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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
+5,767.8%
AUM
$7.41B
AUM Growth
+$951M
(+15%)
Cap. Flow
+$480M
Cap. Flow
% of AUM
6.48%
Top 10 Holdings %
Top 10 Hldgs %
50.46%
Holding
66
New
15
Increased
12
Reduced
19
Closed
15
Avg Time Held
4.1
quarters
Top 10 Avg Time Held
1.2
quarters
Top 20 Avg Time Held
1.5
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ON Semiconductor
ON
|
+$538M |
| 2 |
Humana
HUM
|
+$250M |
| 3 |
Freeport-McMoran
FCX
|
+$223M |
| 4 |
Rocket Companies
RKT
|
+$213M |
| 5 |
Knight Transportation
KNX
|
+$201M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sandisk
SNDK
|
+$302M |
| 2 |
Warner Bros
WBD
|
+$231M |
| 3 |
Union Pacific
UNP
|
+$201M |
| 4 |
Western Digital
WDC
|
+$166M |
| 5 |
Teva Pharmaceutical Industries Limited
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
Hewlett Packard
HPE
$93B
| $586M | 7.9% |
24,396,242
+6,887,100
| +39% | +$162M |
2023 Q4
8 quarters
|
|
|
2
ON Semiconductor
ON
$29.8B
| $568M | 7.65% |
+10,480,200
| New | +$538M |
2025 Q4
0 quarters
|
|
|
3
Rocket Companies
RKT
$31.1B
| $497M | 6.71% |
25,689,300
+11,894,300
| +86% | +$213M |
2025 Q3
1 quarter
|
|
4
Unity
U
$20.6B
| $362M | 4.89% |
8,200,752
-2,490,100
| -23% | -$101M |
2024 Q4
4 quarters
|
|
5
EQT Corp
EQT
$33.3B
| $336M | 4.53% |
6,272,388
+332,800
| +6% | +$18.7M |
2024 Q4
4 quarters
|
|
6
Amrize Ltd
AMRZ
$19.8B
| $317M | 4.27% |
5,859,119
-263,200
| -4% | -$13.4M |
2025 Q3
1 quarter
|
|
7
Cleveland-Cliffs
CLF
$7.35B
| $298M | 4.02% |
22,416,281
+2,663,036
| +13% | +$33.6M |
2023 Q3
9 quarters
|
|
8
Nucor
NUE
$57.6B
| $271M | 3.66% |
1,664,170
+126,870
| +8% | +$19.1M |
2025 Q3
1 quarter
|
|
|
9
Freeport-McMoran
FCX
$106B
| $262M | 3.53% |
+5,155,000
| New | +$223M |
2025 Q4
0 quarters
|
|
|
10
Humana
HUM
$51.8B
| $244M | 3.29% |
+953,000
| New | +$250M |
2025 Q4
0 quarters
|
|
11
GitLab
GTLB
$9.32B
| $224M | 3.02% |
5,973,800
+2,818,800
| +89% | +$122M |
2025 Q3
1 quarter
|
|
|
12
Knight Transportation
KNX
$10.5B
| $224M | 3.02% |
+4,285,700
| New | +$201M |
2025 Q4
0 quarters
|
|
13
Twilio
TWLO
$43.1B
| $222M | 3% |
1,562,600
+1,107,700
| +244% | +$137M |
2025 Q3
1 quarter
|
|
14
Nokia
NOK
$55.7B
| $218M | 2.94% |
33,686,602
-3,200,600
| -9% | -$19.8M |
2024 Q1
7 quarters
|
|
15
United Airlines
UAL
$34.1B
| $211M | 2.85% |
1,889,952
+731,780
| +63% | +$73.9M |
2024 Q2
6 quarters
|
|
16
Delta Air Lines
DAL
$52.8B
| $203M | 2.74% |
2,927,048
+1,192,400
| +69% | +$74.5M |
2024 Q2
6 quarters
|
|
|
17
Union Pacific
UNP
$167B
| $174M | 2.34% |
750,204
-881,396
| -54% | -$201M |
2025 Q3
1 quarter
|
|
18
Expand Energy Corp
EXE
$20.6B
| $173M | 2.33% |
1,567,514
-48,200
| -3% | -$5.34M |
2024 Q3
5 quarters
|
|
19
GlobalFoundries
GFS
$27.2B
| $170M | 2.29% |
4,856,000
+3,086,900
| +174% | +$110M |
2025 Q3
1 quarter
|
|
20
Arrowhead Research
ARWR
$8.6B
| $168M | 2.26% |
2,523,500
-2,458,500
| -49% | -$120M |
2023 Q4
8 quarters
|
|
21
Qnity Electronics Inc
Q
$25.6B
| $157M | 2.11% |
+1,916,800
| New | +$163M |
2025 Q4
0 quarters
|
|
22
American Airlines Group
AAL
$8.34B
| $138M | 1.87% |
9,034,394
-947,400
| -9% | -$12.8M |
2024 Q2
6 quarters
|
|
23
STMicroelectronics
STM
$45.5B
| $137M | 1.85% |
+5,280,500
| New | +$135M |
2025 Q4
0 quarters
|
|
24
AerCap
AER
$23.1B
| $135M | 1.82% |
938,144
-83,500
| -8% | -$11.1M |
2023 Q3
9 quarters
|
|
25
James Hardie Industries
JHX
$14.4B
| $111M | 1.5% |
5,364,500
+3,083,434
| +135% | +$61.8M |
2025 Q3
1 quarter
|
|
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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.