PointState Capital LP

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), PointState Capital LP reported 41 stock positions worth $5.7 billion. Its top holding was P G & E (PCG) at 6.0% of the portfolio, followed by Amazon.com (AMZN, 6.0%) and DoorDash Class A (DASH, 6.0%). Compared with Q1 2026, it opened 16 new positions, sold out of 17, added to 11 and reduced 9. The biggest buy was a new position in Amazon.com (AMZN) and the biggest sale an exit from Nvent Electric (NVT).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001509842
Portfolio Value
$5.7B (Q2 2026)
SEC Filing
0001193125-26-352194 ↗ filed Aug 14, 2026

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $3.3B Q1 2024 Q2 2024: $3.5B Q2 2024 Q3 2024: $3.6B Q3 2024 Q4 2024: $4.4B Q4 2024 Q1 2025: $4.5B Q1 2025 Q2 2025: $4.6B Q2 2025 Q3 2025: $5.6B Q3 2025 Q4 2025: $5.8B Q4 2025 Q1 2026: $4.3B Q1 2026 Q2 2026: $5.7B $5.7B Q2 2026

Holdings 41 stocks · $5.7B
PCG P G & E Corp. 6.03% 20,273,520 $341.0M Reduce -5.6%
AMZN Amazon.com Inc. 6.00% 1,423,550 $339.3M New
DASH DoorDash Inc. Class A 5.98% 1,829,987 $337.7M No change
GRAB Grab Holdings Ltd. Class A 5.66% 84,891,692 $320.0M Add +100.8%
CX Cemex Sab-Spons ADR Part Cer 5.36% 25,243,519 $302.9M No change
Q Qnity Electronics Inc. 5.19% 1,797,184 $293.5M Add +3.4%
RTX RTX Corp. 5.01% 1,491,395 $283.0M New
XYZ Block Inc. 4.16% 3,094,493 $235.2M Reduce -22.2%
DKNG Draftkings Inc. Class A 4.02% 8,986,638 $227.0M New
META Meta Platforms Inc. Class A 3.79% 380,411 $214.3M Add +423.5%
FLS Flowserve Corp. 3.48% 2,654,220 $196.8M New
WAB Wabtec Corp. 3.05% 638,455 $172.1M Add +6.3%
COF Capital One Financial Corp. 3.03% 854,060 $171.3M Add +25.2%
KNX Knight-Swift Transportation 2.75% 1,994,977 $155.3M New
ILMN Illumina Inc. 2.68% 862,210 $151.6M Add +480.4%
RBRK Rubrik Inc. Class A 2.64% 1,856,244 $149.0M Reduce -49.1%
UNP Union Pacific Corp. 2.43% 504,063 $137.1M New
ARMK Aramark 2.39% 2,373,938 $135.1M Reduce -47.6%
STUB Stubhub Holdings Inc. Class A 2.27% 9,963,172 $128.2M Reduce -50.5%
CAI Caris Life Sciences Inc. 2.15% 6,828,835 $121.7M Reduce -7.2%
CSX CSX Corp. 2.15% 2,552,063 $121.3M New
UAL United Airlines Holdings Inc. 2.14% 889,534 $121.0M New
RMBS Rambus Inc. 1.79% 764,172 $101.4M Add +9.0%
WMB Williams Cos Inc. 1.63% 1,238,869 $92.1M New
FLUT Flutter Entertainment PLC-Di 1.54% 854,251 $87.3M Reduce -39.7%
CPNG Coupang Inc. 1.28% 4,159,204 $72.2M Add +463.8%
BMA Banco Macro SA-ADR 1.26% 766,444 $71.0M Add +7.9%
NTRA Natera Inc. 1.24% 258,012 $70.0M Reduce -65.1%
GGAL Grupo Financiero Galicia-ADR 1.24% 1,399,000 $70.0M Add +7.9%
CLF Cleveland-Cliffs Inc. 1.09% 6,582,026 $61.8M New
NUE Nucor Corp. 0.98% 249,432 $55.6M New
NN Nextnav Inc. 0.98% 3,114,953 $55.5M New
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 0.83% 2,403,557 $47.1M Add +7.9%
MSFT Microsoft Corp. 0.77% 117,333 $43.8M New
MTCH Match Group Inc. 0.74% 1,097,337 $41.8M New
LTH Life Time Group Holdings Inc. 0.66% 907,880 $37.1M No change
PAM Pampa Energia SA-Spon ADR 0.39% 271,221 $22.3M No change
WAY Waystar Holding Corp. 0.37% 1,030,502 $21.2M Reduce -72.7%
STLD Steel Dynamics Inc. 0.30% 74,216 $17.0M New
AZUL Azul SA-Spon ADR 0.30% 1,855,834 $16.7M New
LOMA Loma Negra Cia Ind-Spon ADR 0.23% 1,130,732 $12.9M No change

Options reported separately and not counted above: META calls ($740.7M), SMH puts ($601.1M), PCG calls ($529.8M), EWZ calls ($82.8M), DKNG calls ($75.8M), NN calls ($67.6M), RMBS calls ($46.5M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $28.6M (not counted above)
SecurityClassShares / PrincipalValueChange
GOLAR LNG LTD (GLNG 2.75 12/15/30) NOTE 2.750%12/1 · principal 25,000,000$28.4MNew
RAMACO RESOURCES INC (METC 0 11/01/31) NOTE 11/0 · principal 220,000$162KNo change

Total filed on the 13F, all lines: $5.7B.

