Discovery Capital Management, LLC / CT
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Discovery Capital Management, LLC / CT reported 85 stock positions worth $1.8 billion. Its top holding was Ramaco Resources Class A (METC) at 10.0% of the portfolio, followed by Iren (IREN, 8.7%) and Eightco (ORBS, 7.3%). Compared with Q2 2025, it opened 36 new positions, sold out of 22, added to 21 and reduced 20. The biggest buy was Ramaco Resources Class A (METC, shares +316%) and the biggest sale an exit from Nebius (NBIS).
- Most Recent 13F
- Q2 2026
- Location
- SOUTH NORWALK, CT
- CIK
- 0001389507
- Portfolio Value
- $1.8B (Q3 2025)
- SEC Filing
- 0000919574-25-006907 ↗ filed Nov 14, 2025
Holdings Value
Holdings 85 stocks · $1.8B
| METC Ramaco Resources Inc. Class A | 10.02% | 5,452,360 | $181.0M | Add +315.9% |
| IREN Iren Ltd. filed as IREN LIMITED | 8.75% | 3,365,700 | $158.0M | Reduce -18.9% |
| ORBS Eightco Holdings Inc. | 7.29% | 14,383,562 | $131.6M | New |
| GDLC Grayscale Coindesk 5 ETF | 5.60% | 1,810,264 | $101.2M | New |
| AMX America Movil Sab DE CV | 5.44% | 4,681,483 | $98.3M | Reduce -11.6% |
| GENI Genius Sports Ltd. | 3.51% | 5,123,443 | $63.4M | Reduce -24.9% |
| JPM JPMorgan Chase & Co. | 2.98% | 170,800 | $53.9M | Add +2.3% |
| TV Grupo Televisa SA-Spon ADR | 2.70% | 18,117,803 | $48.7M | No change |
| COF Capital One Financial Corp. | 2.38% | 202,310 | $43.0M | Reduce -16.2% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 2.26% | 1,056,200 | $40.9M | New |
| VIST Vista Energy Sab DE CV | 2.26% | 1,184,578 | $40.7M | Reduce -1.4% |
| PRMB Primo Brands Corp. | 2.19% | 1,786,100 | $39.5M | Add +693.8% |
| PSN Parsons Corp. | 2.01% | 438,200 | $36.3M | Reduce -4.3% |
| QXO Qxo Inc. | 1.94% | 1,835,338 | $35.0M | Reduce -23.0% |
| TTWO Take-Two Interactive Softwre | 1.84% | 128,507 | $33.2M | Reduce -2.5% |
| CLS Celestica Inc. | 1.67% | 122,521 | $30.2M | Reduce -66.5% |
| CX Cemex Sab-Spons ADR Part Cer | 1.59% | 3,197,500 | $28.7M | Reduce -6.4% |
| GEO The Geo Group Inc. | 1.54% | 1,358,000 | $27.8M | Add +8.0% |
| ELV Elevance Health Inc. | 1.51% | 84,500 | $27.3M | New |
| AMTM Amentum Holdings Inc. | 1.51% | 1,139,112 | $27.3M | Reduce -50.5% |
| CI The Cigna Group | 1.45% | 91,100 | $26.3M | New |
| HDB HDFC Bank Ltd.-ADR | 1.43% | 755,600 | $25.8M | Reduce -26.6% |
| EWW iShares MSCI Mexico ETF | 1.39% | 368,550 | $25.1M | Add +1168.7% |
| EAT Brinker International Inc. | 1.33% | 189,311 | $24.0M | Add +91.8% |
| SEI Solaris Energy Infrastructur | 1.26% | 569,200 | $22.8M | New |
| APP AppLovin Corp. Class A | 1.21% | 30,340 | $21.8M | Add +9.4% |
| CLF Cleveland-Cliffs Inc. | 1.20% | 1,777,700 | $21.7M | New |
| JBL Jabil Inc. | 1.17% | 97,700 | $21.2M | New |
| ECH iShares MSCI Chile ETF | 1.16% | 635,200 | $20.9M | Add +400.2% |
| COMP Compass Inc. Class A | 1.01% | 2,273,161 | $18.3M | No change |
| GOOGL Alphabet Inc. Class A | 0.98% | 72,900 | $17.7M | New |
| VNET Vnet Group Inc.-ADR | 0.92% | 1,614,500 | $16.7M | New |
| BAP Credicorp Ltd. | 0.92% | 62,300 | $16.6M | Reduce -3.1% |
| DDOG Datadog Inc. Class A | 0.88% | 111,000 | $15.8M | New |
| FISV Fiserv Inc. | 0.71% | 99,193 | $12.8M | New |
| PINS Pinterest Inc. Class A | 0.63% | 354,500 | $11.4M | Add +33.5% |
| LBRT Liberty Energy Inc. | 0.62% | 904,200 | $11.2M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.61% | 691,500 | $11.1M | Add +14.1% |
