P Schoenfeld Asset Management LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), P Schoenfeld Asset Management LP reported 31 stock positions worth $203.8 million . Its top holding was Cyberark Software Ltd./Israel (CYBR) at 12.4% of the portfolio, followed by Norfolk Southern (NSC, 9.2% ) and Frontier Communications Pare (FYBR, 7.0% ). Compared with Q3 2025, it opened 14 new positions, sold out of 7, added to 5 and reduced 11. The biggest buy was Cyberark Software Ltd./Israel (CYBR, shares +64% ) and the biggest sale Talen Energy (TLN, shares −81% ).
Location NEW YORK, NY
CIK 0001040198
Portfolio Value $203.8M (Q4 2025) Holdings 31 stocks · $203.8M 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 Q3 2025 CYBR Cyberark Software Ltd./Israel 56,500 $25.2M Add +63.7% NSC Norfolk Southern Corp. 64,700 $18.7M Add +228.4% FYBR Frontier Communications Pare 373,171 $14.2M Reduce -55.3% CORZ Core Scientific Inc. 789,424 $11.5M Reduce -46.5% TLN Talen Energy Corp. 28,478 $10.7M Reduce -81.3% WBD Warner Bros Discovery Inc. 362,503 $10.4M Add +117.1% LBRDK Liberty Broadband-C 191,900 $9.3M Add +35.2% IAG Iamgold Corp. 563,937 $9.3M Reduce -80.2% WULF Terawulf Inc. 747,000 $8.6M Reduce -78.7% CFLT Confluent Inc. Class A 279,792 $8.5M New SPY SS SPDR S&P 500 ETF Trust-US 12,000 $8.2M New EXAS Exact Sciences Corp. 68,100 $6.9M New GDX Vaneck Gold Miners ETF 75,000 $6.4M New RNAM Avidity Biosciences Inc. 84,700 $6.1M New EA Electronic Arts Inc. 28,200 $5.8M Reduce -32.9% FOLD Amicus Therapeutics Inc. 363,000 $5.2M New IWN iShares Russell 2000 Value E 27,500 $5.0M New B Barrick Mining Corp. 100,000 $4.4M New XLK SS Technology Select Sector 30,000 $4.3M New KHC The Kraft Heinz Co. 142,500 $3.5M Reduce -45.8% VSAT Viasat Inc. 96,632 $3.3M Reduce -61.4% SEE Sealed Air Corp. 78,300 $3.2M New PLYM Plymouth Industrial REIT Inc. 123,000 $2.7M Reduce -18.0% DBRG Digitalbridge Group Inc. 170,000 $2.6M New KVUE Kenvue Inc. 128,200 $2.2M New TDAY USA Today Co. Inc. 400,000 $2.1M New TRIP Tripadvisor Inc. 125,000 $1.8M Add +25.0% TECK Teck Resources Ltd.-CLS B 31,438 $1.5M Reduce -19.7% VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 81,300 $1.5M Reduce -75.0% USAR USA Rare Earth Inc. 70,005 $833K New ASPIRE BIOPHARMA HLDGS INC 58,563 $8K No change
Options reported separately and not counted above: CORZ puts ($12.2M), TLN puts ($11.8M), WULF puts ($11.1M), WBD calls ($9.9M), IAG puts ($8.2M), CORZ calls ($7.3M), KMB calls ($7.0M), GDXJ calls ($6.3M), WULF calls ($4.0M), PSKY puts ($844K), USAR puts ($245K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $40K (not counted above) Security Class Shares / Principal Value Change BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 337,375 $38K Reduce -33.5% SDSTW Global Partner Acq A -CW27 *W EXP 06/21/202 24,766 $2K No change
