Paulson & Co.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), John Paulson's Paulson & Co. reported 14 stock positions worth $1.7 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 39.8% of the portfolio, followed by Perpetua Resources (PPTA, 15.2%) and Acadian Asset Management (AAMI, 13.3%). Compared with Q4 2024, it opened 2 new positions, sold out of 1 and added to 2. The biggest buy was a new position in Honeywell International (HON) and the biggest sale an exit from Alphabet Class A (GOOGL).
- Most Recent 13F
- Q2 2026
- Notable People
- John Paulson
- Location
- JERSEY CITY, NJ
- CIK
- 0001035674
- Portfolio Value
- $1.7B (Q1 2025)
- SEC Filing
- 0001013594-25-000679 ↗ filed May 15, 2025
Holdings Value
Holdings 14 stocks · $1.7B
| MDGL Madrigal Pharmaceuticals Inc. | 39.81% | 2,099,523 | $695.4M | Add +2.8% |
| PPTA Perpetua Resources Corp. | 15.16% | 24,771,542 | $264.8M | No change |
| AAMI Acadian Asset Management Inc. | 13.25% | 8,950,121 | $231.5M | No change |
| BHC Bausch Health Cos Inc. | 9.79% | 26,439,035 | $171.1M | No change |
| AEM Agnico Eagle Mines Ltd. | 4.86% | 783,561 | $84.9M | No change |
| NG Novagold Resources Inc. | 4.55% | 27,238,061 | $79.5M | No change |
| THRY Thryv Holdings Inc. | 3.14% | 4,280,000 | $54.8M | No change |
| THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN | 2.54% | 70,239,388 | $44.4M | Add +9.4% |
| HON Honeywell International Inc. | 2.42% | 200,000 | $42.4M | New |
| SA Seabridge Gold Inc. | 1.38% | 2,070,000 | $24.2M | No change |
| TMQ Trilogy Metals Inc. | 1.27% | 14,326,996 | $22.2M | No change |
| EQX Equinox Gold Corp. | 0.98% | 2,500,000 | $17.2M | No change |
| IAG Iamgold Corp. | 0.66% | 1,850,000 | $11.6M | No change |
| ITCI Intra-Cellular Therapies Inc. | 0.16% | 21,500 | $2.8M | New |
Portfolio Sells Q4 2024 → Q1 2025
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.12 |
Portfolio Buys Q4 2024 → Q1 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 8 | $2.6B | MDGL, PPTA, AAMI, BHC, THM |
| Q1 2026 | 9 | $3.1B | PPTA, MDGL, AAMI, BHC, NG |
| Q4 2025 | 9 | $3.3B | MDGL, PPTA, BHC, AAMI, NG |
| Q3 2025 | 10 | $3.0B | MDGL, PPTA, BHC, AAMI, NG |
| Q2 2025 | 15 | $2.0B | MDGL, PPTA, AAMI, BHC, NG |
| Q1 2025 | 14 | $1.7B | MDGL, PPTA, AAMI, BHC, AEM |
| Q4 2024 | 13 | $1.7B | MDGL, PPTA, AAMI, BHC, NG |
| Q3 2024 | 15 | $1.4B | MDGL, PPTA, AAMI, BHC, NG |
| Q2 2024 | 16 | $1.4B | MDGL, AAMI, BHC, PPTA, NG |
| Q1 2024 | 18 | $1.4B | MDGL, BHC, AAMI, PPTA, NG |