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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
+9.73%
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
$7.41B
AUM Growth
+$951M
Cap. Flow
+$480M
Cap. Flow %
6.48%
Top 10 Hldgs %
50.46%
Holding
66
New
15
Increased
12
Reduced
19
Closed
15

Top Buys

Rank Stock Value
1
ON icon
ON Semiconductor
ON
+$538M
2
HUM icon
Humana
HUM
+$250M
3
FCX icon
Freeport-McMoran
FCX
+$223M
4
RKT icon
Rocket Companies
RKT
+$213M
5
KNX icon
Knight Transportation
KNX
+$201M

Top Sells

Rank Stock Value
1
SNDK
Sandisk
SNDK
+$302M
2
WBD icon
Warner Bros
WBD
+$231M
3
UNP icon
Union Pacific
UNP
+$201M
4
WDC icon
Western Digital
WDC
+$166M
5
TEVA icon
Teva Pharmaceuticals
TEVA
+$160M

Sector Composition

Rank Sector Weight
1 Technology 39.38%
2 Materials 18.22%
3 Industrials 15.92%
4 Financials 8.5%
5 Energy 6.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HPE icon
1
Hewlett Packard
HPE
$72.5B
$586M 7.9%
24,396,242
+6,887,100
+39% +$162M
ON icon
2
ON Semiconductor
ON
$28.8B
$568M 7.65%
+10,480,200
New +$538M
RKT icon
3
Rocket Companies
RKT
$40.4B
$497M 6.71%
25,689,300
+11,894,300
+86% +$213M
U icon
4
Unity
U
$19.1B
$362M 4.89%
8,200,752
-2,490,100
-23% -$101M
EQT icon
5
EQT Corp
EQT
$34B
$336M 4.53%
6,272,388
+332,800
+6% +$18.7M
AMRZ
6
Amrize Ltd
AMRZ
$24.3B
$317M 4.27%
5,859,119
-263,200
-4% -$13.4M
CLF icon
7
Cleveland-Cliffs
CLF
$6.7B
$298M 4.02%
22,416,281
+2,663,036
+13% +$33.6M
NUE icon
8
Nucor
NUE
$56.9B
$271M 3.66%
1,664,170
+126,870
+8% +$19.1M
FCX icon
9
Freeport-McMoran
FCX
$114B
$262M 3.53%
+5,155,000
New +$223M
HUM icon
10
Humana
HUM
$47.3B
$244M 3.29%
+953,000
New +$250M
GTLB icon
11
GitLab
GTLB
$7.45B
$224M 3.02%
5,973,800
+2,818,800
+89% +$122M
KNX icon
12
Knight Transportation
KNX
$11.3B
$224M 3.02%
+4,285,700
New +$201M
TWLO icon
13
Twilio
TWLO
$36.7B
$222M 3%
1,562,600
+1,107,700
+244% +$137M
NOK icon
14
Nokia
NOK
$59.5B
$218M 2.94%
33,686,602
-3,200,600
-9% -$19.8M
UAL icon
15
United Airlines
UAL
$37B
$211M 2.85%
1,889,952
+731,780
+63% +$73.9M
DAL icon
16
Delta Air Lines
DAL
$53.8B
$203M 2.74%
2,927,048
+1,192,400
+69% +$74.5M
UNP icon
17
Union Pacific
UNP
$183B
$174M 2.34%
750,204
-881,396
-54% -$201M
EXE
18
Expand Energy Corp
EXE
$22.5B
$173M 2.33%
1,567,514
-48,200
-3% -$5.34M
GFS icon
19
GlobalFoundries
GFS
$25.3B
$170M 2.29%
4,856,000
+3,086,900
+174% +$110M
ARWR icon
20
Arrowhead Research
ARWR
$12.6B
$168M 2.26%
2,523,500
-2,458,500
-49% -$120M
Q
21
Qnity Electronics Inc
Q
$26.5B
$157M 2.11%
+1,916,800
New +$163M
AAL icon
22
American Airlines Group
AAL
$9.17B
$138M 1.87%
9,034,394
-947,400
-9% -$12.8M
STM icon
23
STMicroelectronics
STM
$45.8B
$137M 1.85%
+5,280,500
New +$135M
AER icon
24
AerCap
AER
$23.2B
$135M 1.82%
938,144
-83,500
-8% -$11.1M
JHX icon
25
James Hardie Industries
JHX
$17.4B
$111M 1.5%
5,364,500
+3,083,434
+135% +$61.8M
1
2 3

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Slate Path Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Slate Path Capital held 66 positions worth $7.41B, up 15% from $6.46B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Slate Path Capital deployed $480M of net new capital in Q4 2025, opening 15 new positions and adding to 12 existing holdings. Its largest new stake was ON Semiconductor: 10,480,200 shares worth $568M.

By sector, the portfolio is most concentrated in Technology at 39% of assets, up from 33% a quarter earlier, followed by Materials and Industrials.

On the sell side, the largest reduction was Union Pacific, an estimated $201M trimmed.

  • Slate Path Capital's largest Q4 2025 buy was ON Semiconductor: 10,480,200 shares worth $568M.
  • Slate Path Capital added most to Rocket Companies in Q4 2025, an estimated $213M increase.
  • Slate Path Capital's biggest Q4 2025 reduction was Union Pacific, cutting an estimated $201M.
  • Slate Path Capital fully exited Sandisk in Q4 2025, selling an estimated $302M.
  • Slate Path Capital's ten largest holdings make up 50% of its $7.41B portfolio in Q4 2025.
  • Slate Path Capital opened 15 new positions and closed 15 in Q4 2025.
  • Slate Path Capital's portfolio value rose 15% quarter-over-quarter to $7.41B.

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