Total filed on the 13F, all lines: $203.9M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ TLN Talen Energy Corp. Reduce -81.3% 5.24% −13.13 K Kellanova Sold out 0.00% −12.41 WULF Terawulf Inc. Reduce -78.7% 4.21% −7.19 VRNA Verona Pharma Ltd. Sold out 0.00% −6.71 IAG Iamgold Corp. Reduce -80.2% 4.56% −5.91 FYBR Frontier Communications Pare Reduce -55.3% 6.97% −1.89 CORZ Core Scientific Inc. Reduce -46.5% 5.64% −1.88 SGRY Surgery Partners Inc. Sold out 0.00% −1.61 OPTU Optimum Communications Inc. Class A Sold out 0.00% −1.24 SPNS Sapiens International Corp. Sold out 0.00% −0.95 VISN Vistance Networks Inc. Reduce -75.0% 0.72% −0.71 SCS Steelcase Inc. Class A Sold out 0.00% −0.65 VSAT Viasat Inc. Reduce -61.4% 1.63% −0.45 KHC The Kraft Heinz Co. Reduce -45.8% 1.70% −0.25 PENN Penn Entertainment Inc. Sold out 0.00% −0.14 TECK Teck Resources Ltd.-CLS B Reduce -19.7% 0.74% +0.25 PLYM Plymouth Industrial REIT Inc. Reduce -18.0% 1.32% +0.37 EA Electronic Arts Inc. Reduce -32.9% 2.83% +0.42
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ CYBR Cyberark Software Ltd./Israel Add +63.7% 12.36% +7.62 NSC Norfolk Southern Corp. Add +228.4% 9.16% +7.48 WBD Warner Bros Discovery Inc. Add +117.1% 5.13% +4.20 CFLT Confluent Inc. Class A New 4.15% +4.15 SPY SS SPDR S&P 500 ETF Trust-US New 4.01% +4.01 EXAS Exact Sciences Corp. New 3.39% +3.39 GDX Vaneck Gold Miners ETF New 3.16% +3.16 RNAM Avidity Biosciences Inc. New 3.00% +3.00 FOLD Amicus Therapeutics Inc. New 2.54% +2.54 IWN iShares Russell 2000 Value E New 2.44% +2.44 B Barrick Mining Corp. New 2.14% +2.14 XLK SS Technology Select Sector New 2.12% +2.12 LBRDK Liberty Broadband-C Add +35.2% 4.58% +2.01 SEE Sealed Air Corp. New 1.59% +1.59 DBRG Digitalbridge Group Inc. New 1.28% +1.28 KVUE Kenvue Inc. New 1.08% +1.08 TDAY USA Today Co. Inc. New 1.01% +1.01 TRIP Tripadvisor Inc. Add +25.0% 0.89% +0.43 USAR USA Rare Earth Inc. New 0.41% +0.41
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ K Kellanova call Sold out 207,800 $17.0Mbefore exit CORZ Core Scientific Inc. put Reduce -24.3% 840,000 $12.2M TLN Talen Energy Corp. put Reduce -72.7% 31,600 $11.8M WULF Terawulf Inc. put Reduce -65.0% 963,100 $11.1M WBD Warner Bros Discovery Inc. call Reduce -54.1% 344,200 $9.9M HPE Hewlett Packard Enterprise put Sold out 370,000 $9.1Mbefore exit K Kellanova put Sold out 100,000 $8.2Mbefore exit CORZ Core Scientific Inc. call Add +404.0% 504,000 $7.3M KMB Kimberly-Clark Corp. call New 69,600 $7.0M GDXJ Vaneck Junior Gold Miners call Reduce -72.5% 55,000 $6.3M WULF Terawulf Inc. call New 350,000 $4.0M HTZ Hertz Global Hldgs Inc. call Sold out 198,500 $1.3Mbefore exit PSKY Paramount Skydance Class B put Reduce -40.0% 63,000 $844K USAR USA Rare Earth Inc. put New 20,600 $245K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ USA RARE EARTH INC *W EXP 03/13/203 Sold out 193,605 $1.4Mbefore exit BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 Reduce -33.5% 337,375 $38K
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