
+3,155,000
New +$144M
UPST icon
18
Upstart Holdings
UPST
$2.96B
$139M 2.15%
+2,731,974
New +$192M
IP icon
19
International Paper
IP
$21.1B
$131M 2.02%
2,817,750
+3,550
+0.1% +$173K
PAAS icon
20
Pan American Silver
PAAS
$22.8B
$124M 1.91%
3,194,800
-1,522,200
-32% -$48.9M
AER icon
21
AerCap
AER
$23.3B
$124M 1.91%
1,021,644
-89,768
-8% -$10.5M
AAL icon
22
American Airlines Group
AAL
$9.08B
$112M 1.74%
9,981,794
+2,927,200
+41% +$36M
PSKY
23
Paramount Skydance Corp
PSKY
$12.1B
$112M 1.73%
+5,925,693
New +$93.7M
UAL icon
24
United Airlines
UAL
$36.5B
$112M 1.73%
1,158,172
+4,900
+0.4% +$471K
COIN icon
25
Coinbase
COIN
$50.3B
$110M 1.7%
326,180
-94,600
-22% -$32.1M
1
2 3

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Slate Path Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Slate Path Capital held 62 positions worth $6.46B, up 11% from $5.8B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Slate Path Capital withdrew a net $705M in Q3 2025, closing 11 positions and reducing 20 holdings. Its most notable exit was Micron Technology, an estimated $318M position sold in full.

By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 49% a quarter earlier, followed by Materials and Industrials.

Against the trend, Slate Path Capital opened a new position in Union Pacific worth $386M.

  • Slate Path Capital's largest Q3 2025 buy was Union Pacific: 1,631,600 shares worth $386M.
  • Slate Path Capital added most to EQT Corp in Q3 2025, an estimated $182M increase.
  • Slate Path Capital's biggest Q3 2025 reduction was Western Digital, cutting an estimated $378M.
  • Slate Path Capital fully exited Micron Technology in Q3 2025, selling an estimated $318M.
  • Slate Path Capital's ten largest holdings make up 48% of its $6.46B portfolio in Q3 2025.
  • Slate Path Capital opened 19 new positions and closed 11 in Q3 2025.
  • Slate Path Capital's portfolio value rose 11% quarter-over-quarter to $6.46B.

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