In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), PointState Capital LP reported 38 stock positions worth $4.5 billion . Its top holding was Wesco International (WCC) at 6.0% of the portfolio, followed by Corning (GLW, 5.6% ) and Schwab (charles) (SCHW, 5.3% ). Compared with Q4 2024, it opened 12 new positions, sold out of 14, added to 12 and reduced 14. The biggest buy was a new position in Corning (GLW) and the biggest sale CRH (CRH, shares −48% ).
Location New York, NY
CIK 0001509842
Portfolio Value $4.5B (Q1 2025) Holdings 38 stocks · $4.5B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 WCC Wesco International Inc. 1,758,611 $273.1M Add +9.3% GLW Corning Inc. 5,551,358 $254.1M New SCHW Schwab (charles) Corp. 3,060,536 $239.6M Reduce -4.5% PCG P G & E Corp. 13,754,481 $236.3M New TEVA Teva Pharmaceutical-SP ADR 15,131,488 $232.6M Add +11.9% CPNG Coupang Inc. 9,845,936 $215.9M Reduce -2.5% LITE Lumentum Holdings Inc. 3,424,813 $213.5M New CRH CRH PLC 2,395,065 $210.7M Reduce -47.7% COF Capital One Financial Corp. 1,166,755 $209.2M Add +48.6% ILMN Illumina Inc. 2,516,827 $199.7M Add +56.2% NVT Nvent Electric PLC 3,277,769 $171.8M New GRAB Grab Holdings Ltd. Class A 35,148,819 $159.2M Add +50.6% SRE Sempra 2,163,241 $154.4M New FLUT Flutter Entertainment PLC-Di 544,704 $120.7M Reduce -32.4% CEG Constellation Energy 576,296 $116.2M New NTRA Natera Inc. 755,729 $106.9M Add +32.8% BAC Bank of America Corp. filed as BANK AMERICA CORP 2,521,116 $105.2M Reduce -41.1% ARMK Aramark 2,956,147 $102.0M Add +9.9% NVDA Nvidia Corp. 917,416 $99.4M New MSFT Microsoft Corp. 261,139 $98.0M Reduce -25.8% KKR KKR & Co. Inc. 839,051 $97.0M Add +16.1% EXPE Expedia Group Inc. 536,298 $90.2M Reduce -51.6% APO Apollo Global Management Inc. 614,953 $84.2M Add +117.5% GGAL Grupo Financiero Galicia-ADR 1,504,157 $81.9M Add +160.5% RBRK Rubrik Inc. Class A 1,330,301 $81.1M Reduce -12.7% OKTA Okta Inc. 742,197 $78.1M New TLN Talen Energy Corp. 376,362 $75.1M New GLNG Golar LNG Ltd. 1,858,075 $70.6M Reduce -15.6% AMZN Amazon.com Inc. 369,363 $70.3M New BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 3,346,539 $60.6M Add +36.1% VST Vistra Corp. 415,201 $48.8M Reduce -55.3% COHR Coherent Corp. 650,490 $42.2M Reduce -68.1% SUPV Grupo Supervielle SA-SP ADR 2,467,243 $32.2M Add +30.1% ROIV Roivant Sciences Ltd. 2,715,123 $27.4M Reduce -17.7% WFC Wells Fargo & Co. 294,085 $21.1M New BMA Banco Macro SA-ADR 251,391 $19.0M Reduce -25.9% ALVO Alvotech SA 1,174,339 $11.4M Reduce -5.4% CYBR Cyberark Software Ltd./Israel 28,947 $9.8M New
Options reported separately and not counted above: SPY puts ($1.7B), RSP puts ($207.9M), GLW calls ($192.3M), IWM puts ($119.7M), TEVA calls ($56.4M), EXPE calls ($42.0M), NVT calls ($39.3M), ILMN calls ($19.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $53.0M (not counted above) Total filed on the 13F, all lines: $4.6B.