| PPTA Perpetua Resources Corp. | 0.59% | 526,100 | $10.6M | New |
| SNAP Snap Inc. Class A | 0.59% | 1,375,600 | $10.6M | Add +10.7% |
| GLNG Golar LNG Ltd. | 0.58% | 261,200 | $10.6M | Reduce -21.3% |
| BKR Baker Hughes Co. | 0.57% | 212,700 | $10.4M | New |
| IR Ingersoll-Rand Inc. | 0.56% | 123,000 | $10.2M | New |
| BIDU Baidu Inc. - Spon ADR | 0.55% | 75,800 | $10.0M | New |
| STUB Stubhub Holdings Inc. Class A | 0.55% | 593,100 | $10.0M | New |
| IBIT iShares Bitcoin Trust ETF | 0.51% | 142,000 | $9.2M | New |
| ECHO Echostar Corp. Class A | 0.50% | 118,900 | $9.1M | New |
| PHM Pultegroup Inc. | 0.50% | 68,200 | $9.0M | New |
| AEM Agnico Eagle Mines Ltd. | 0.49% | 52,000 | $8.8M | No change |
| ATI Ati Inc. | 0.47% | 105,100 | $8.5M | New |
| JBS JBS NV-A | 0.40% | 480,200 | $7.2M | Add +15.0% |
| MSOS Advisorshares Pure US Cann | 0.38% | 1,425,000 | $6.8M | New |
| TKC Turkcell Iletisim Hizmet-ADR | 0.37% | 1,123,037 | $6.8M | Add +25.0% |
| ESTA Establishment Labs Holdings | 0.35% | 155,275 | $6.4M | Add +141.0% |
| SOLV Solventum Corp. | 0.32% | 80,200 | $5.9M | New |
| FRO Frontline PLC | 0.32% | 250,000 | $5.7M | No change |
| BCO The Brink's Co. | 0.30% | 46,286 | $5.4M | New |
| PCG P G & E Corp. | 0.28% | 336,700 | $5.1M | New |
| SLM SLM Corp. | 0.27% | 179,100 | $5.0M | No change |
| AGRO Adecoagro SA | 0.27% | 621,875 | $4.9M | Add +129.6% |
| CTRN Citi Trends Inc. | 0.26% | 152,896 | $4.7M | No change |
| JRVR James River Group Holdings I | 0.25% | 819,355 | $4.5M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.19% | 19,400 | $3.5M | Reduce -87.6% |
| FDX FedEx Corp. | 0.17% | 13,000 | $3.1M | New |
| XHB SS SPDR S&P Homebldrs ETF | 0.16% | 26,700 | $3.0M | New |
| VVV Valvoline Inc. | 0.16% | 80,300 | $2.9M | Reduce -26.3% |
| ACMR Acm Research Inc. Class A | 0.14% | 66,600 | $2.6M | New |
| SN Sharkninja Inc. | 0.14% | 25,000 | $2.6M | New |
| ONMD Onemednet Corp. | 0.14% | 2,301,791 | $2.5M | No change |
| FIGR Figure Technology Solut Class A | 0.11% | 55,000 | $2.0M | New |
| EPSM Epsium Enterprise Ltd. Class A | 0.09% | 154,108 | $1.6M | New |
| ABX Abacus Global Management Inc. | 0.09% | 275,000 | $1.6M | Reduce -7.0% |
| LGN Legence Corp. Class A | 0.09% | 50,000 | $1.5M | New |
| METCB Ramaco Resources Inc. Class B | 0.07% | 74,148 | $1.2M | Add +90.0% |
| TIP iShares Tips Bond ETF | 0.06% | 9,001 | $1.0M | Add +26.1% |
| IEF iShares 7-10 Year Treasury B | 0.06% | 10,377 | $1.0M | Add +0.9% |
| EEM iShares MSCI Emerging Market | 0.04% | 15,037 | $803K | Add +0.8% |
| RGC Regencell Bioscience Holding | 0.04% | 46,166 | $713K | New |
| IWM iShares Russell 2000 ETF | 0.04% | 2,786 | $674K | Add +822.5% |
| GLTR Abrdn Precious Metals Basket | 0.02% | 2,032 | $336K | Reduce -14.6% |
| USO United States Oil Fund LP | 0.02% | 4,526 | $334K | Add +1.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.02% | 3,822 | $333K | Reduce -4.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.01% | 302 | $201K | Reduce -5.3% |
| MLPX Global X MLP & Energy Infras | 0.01% | 3,205 | $201K | New |
| ONEG Oneconstruction Group Ltd. | 0.01% | 15,000 | $170K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $17.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 4,675,405 | $17.4M | Reduce -4.1% |
Total filed on the 13F, all lines: $1.8B.
