Discovery Capital Management, LLC / CT
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Discovery Capital Management, LLC / CT reported 71 stock positions worth $1.3 billion. Its top holding was Nebius (NBIS) at 8.0% of the portfolio, followed by America Movil Sab DE CV (AMX, 7.6%) and Genius Sports (GENI, 5.7%). Compared with Q1 2025, it opened 27 new positions, sold out of 11, added to 23 and reduced 16. The biggest buy was a new position in Celestica (CLS) and the biggest sale an exit from Discover Financial Services (DFS).
- Most Recent 13F
- Q2 2026
- Location
- SOUTH NORWALK, CT
- CIK
- 0001389507
- Portfolio Value
- $1.3B (Q2 2025)
- SEC Filing
- 0000919574-25-004839 ↗ filed Aug 14, 2025
Holdings Value
Holdings 71 stocks · $1.3B
| NBIS Nebius Group NV | 7.99% | 1,814,976 | $100.4M | Reduce -15.2% |
| AMX America Movil Sab DE CV | 7.56% | 5,293,183 | $95.0M | Add +100.1% |
| GENI Genius Sports Ltd. | 5.65% | 6,824,743 | $71.0M | Add +15.5% |
| IREN Iren Ltd. filed as IREN LIMITED | 4.81% | 4,150,300 | $60.5M | Add +55.2% |
| VIST Vista Energy Sab DE CV | 4.57% | 1,201,817 | $57.5M | Add +6.5% |
| CLS Celestica Inc. | 4.55% | 365,721 | $57.1M | New |
| AMTM Amentum Holdings Inc. | 4.32% | 2,299,130 | $54.3M | Reduce -12.6% |
| COF Capital One Financial Corp. | 4.09% | 241,510 | $51.4M | New |
| QXO Qxo Inc. | 4.09% | 2,383,838 | $51.3M | New |
| JPM JPMorgan Chase & Co. | 3.85% | 166,900 | $48.4M | New |
| TV Grupo Televisa SA-Spon ADR | 3.16% | 18,117,803 | $39.7M | Add +1.9% |
| HDB HDFC Bank Ltd.-ADR | 3.14% | 514,900 | $39.5M | Add +100.2% |
| PSN Parsons Corp. | 2.62% | 458,100 | $32.9M | Add +40.1% |
| TTWO Take-Two Interactive Softwre | 2.55% | 131,807 | $32.0M | Add +12.9% |
| FCX Freeport-McMoran Inc. | 2.40% | 694,800 | $30.1M | Add +108.4% |
| GEO The Geo Group Inc. | 2.40% | 1,257,200 | $30.1M | Reduce -12.1% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 2.17% | 866,000 | $27.2M | New |
| UNH Unitedhealth Group Inc. | 2.09% | 84,100 | $26.2M | Add +13.0% |
| GGAL Grupo Financiero Galicia-ADR | 2.01% | 500,000 | $25.2M | Reduce -50.4% |
| CX Cemex Sab-Spons ADR Part Cer | 1.88% | 3,416,200 | $23.7M | Reduce -2.0% |
| EAT Brinker International Inc. | 1.42% | 98,711 | $17.8M | Reduce -49.1% |
| BABA Alibaba Group Holding-SP ADR | 1.41% | 155,964 | $17.7M | Add +136.3% |
| METC Ramaco Resources Inc. Class A | 1.37% | 1,310,904 | $17.2M | Add +10.1% |
| META Meta Platforms Inc. Class A | 1.15% | 19,553 | $14.4M | Add +105.8% |
| BAP Credicorp Ltd. | 1.14% | 64,300 | $14.4M | Reduce -2.1% |
| COMP Compass Inc. Class A | 1.14% | 2,273,161 | $14.3M | No change |
| GLNG Golar LNG Ltd. | 1.09% | 331,700 | $13.7M | Reduce -22.5% |
| CRWV Coreweave Inc. Class A | 1.00% | 76,900 | $12.5M | New |
| EQT Eqt Corp. | 0.99% | 214,000 | $12.5M | New |
