Paulson & Co.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), John Paulson's Paulson & Co. reported 9 stock positions worth $3.3 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 30.5% of the portfolio, followed by Perpetua Resources (PPTA, 24.0%) and Bausch Health Cos (BHC, 15.6%). Compared with Q3 2025, it sold out of 2, added to 3 and reduced 1. The biggest buy was Solstice Adv Materials (SOLS, shares +2692%) and the biggest sale an exit from Honeywell International (HON).

Most Recent 13F
Q2 2026
Notable People
John Paulson
Location
JERSEY CITY, NJ
CIK
0001035674
Portfolio Value
$3.3B (Q4 2025)
SEC Filing
0001013594-26-000257 ↗ filed Feb 17, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $1.4B Q1 2024 Q2 2024: $1.4B Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.7B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $2.0B Q2 2025 Q3 2025: $3.0B Q3 2025 Q4 2025: $3.3B $3.3B Q4 2025 Q1 2026: $3.1B Q1 2026 Q2 2026: $2.6B Q2 2026

Holdings 9 stocks · $3.3B
MDGL Madrigal Pharmaceuticals Inc. 30.48% 1,707,522 $994.4M Reduce -10.5%
PPTA Perpetua Resources Corp. 24.01% 32,347,299 $783.1M No change
BHC Bausch Health Cos Inc. 15.61% 73,255,869 $509.1M Add +3.5%
AAMI Acadian Asset Management Inc. 11.16% 7,743,282 $363.9M No change
NG Novagold Resources Inc. 7.78% 27,238,061 $253.9M No change
AEM Agnico Eagle Mines Ltd. 4.07% 783,561 $132.8M No change
THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 4.01% 70,239,388 $130.6M No change
SOLS Solstice Adv Materials Inc. 2.08% 1,395,787 $67.8M Add +2691.6%
THRY Thryv Holdings Inc. 0.81% 4,347,070 $26.3M Add +1.6%

Portfolio Sells Q3 2025 → Q4 2025
HON Honeywell International Inc. Sold out 0.00% −1.42
TMQ Trilogy Metals Inc. Sold out 0.00% −1.01
MDGL Madrigal Pharmaceuticals Inc. Reduce -10.5% 30.48% +1.02

Portfolio Buys Q3 2025 → Q4 2025
SOLS Solstice Adv Materials Inc. Add +2691.6% 2.08% +2.00
BHC Bausch Health Cos Inc. Add +3.5% 15.61% +0.24
THRY Thryv Holdings Inc. Add +1.6% 0.81% −0.93

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 8$2.6BMDGL, PPTA, AAMI, BHC, THM
Q1 2026 9$3.1BPPTA, MDGL, AAMI, BHC, NG
Q4 2025 9$3.3BMDGL, PPTA, BHC, AAMI, NG
Q3 2025 10$3.0BMDGL, PPTA, BHC, AAMI, NG
Q2 2025 15$2.0BMDGL, PPTA, AAMI, BHC, NG
Q1 2025 14$1.7BMDGL, PPTA, AAMI, BHC, AEM
Q4 2024 13$1.7BMDGL, PPTA, AAMI, BHC, NG
Q3 2024 15$1.4BMDGL, PPTA, AAMI, BHC, NG
Q2 2024 16$1.4BMDGL, AAMI, BHC, PPTA, NG
Q1 2024 18$1.4BMDGL, BHC, AAMI, PPTA, NG