Paulson & Co.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), John Paulson's Paulson & Co. reported 15 stock positions worth $2.0 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 31.4% of the portfolio, followed by Perpetua Resources (PPTA, 19.5%) and Acadian Asset Management (AAMI, 15.7%). Compared with Q1 2025, it opened 2 new positions, sold out of 1, added to 2 and reduced 1. The biggest buy was Perpetua Resources (PPTA, shares +31%) and the biggest sale Madrigal Pharmaceuticals (MDGL, shares −0%).
- Most Recent 13F
- Q2 2026
- Notable People
- John Paulson
- Location
- JERSEY CITY, NJ
- CIK
- 0001035674
- Portfolio Value
- $2.0B (Q2 2025)
- SEC Filing
- 0001013594-25-001044 ↗ filed Aug 14, 2025
Holdings Value
Holdings 15 stocks · $2.0B
| MDGL Madrigal Pharmaceuticals Inc. | 31.44% | 2,089,523 | $632.4M | Reduce -0.5% |
| PPTA Perpetua Resources Corp. | 19.53% | 32,347,299 | $392.7M | Add +30.6% |
| AAMI Acadian Asset Management Inc. | 15.68% | 8,950,121 | $315.4M | No change |
| BHC Bausch Health Cos Inc. | 10.86% | 32,791,702 | $218.4M | Add +24.0% |
| NG Novagold Resources Inc. | 5.54% | 27,238,061 | $111.4M | No change |
| AEM Agnico Eagle Mines Ltd. | 4.63% | 783,561 | $93.2M | No change |
| THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN | 2.99% | 70,239,388 | $60.1M | No change |
| THRY Thryv Holdings Inc. | 2.59% | 4,280,000 | $52.0M | No change |
| HON Honeywell International Inc. | 2.32% | 200,000 | $46.6M | No change |
| SA Seabridge Gold Inc. | 1.49% | 2,070,000 | $30.1M | No change |
| TMQ Trilogy Metals Inc. | 0.96% | 14,326,996 | $19.3M | No change |
| EQX Equinox Gold Corp. | 0.71% | 2,500,000 | $14.4M | No change |
| IAG Iamgold Corp. | 0.68% | 1,850,000 | $13.6M | No change |
| JNPR Juniper Networks Inc. | 0.50% | 250,000 | $10.0M | New |
| GOOG Alphabet Inc. Class C | 0.08% | 9,000 | $1.6M | New |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 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 |