| EXE Expand Energy Corp. | 0.99% | 106,000 | $12.4M | New |
| AR Antero Resources Corp. | 0.92% | 287,800 | $11.6M | New |
| RRC Range Resources Corp. | 0.89% | 274,300 | $11.2M | New |
| SNAP Snap Inc. Class A | 0.86% | 1,242,300 | $10.8M | Add +41.0% |
| APP AppLovin Corp. Class A | 0.77% | 27,740 | $9.7M | Reduce -4.5% |
| PINS Pinterest Inc. Class A | 0.76% | 265,500 | $9.5M | Reduce -5.3% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.66% | 606,330 | $8.3M | New |
| PRMB Primo Brands Corp. | 0.53% | 225,000 | $6.7M | New |
| AEM Agnico Eagle Mines Ltd. | 0.49% | 52,000 | $6.2M | No change |
| JBS JBS NV-A | 0.49% | 417,700 | $6.1M | New |
| SLM SLM Corp. | 0.47% | 179,100 | $5.9M | Reduce -14.5% |
| TKC Turkcell Iletisim Hizmet-ADR | 0.43% | 898,131 | $5.4M | Reduce -9.7% |
| VIK Viking Holdings Ltd. | 0.42% | 100,000 | $5.3M | New |
| CTRN Citi Trends Inc. | 0.41% | 152,896 | $5.1M | New |
| JRVR James River Group Holdings I | 0.38% | 819,355 | $4.8M | Add +6.6% |
| VVV Valvoline Inc. | 0.33% | 109,000 | $4.1M | New |
| FRO Frontline PLC | 0.33% | 250,000 | $4.1M | No change |
| ECH iShares MSCI Chile ETF | 0.32% | 127,000 | $4.0M | Add +326.4% |
| VOYG Voyager Technologies Inc. Class A | 0.31% | 100,000 | $3.9M | New |
| ROOT Root Inc./Oh Class A | 0.31% | 30,200 | $3.9M | Reduce -10.4% |
| ALAB Astera Labs Inc. | 0.29% | 40,800 | $3.7M | Reduce -37.7% |
| CORZ Core Scientific Inc. | 0.27% | 197,800 | $3.4M | New |
| ESTA Establishment Labs Holdings | 0.22% | 64,441 | $2.8M | No change |
| AGRO Adecoagro SA | 0.20% | 270,910 | $2.5M | Reduce -23.4% |
| VNM Vaneck Vietnam ETF | 0.19% | 175,300 | $2.4M | New |
| TEO Telecom Argentina SA-SP ADR | 0.18% | 258,500 | $2.3M | Add +417.0% |
| EWW iShares MSCI Mexico ETF | 0.14% | 29,050 | $1.8M | New |
| BMA Banco Macro SA-ADR | 0.13% | 23,400 | $1.6M | New |
| ABX Abacus Global Management Inc. | 0.12% | 295,829 | $1.5M | Add +17.7% |
| ONMD Onemednet Corp. | 0.10% | 2,301,791 | $1.3M | No change |
| ASIC Ategrity Specialty Holdings | 0.09% | 50,000 | $1.1M | New |
| IEF iShares 7-10 Year Treasury B | 0.08% | 10,280 | $985K | Reduce -24.3% |
| TIP iShares Tips Bond ETF | 0.06% | 7,138 | $785K | Add +2.2% |
| EEM iShares MSCI Emerging Market | 0.06% | 14,921 | $720K | Add +11.7% |
| SHY iShares 1-3 Year Treasury Bo | 0.05% | 7,097 | $588K | Add +0.9% |
| GLTR Abrdn Precious Metals Basket | 0.03% | 2,378 | $329K | Add +18.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.03% | 4,007 | $327K | New |
| USO United States Oil Fund LP | 0.03% | 4,468 | $327K | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.03% | 4,050 | $327K | New |
| METCB Ramaco Resources Inc. Class B | 0.03% | 39,021 | $319K | Add +44.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.02% | 319 | $197K | New |
| IWM iShares Russell 2000 ETF | 0.01% | 302 | $65K | New |