Portfolio Sells Q2 2025 → Q3 2025
| NBIS Nebius Group NV | Sold out | 0.00% | −7.99 |
| CLS Celestica Inc. | Reduce -66.5% | 1.67% | −2.87 |
| AMTM Amentum Holdings Inc. | Reduce -50.5% | 1.51% | −2.81 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −2.40 |
| VIST Vista Energy Sab DE CV | Reduce -1.4% | 2.26% | −2.32 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −2.17 |
| QXO Qxo Inc. | Reduce -23.0% | 1.94% | −2.15 |
| GENI Genius Sports Ltd. | Reduce -24.9% | 3.51% | −2.14 |
| AMX America Movil Sab DE CV | Reduce -11.6% | 5.44% | −2.12 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −2.09 |
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −2.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -26.6% | 1.43% | −1.71 |
| COF Capital One Financial Corp. | Reduce -16.2% | 2.38% | −1.71 |
| BABA Alibaba Group Holding-SP ADR | Reduce -87.6% | 0.19% | −1.22 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.15 |
| CRWV Coreweave Inc. Class A | Sold out | 0.00% | −1.00 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.99 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.99 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.92 |
| RRC Range Resources Corp. | Sold out | 0.00% | −0.89 |
| TTWO Take-Two Interactive Softwre | Reduce -2.5% | 1.84% | −0.71 |
| PSN Parsons Corp. | Reduce -4.3% | 2.01% | −0.61 |
| GLNG Golar LNG Ltd. | Reduce -21.3% | 0.58% | −0.50 |
| VIK Viking Holdings Ltd. | Sold out | 0.00% | −0.42 |
| VOYG Voyager Technologies Inc. Class A | Sold out | 0.00% | −0.31 |
| ROOT Root Inc./Oh Class A | Sold out | 0.00% | −0.31 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.29 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -6.4% | 1.59% | −0.29 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −0.27 |
| BAP Credicorp Ltd. | Reduce -3.1% | 0.92% | −0.23 |
| VNM Vaneck Vietnam ETF | Sold out | 0.00% | −0.19 |
| TEO Telecom Argentina SA-SP ADR | Sold out | 0.00% | −0.18 |
| VVV Valvoline Inc. | Reduce -26.3% | 0.16% | −0.17 |
| BMA Banco Macro SA-ADR | Sold out | 0.00% | −0.13 |
| ASIC Ategrity Specialty Holdings | Sold out | 0.00% | −0.09 |
| SHY iShares 1-3 Year Treasury Bo | Sold out | 0.00% | −0.05 |
| ABX Abacus Global Management Inc. | Reduce -7.0% | 0.09% | −0.03 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -4.6% | 0.02% | −0.01 |
| GLTR Abrdn Precious Metals Basket | Reduce -14.6% | 0.02% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.3% | 0.01% | −0.00 |
| IREN Iren Ltd. | Reduce -18.9% | 8.75% | +3.93 |
Portfolio Buys Q2 2025 → Q3 2025
| METC Ramaco Resources Inc. Class A | Add +315.9% | 10.02% | +8.65 |
| ORBS Eightco Holdings Inc. | New | 7.29% | +7.29 |
| GDLC Grayscale Coindesk 5 ETF | New | 5.60% | +5.60 |
| GDS GDS Holdings Ltd. - ADR | New | 2.26% | +2.26 |
