Paulson & Co.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), John Paulson's Paulson & Co. reported 10 stock positions worth $3.0 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 29.5% of the portfolio, followed by Perpetua Resources (PPTA, 22.0%) and Bausch Health Cos (BHC, 15.4%). Compared with Q2 2025, it sold out of 5, added to 1 and reduced 2. The biggest buy was Bausch Health Cos (BHC, shares +116%) and the biggest sale Acadian Asset Management (AAMI, shares −13%).
- Most Recent 13F
- Q2 2026
- Notable People
- John Paulson
- Location
- JERSEY CITY, NJ
- CIK
- 0001035674
- Portfolio Value
- $3.0B (Q3 2025)
- SEC Filing
- 0001013594-25-001436 ↗ filed Nov 14, 2025
Holdings Value
Holdings 10 stocks · $3.0B
| MDGL Madrigal Pharmaceuticals Inc. | 29.46% | 1,907,523 | $874.9M | Reduce -8.7% |
| PPTA Perpetua Resources Corp. | 22.04% | 32,347,299 | $654.4M | No change |
| BHC Bausch Health Cos Inc. | 15.37% | 70,755,869 | $456.4M | Add +115.8% |
| AAMI Acadian Asset Management Inc. | 12.56% | 7,743,282 | $372.9M | Reduce -13.5% |
| NG Novagold Resources Inc. | 8.07% | 27,238,061 | $239.7M | No change |
| AEM Agnico Eagle Mines Ltd. | 4.45% | 783,561 | $132.1M | No change |
| THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN | 3.88% | 70,239,388 | $115.2M | No change |
| THRY Thryv Holdings Inc. | 1.74% | 4,280,000 | $51.6M | No change |
| HON Honeywell International Inc. | 1.42% | 200,000 | $42.1M | No change |
| TMQ Trilogy Metals Inc. | 1.01% | 14,326,996 | $30.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| AAMI Acadian Asset Management Inc. | Reduce -13.5% | 12.56% | −3.12 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -8.7% | 29.46% | −1.98 |
| SA Seabridge Gold Inc. | Sold out | 0.00% | −1.49 |
| EQX Equinox Gold Corp. | Sold out | 0.00% | −0.71 |
| IAG Iamgold Corp. | Sold out | 0.00% | −0.68 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.50 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| BHC Bausch Health Cos Inc. | Add +115.8% | 15.37% | +4.51 |
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 |