Portfolio Sells Q1 2026 → Q2 2026
NVT Nvent Electric PLC Sold out 0.00% −6.03
EWY iShares MSCI South Korea ETF Sold out 0.00% −4.91
ENTG Entegris Inc. Sold out 0.00% −3.03
GLNG Golar LNG Ltd. Sold out 0.00% −2.95
PCG P G & E Corp. Reduce -5.6% 6.03% −2.72
NTRA Natera Inc. Reduce -65.1% 1.24% −2.20
EWZ iShares MSCI Brazil ETF Sold out 0.00% −2.16
ARMK Aramark Reduce -47.6% 2.39% −1.88
WCC Wesco International Inc. Sold out 0.00% −1.88
FLUT Flutter Entertainment PLC-Di Reduce -39.7% 1.54% −1.81
WAY Waystar Holding Corp. Reduce -72.7% 0.37% −1.74
RBRK Rubrik Inc. Class A Reduce -49.1% 2.64% −1.51
XYZ Block Inc. Reduce -22.2% 4.16% −1.40
TEVA Teva Pharmaceutical-SP ADR Sold out 0.00% −1.38
LYB Lyondellbasell Indu Class A Sold out 0.00% −1.15
RKT Rocket Cos Inc. Class A Sold out 0.00% −0.93
CAI Caris Life Sciences Inc. Reduce -7.2% 2.15% −0.90
DOW Dow Inc. Sold out 0.00% −0.87
STUB Stubhub Holdings Inc. Class A Reduce -50.5% 2.27% −0.65
VG Venture Global Inc. Class A Sold out 0.00% −0.54
SUPV Grupo Supervielle SA-SP ADR Sold out 0.00% −0.28
MT Arcelormittal-NY Registered Sold out 0.00% −0.15
COPX Global X Copper Miners ETF Sold out 0.00% −0.13
VISN Vistance Networks Inc. Sold out 0.00% −0.12
CRS Carpenter Technology Sold out 0.00% −0.12
FCX Freeport-McMoran Inc. Sold out 0.00% −0.01

Portfolio Buys Q1 2026 → Q2 2026
AMZN Amazon.com Inc. New 6.00% +6.00
RTX RTX Corp. New 5.01% +5.01
DKNG Draftkings Inc. Class A New 4.02% +4.02
FLS Flowserve Corp. New 3.48% +3.48
META Meta Platforms Inc. Class A Add +423.5% 3.79% +2.83
KNX Knight-Swift Transportation New 2.75% +2.75
UNP Union Pacific Corp. New 2.43% +2.43
ILMN Illumina Inc. Add +480.4% 2.68% +2.26
CSX CSX Corp. New 2.15% +2.15
UAL United Airlines Holdings Inc. New 2.14% +2.14
GRAB Grab Holdings Ltd. Class A Add +100.8% 5.66% +2.07
WMB Williams Cos Inc. New 1.63% +1.63
CLF Cleveland-Cliffs Inc. New 1.09% +1.09
NUE Nucor Corp. New 0.98% +0.98
NN Nextnav Inc. New 0.98% +0.98
CPNG Coupang Inc. Add +463.8% 1.28% +0.95
MSFT Microsoft Corp. New 0.77% +0.77
MTCH Match Group Inc. New 0.74% +0.74
Q Qnity Electronics Inc. Add +3.4% 5.19% +0.54
RMBS Rambus Inc. Add +9.0% 1.79% +0.39
STLD Steel Dynamics Inc. New 0.30% +0.30
AZUL Azul SA-Spon ADR New 0.30% +0.30
COF Capital One Financial Corp. Add +25.2% 3.03% +0.14
BBAR Bbva Argentina SA-ADR Add +7.9% 0.83% +0.00
BMA Banco Macro SA-ADR Add +7.9% 1.26% −0.02
GGAL Grupo Financiero Galicia-ADR Add +7.9% 1.24% −0.17
WAB Wabtec Corp. Add +6.3% 3.05% −0.44

Options Activity Q1 2026 → Q2 2026
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 5,100,000 $3.3Bbefore exit
META Meta Platforms Inc. Class A call New 1,315,000 $740.7M
SMH Vaneck Semiconductor ETF put New 916,400 $601.1M
PCG P G & E Corp. call New 31,500,000 $529.8M
IWM iShares Russell 2000 ETF put Sold out 1,100,000 $272.8Mbefore exit
EWZ iShares MSCI Brazil ETF call New 2,400,000 $82.8M
DKNG Draftkings Inc. Class A call New 3,000,000 $75.8M
NN Nextnav Inc. call New 3,790,000 $67.6M
RMBS Rambus Inc. call New 350,000 $46.5M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2026 → Q2 2026
GOLAR LNG LTD (GLNG 2.75 12/15/30) NOTE 2.750%12/1 · principal New 25,000,000 $28.4M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 41$5.7BPCG, AMZN, DASH, GRAB, CX
Q1 2026 42$4.3BPCG, CX, DASH, NVT, XYZ
Q4 2025 53$5.8BSTUB, FLUT, CEG, AMZN, NVT
Q3 2025 49$5.6BGLW, TEVA, STUB, NVT, SCHW
Q2 2025 46$4.6BTEVA, GLW, ILMN, LITE, COF
Q1 2025 38$4.5BWCC, GLW, SCHW, PCG, TEVA
Q4 2024 40$4.4BCRH, TEVA, WCC, SCHW, CPNG
Q3 2024 44$3.6BCPNG, COHR, CRH, WCC, MRVL
Q2 2024 52$3.5BCPNG, COHR, AMZN, CRH, MRVL
Q1 2024 48$3.3BCPNG, ARMK, AMZN, MSFT, FCX