P Schoenfeld Asset Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), P Schoenfeld Asset Management LP reported 24 stock positions worth $351.8 million . Its top holding was Talen Energy (TLN) at 18.4% of the portfolio, followed by Kellanova (K, 12.4% ) and Terawulf (WULF, 11.4% ). Compared with Q2 2025, it opened 15 new positions, sold out of 9, added to 3 and reduced 5. The biggest buy was a new position in Terawulf (WULF) and the biggest sale an exit from Juniper Networks (JNPR).
Location NEW YORK, NY
CIK 0001040198
Portfolio Value $351.8M (Q3 2025) Holdings 24 stocks · $351.8M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 TLN Talen Energy Corp. 151,864 $64.6M Reduce -10.4% K Kellanova 532,423 $43.7M Add +4.8% WULF Terawulf Inc. 3,510,574 $40.1M New IAG Iamgold Corp. 2,848,957 $36.8M Reduce -12.6% FYBR Frontier Communications Pare 834,400 $31.2M Add +30.1% CORZ Core Scientific Inc. 1,474,424 $26.5M New VRNA Verona Pharma Ltd. 221,200 $23.6M New CYBR Cyberark Software Ltd./Israel 34,508 $16.7M New LBRDK Liberty Broadband-C 141,900 $9.0M Add +124.5% EA Electronic Arts Inc. 42,000 $8.5M New VSAT Viasat Inc. 250,000 $7.3M New KHC The Kraft Heinz Co. 263,000 $6.8M New NSC Norfolk Southern Corp. 19,700 $5.9M New SGRY Surgery Partners Inc. 262,500 $5.7M Reduce -41.7% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 325,000 $5.0M New OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC 1,805,800 $4.4M Reduce -9.7% PLYM Plymouth Industrial REIT Inc. 150,000 $3.3M New SPNS Sapiens International Corp. 77,400 $3.3M New WBD Warner Bros Discovery Inc. 166,942 $3.3M New SCS Steelcase Inc. Class A 133,000 $2.3M New TECK Teck Resources Ltd.-CLS B 39,138 $1.7M Reduce -77.2% TRIP Tripadvisor Inc. 100,000 $1.6M New PENN Penn Entertainment Inc. 25,000 $482K No change ASPIRE BIOPHARMA HLDGS INC 58,563 $12K New
Options reported separately and not counted above: TLN puts ($49.2M), WULF puts ($31.4M), CORZ puts ($19.9M), GDXJ calls ($19.8M), K calls ($17.0M), WBD calls ($14.6M), HPE puts ($9.1M), K puts ($8.2M), IAG puts ($6.5M), PSKY puts ($2.0M), CORZ calls ($1.8M), HTZ calls ($1.3M).
Other holdings (3): bonds, preferreds, convertibles and warrants · $1.5M (not counted above) Security Class Shares / Principal Value Change USA RARE EARTH INC *W EXP 03/13/203 193,605 $1.4M Reduce -23.7% BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 507,375 $126K No change SDSTW Global Partner Acq A -CW27 *W EXP 06/21/202 24,766 $2K No change
Total filed on the 13F, all lines: $353.3M.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ JNPR Juniper Networks Inc. Sold out 0.00% −11.61 DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −7.04 HES Hess Corp. Sold out 0.00% −6.95 FL Foot Locker Inc. Sold out 0.00% −6.27 SWTX Springworks Therapeutics Inc. Sold out 0.00% −5.30 SKX Skechers USA Inc. Class A Sold out 0.00% −3.49 HPE Hewlett Packard Enterprise Sold out 0.00% −3.02 AZEK The Azek Co. Inc. Sold out 0.00% −2.39 TECK Teck Resources Ltd.-CLS B Reduce -77.2% 0.49% −1.74 SGRY Surgery Partners Inc. Reduce -41.7% 1.61% −1.60 PARAA Paramount Global Class B Sold out 0.00% −1.03 OPTU Optimum Communications Inc. Class A Reduce -9.7% 1.24% −0.14 TLN Talen Energy Corp. Reduce -10.4% 18.36% +2.55 IAG Iamgold Corp. Reduce -12.6% 10.47% +2.78
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ WULF Terawulf Inc. New 11.40% +11.40 CORZ Core Scientific Inc. New 7.52% +7.52 VRNA Verona Pharma Ltd. New 6.71% +6.71 CYBR Cyberark Software Ltd./Israel New 4.74% +4.74 EA Electronic Arts Inc. New 2.41% +2.41 VSAT Viasat Inc. New 2.08% +2.08 KHC The Kraft Heinz Co. New 1.95% +1.95 NSC Norfolk Southern Corp. New 1.68% +1.68 VISN Vistance Networks Inc. New 1.43% +1.43 FYBR Frontier Communications Pare Add +30.1% 8.86% +1.37 PLYM Plymouth Industrial REIT Inc. New 0.95% +0.95 SPNS Sapiens International Corp. New 0.95% +0.95 WBD Warner Bros Discovery Inc. New 0.93% +0.93 SCS Steelcase Inc. Class A New 0.65% +0.65 LBRDK Liberty Broadband-C Add +124.5% 2.56% +0.57 TRIP Tripadvisor Inc. New 0.46% +0.46 ASPIRE BIOPHARMA HLDGS INC New 0.00% +0.00 K Kellanova Add +4.8% 12.41% −0.55
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ TLN Talen Energy Corp. put Add +55.3% 115,700 $49.2M JNPR Juniper Networks Inc. put Sold out 868,600 $34.7Mbefore exit WULF Terawulf Inc. put Add +733.5% 2,750,400 $31.4M CORZ Core Scientific Inc. put New 1,110,000 $19.9M GDXJ Vaneck Junior Gold Miners call Reduce -9.1% 200,000 $19.8M K Kellanova call New 207,800 $17.0M WBD Warner Bros Discovery Inc. call New 750,000 $14.6M K Kellanova put New 100,000 $8.2M IAG Iamgold Corp. put New 500,000 $6.5M EXE Expand Energy Corp. call Sold out 30,000 $3.5Mbefore exit EQT Eqt Corp. call Sold out 50,000 $2.9Mbefore exit HPE Hewlett Packard Enterprise call Sold out 100,000 $2.0Mbefore exit PSKY Paramount Skydance Class B put New 105,000 $2.0M CORZ Core Scientific Inc. call New 100,000 $1.8M PARAA Paramount Global Class B put Sold out 105,000 $1.4Mbefore exit HTZ Hertz Global Hldgs Inc. call Reduce -50.2% 198,500 $1.3M WULF Terawulf Inc. call Sold out 250,000 $1.1Mbefore 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 Security Class Change vs Q2 2025 Shares / Principal Value ▼ USA RARE EARTH INC *W EXP 03/13/203 Reduce -23.7% 193,605 $1.4M
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 23 $166.8M WBD, GSAT, WULF, EA, VSAT Q1 2026 24 $125.8M WBD, WULF, CORZ, JHG, LBRDK Q4 2025 31 $203.8M CYBR, NSC, FYBR, CORZ, TLN Q3 2025 24 $351.8M TLN, K, WULF, IAG, FYBR Q2 2025 18 $311.8M TLN, K, JNPR, IAG, FYBR Q1 2025 16 $256.9M BECN, TLN, FYBR, HES, JNPR Q4 2024 19 $239.3M TLN, JNPR, HCP, FYBR, HES Q3 2024 17 $271.4M TLN, HCP, AXONICS INC, IAG, HES Q2 2024 22 $224.0M CERE, AXONICS INC, IAG, HES, HCP Q1 2024 21 $217.1M CERE, PXD, X, CPRI, JNPR