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ CRH CRH PLC Reduce -47.7% 4.66% −4.99 ULTA Ulta Beauty Inc. Sold out 0.00% −3.65 COHR Coherent Corp. Reduce -68.1% 0.93% −3.47 EXPE Expedia Group Inc. Reduce -51.6% 1.99% −2.70 DASH DoorDash Inc. Class A Sold out 0.00% −2.28 FLUT Flutter Entertainment PLC-Di Reduce -32.4% 2.67% −2.07 BAC Bank of America Corp. Reduce -41.1% 2.33% −1.95 VST Vistra Corp. Reduce -55.3% 1.08% −1.84 HUBB Hubbell Inc. Sold out 0.00% −1.79 MRVL Marvell Technology Inc. Sold out 0.00% −1.74 FERG Ferguson Enterprises Inc. Sold out 0.00% −1.72 ALV Autoliv Inc. Sold out 0.00% −1.71 MSFT Microsoft Corp. Reduce -25.8% 2.17% −1.21 UBER Uber Technologies Inc. Sold out 0.00% −0.68 GLNG Golar LNG Ltd. Reduce -15.6% 1.56% −0.56 RBRK Rubrik Inc. Class A Reduce -12.7% 1.79% −0.47 BMA Banco Macro SA-ADR Reduce -25.9% 0.42% −0.33 ROIV Roivant Sciences Ltd. Reduce -17.7% 0.61% −0.28 CPNG Coupang Inc. Reduce -2.5% 4.78% −0.28 HCC Warrior Met Coal Inc. Sold out 0.00% −0.26 COOP Mr Cooper Group Inc. Sold out 0.00% −0.22 CCJ Cameco Corp. Sold out 0.00% −0.20 BHC Bausch Health Cos Inc. Sold out 0.00% −0.15 LLYVK Liberty Media Corp.-Liberty-C Sold out 0.00% −0.13 ALVO Alvotech SA Reduce -5.4% 0.25% −0.12 SCHW Schwab (charles) Corp. Reduce -4.5% 5.30% −0.10 TX Ternium SA-Sponsored ADR Sold out 0.00% −0.09 LLYVA Liberty Media Corp.-Liberty-A Sold out 0.00% −0.06
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ GLW Corning Inc. New 5.62% +5.62 PCG P G & E Corp. New 5.23% +5.23 LITE Lumentum Holdings Inc. New 4.72% +4.72 NVT Nvent Electric PLC New 3.80% +3.80 SRE Sempra New 3.42% +3.42 CEG Constellation Energy New 2.57% +2.57 NVDA Nvidia Corp. New 2.20% +2.20 OKTA Okta Inc. New 1.73% +1.73 TLN Talen Energy Corp. New 1.66% +1.66 AMZN Amazon.com Inc. New 1.55% +1.55 COF Capital One Financial Corp. Add +48.6% 4.63% +1.44 GRAB Grab Holdings Ltd. Class A Add +50.6% 3.52% +1.01 GGAL Grupo Financiero Galicia-ADR Add +160.5% 1.81% +0.99 APO Apollo Global Management Inc. Add +117.5% 1.86% +0.80 WFC Wells Fargo & Co. New 0.47% +0.47 NTRA Natera Inc. Add +32.8% 2.36% +0.31 BBAR Bbva Argentina SA-ADR Add +36.1% 1.34% +0.27 CYBR Cyberark Software Ltd./Israel New 0.22% +0.22 SUPV Grupo Supervielle SA-SP ADR Add +30.1% 0.71% +0.06 ARMK Aramark Add +9.9% 2.26% −0.03 KKR KKR & Co. Inc. Add +16.1% 2.15% −0.29 ILMN Illumina Inc. Add +56.2% 4.42% −0.49 WCC Wesco International Inc. Add +9.3% 6.04% −0.59 TEVA Teva Pharmaceutical-SP ADR Add +11.9% 5.15% −1.64
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +340.3% 2,950,000 $1.7B RSP Invesco S&P 500 Equal Weight put New 1,200,000 $207.9M ULTA Ulta Beauty Inc. call Sold out 460,000 $200.1Mbefore exit GLW Corning Inc. call New 4,200,000 $192.3M MSFT Microsoft Corp. call Sold out 400,000 $168.6Mbefore exit IWM iShares Russell 2000 ETF put New 600,000 $119.7M TEVA Teva Pharmaceutical-SP ADR call Add +46.9% 3,672,100 $56.4M CRH CRH PLC call Sold out 500,000 $46.3Mbefore exit GLNG Golar LNG Ltd. call Sold out 1,000,000 $42.3Mbefore exit EXPE Expedia Group Inc. call Reduce -61.5% 250,000 $42.0M NVT Nvent Electric PLC call New 750,000 $39.3M SLV iShares Silver Trust call Sold out 1,000,000 $26.3Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 41 $5.7B PCG, AMZN, DASH, GRAB, CX Q1 2026 42 $4.3B PCG, CX, DASH, NVT, XYZ Q4 2025 53 $5.8B STUB, FLUT, CEG, AMZN, NVT Q3 2025 49 $5.6B GLW, TEVA, STUB, NVT, SCHW Q2 2025 46 $4.6B TEVA, GLW, ILMN, LITE, COF Q1 2025 38 $4.5B WCC, GLW, SCHW, PCG, TEVA Q4 2024 40 $4.4B CRH, TEVA, WCC, SCHW, CPNG Q3 2024 44 $3.6B CPNG, COHR, CRH, WCC, MRVL Q2 2024 52 $3.5B CPNG, COHR, AMZN, CRH, MRVL Q1 2024 48 $3.3B CPNG, ARMK, AMZN, MSFT, FCX