Options reported separately and not counted above: SPY puts ($4.6M), IWM puts ($350K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $17.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 4,877,432 | $17.8M | Reduce -17.0% |
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q1 2025 → Q2 2025
| DFS Discover Financial Services | Sold out | 0.00% | −6.85 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -50.4% | 2.01% | −4.67 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −2.98 |
| GEO The Geo Group Inc. | Reduce -12.1% | 2.40% | −2.68 |
| EAT Brinker International Inc. | Reduce -49.1% | 1.42% | −2.10 |
| BA The Boeing Co. | Sold out | 0.00% | −1.90 |
| AMTM Amentum Holdings Inc. | Reduce -12.6% | 4.32% | −1.50 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −1.19 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.90 |
| GLNG Golar LNG Ltd. | Reduce -22.5% | 1.09% | −0.89 |
| TUR iShares MSCI Turkey ETF | Sold out | 0.00% | −0.66 |
| LOAR Loar Holdings Inc. | Sold out | 0.00% | −0.64 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -2.0% | 1.88% | −0.49 |
| KRMN Karman Holdings Inc. | Sold out | 0.00% | −0.41 |
| BAP Credicorp Ltd. | Reduce -2.1% | 1.14% | −0.34 |
| TKC Turkcell Iletisim Hizmet-ADR | Reduce -9.7% | 0.43% | −0.32 |
| PINS Pinterest Inc. Class A | Reduce -5.3% | 0.76% | −0.30 |
| AGRO Adecoagro SA | Reduce -23.4% | 0.20% | −0.28 |
| SLM SLM Corp. | Reduce -14.5% | 0.47% | −0.28 |
| ROOT Root Inc./Oh Class A | Reduce -10.4% | 0.31% | −0.24 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −0.20 |
| ALAB Astera Labs Inc. | Reduce -37.7% | 0.29% | −0.18 |
| APP AppLovin Corp. Class A | Reduce -4.5% | 0.77% | −0.16 |
| CHWY Chewy Inc. Class A | Sold out | 0.00% | −0.14 |
| IEF iShares 7-10 Year Treasury B | Reduce -24.3% | 0.08% | −0.08 |
| MLPX Global X MLP & Energy Infras | Sold out | 0.00% | −0.04 |
| NBIS Nebius Group NV | Reduce -15.2% | 7.99% | +2.50 |
Portfolio Buys Q1 2025 → Q2 2025
| CLS Celestica Inc. | New | 4.55% | +4.55 |
| COF Capital One Financial Corp. | New | 4.09% | +4.09 |
| QXO Qxo Inc. | New | 4.09% | +4.09 |
| JPM JPMorgan Chase & Co. | New | 3.85% | +3.85 |
| AMX America Movil Sab DE CV | Add +100.1% | 7.56% | +2.99 |
| IREN Iren Ltd. | Add +55.2% | 4.81% | +2.83 |
| YPF YPF S.A.-Sponsored ADR | New | 2.17% | +2.17 |
| HDB HDFC Bank Ltd.-ADR | Add +100.2% | 3.14% | +1.07 |
| CRWV Coreweave Inc. Class A | New | 1.00% | +1.00 |
| EQT Eqt Corp. | New | 0.99% | +0.99 |
| EXE Expand Energy Corp. | New | 0.99% | +0.99 |
| AR Antero Resources Corp. | New | 0.92% | +0.92 |
| RRC Range Resources Corp. | New | 0.89% | +0.89 |
| FCX Freeport-McMoran Inc. | Add +108.4% | 2.40% | +0.86 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.66% | +0.66 |
| PRMB Primo Brands Corp. | New | 0.53% | +0.53 |