| PRMB Primo Brands Corp. | Add +693.8% | 2.19% | +1.65 |
| ELV Elevance Health Inc. | New | 1.51% | +1.51 |
| CI The Cigna Group | New | 1.45% | +1.45 |
| SEI Solaris Energy Infrastructur | New | 1.26% | +1.26 |
| EWW iShares MSCI Mexico ETF | Add +1168.7% | 1.39% | +1.25 |
| CLF Cleveland-Cliffs Inc. | New | 1.20% | +1.20 |
| JBL Jabil Inc. | New | 1.17% | +1.17 |
| GOOGL Alphabet Inc. Class A | New | 0.98% | +0.98 |
| VNET Vnet Group Inc.-ADR | New | 0.92% | +0.92 |
| DDOG Datadog Inc. Class A | New | 0.88% | +0.88 |
| ECH iShares MSCI Chile ETF | Add +400.2% | 1.16% | +0.84 |
| FISV Fiserv Inc. | New | 0.71% | +0.71 |
| LBRT Liberty Energy Inc. | New | 0.62% | +0.62 |
| PPTA Perpetua Resources Corp. | New | 0.59% | +0.59 |
| BKR Baker Hughes Co. | New | 0.57% | +0.57 |
| IR Ingersoll-Rand Inc. | New | 0.56% | +0.56 |
| BIDU Baidu Inc. - Spon ADR | New | 0.55% | +0.55 |
| STUB Stubhub Holdings Inc. Class A | New | 0.55% | +0.55 |
| IBIT iShares Bitcoin Trust ETF | New | 0.51% | +0.51 |
| ECHO Echostar Corp. Class A | New | 0.50% | +0.50 |
| PHM Pultegroup Inc. | New | 0.50% | +0.50 |
| ATI Ati Inc. | New | 0.47% | +0.47 |
| APP AppLovin Corp. Class A | Add +9.4% | 1.21% | +0.43 |
| MSOS Advisorshares Pure US Cann | New | 0.38% | +0.38 |
| SOLV Solventum Corp. | New | 0.32% | +0.32 |
| BCO The Brink's Co. | New | 0.30% | +0.30 |
| PCG P G & E Corp. | New | 0.28% | +0.28 |
| FDX FedEx Corp. | New | 0.17% | +0.17 |
| XHB SS SPDR S&P Homebldrs ETF | New | 0.16% | +0.16 |
| ACMR Acm Research Inc. Class A | New | 0.14% | +0.14 |
| SN Sharkninja Inc. | New | 0.14% | +0.14 |
| ESTA Establishment Labs Holdings | Add +141.0% | 0.35% | +0.13 |
| FIGR Figure Technology Solut Class A | New | 0.11% | +0.11 |
| EPSM Epsium Enterprise Ltd. Class A | New | 0.09% | +0.09 |
| LGN Legence Corp. Class A | New | 0.09% | +0.09 |
| AGRO Adecoagro SA | Add +129.6% | 0.27% | +0.07 |
| METCB Ramaco Resources Inc. Class B | Add +90.0% | 0.07% | +0.04 |
| RGC Regencell Bioscience Holding | New | 0.04% | +0.04 |
| IWM iShares Russell 2000 ETF | Add +822.5% | 0.04% | +0.03 |
| MLPX Global X MLP & Energy Infras | New | 0.01% | +0.01 |
| ONEG Oneconstruction Group Ltd. | New | 0.01% | +0.01 |
| TIP iShares Tips Bond ETF | Add +26.1% | 0.06% | −0.01 |
| USO United States Oil Fund LP | Add +1.3% | 0.02% | −0.01 |
| EEM iShares MSCI Emerging Market | Add +0.8% | 0.04% | −0.01 |
| IEF iShares 7-10 Year Treasury B | Add +0.9% | 0.06% | −0.02 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +14.1% | 0.61% | −0.05 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 7,500 | $4.6Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 75,526,500 | $350Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | Reduce -4.1% | 4,675,405 | $17.4M |
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 |