| JBS JBS NV-A | New | 0.49% | +0.49 |
| META Meta Platforms Inc. Class A | Add +105.8% | 1.15% | +0.48 |
| VIK Viking Holdings Ltd. | New | 0.42% | +0.42 |
| CTRN Citi Trends Inc. | New | 0.41% | +0.41 |
| BABA Alibaba Group Holding-SP ADR | Add +136.3% | 1.41% | +0.35 |
| VVV Valvoline Inc. | New | 0.33% | +0.33 |
| VOYG Voyager Technologies Inc. Class A | New | 0.31% | +0.31 |
| CORZ Core Scientific Inc. | New | 0.27% | +0.27 |
| PSN Parsons Corp. | Add +40.1% | 2.62% | +0.26 |
| ECH iShares MSCI Chile ETF | Add +326.4% | 0.32% | +0.21 |
| VNM Vaneck Vietnam ETF | New | 0.19% | +0.19 |
| METC Ramaco Resources Inc. Class A | Add +10.1% | 1.37% | +0.18 |
| EWW iShares MSCI Mexico ETF | New | 0.14% | +0.14 |
| BMA Banco Macro SA-ADR | New | 0.13% | +0.13 |
| TEO Telecom Argentina SA-SP ADR | Add +417.0% | 0.18% | +0.12 |
| ASIC Ategrity Specialty Holdings | New | 0.09% | +0.09 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.03% | +0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.03% | +0.03 |
| USO United States Oil Fund LP | New | 0.03% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.02% | +0.02 |
| IWM iShares Russell 2000 ETF | New | 0.01% | +0.01 |
| METCB Ramaco Resources Inc. Class B | Add +44.9% | 0.03% | +0.00 |
| GLTR Abrdn Precious Metals Basket | Add +18.8% | 0.03% | −0.01 |
| JRVR James River Group Holdings I | Add +6.6% | 0.38% | −0.01 |
| EEM iShares MSCI Emerging Market | Add +11.7% | 0.06% | −0.01 |
| SHY iShares 1-3 Year Treasury Bo | Add +0.9% | 0.05% | −0.02 |
| TIP iShares Tips Bond ETF | Add +2.2% | 0.06% | −0.03 |
| SNAP Snap Inc. Class A | Add +41.0% | 0.86% | −0.07 |
| ABX Abacus Global Management Inc. | Add +17.7% | 0.12% | −0.11 |
| TTWO Take-Two Interactive Softwre | Add +12.9% | 2.55% | −0.39 |
| TV Grupo Televisa SA-Spon ADR | Add +1.9% | 3.16% | −0.62 |
| GENI Genius Sports Ltd. | Add +15.5% | 5.65% | −1.54 |
| VIST Vista Energy Sab DE CV | Add +6.5% | 4.57% | −1.81 |
| UNH Unitedhealth Group Inc. | Add +13.0% | 2.09% | −2.65 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 7,500 | $4.6M |
| IWM iShares Russell 2000 ETF | put | New | 75,526,500 | $350K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | Reduce -17.0% | 4,877,432 | $17.8M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 112 | $2.4B | SNDK, BAP, AMX, AMC, COMP |
| Q1 2026 | 76 | $1.9B | SNDK, AMX, MU, ON, METC |
| Q4 2025 | 87 | $1.8B | AMKR, METC, IREN, AMX, JPM |
| Q3 2025 | 85 | $1.8B | METC, IREN, ORBS, GDLC, AMX |
| Q2 2025 | 71 | $1.3B | NBIS, AMX, GENI, IREN, VIST |
| Q1 2025 | 55 | $822.6M | GENI, DFS, GGAL, VIST, AMTM |
| Q4 2024 | 76 | $1.4B | JPM, GGAL, XOP, AMZN, VIST |
| Q3 2024 | 58 | $799.2M | GGAL, VIST, AMZN, TV, VST |
| Q2 2024 | 50 | $731.1M | VIST, GGAL, TV, WDC, GEHC |
| Q1 2024 | 51 | $700.0M | VIST, GBTC, TV, GGAL, GEHC |