PointState Capital LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), PointState Capital LP reported 46 stock positions worth $4.6 billion. Its top holding was Teva Pharmaceutical-SP ADR (TEVA) at 7.5% of the portfolio, followed by Corning (GLW, 7.0%) and Illumina (ILMN, 6.1%). Compared with Q1 2025, it opened 14 new positions, sold out of 6, added to 13 and reduced 19. The biggest buy was a new position in Cemex Sab-Spons ADR Part Cer (CX) and the biggest sale Wesco International (WCC, shares −84%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001509842
Portfolio Value
$4.6B (Q2 2025)
SEC Filing
0000950123-25-008342 ↗ filed Aug 14, 2025

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 $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 Q2 2026

Holdings 46 stocks · $4.6B
TEVA Teva Pharmaceutical-SP ADR 7.51% 20,712,398 $347.1M Add +36.9%
GLW Corning Inc. 7.00% 6,157,637 $323.8M Add +10.9%
ILMN Illumina Inc. 6.09% 2,950,361 $281.5M Add +17.2%
LITE Lumentum Holdings Inc. 5.21% 2,532,821 $240.8M Reduce -26.0%
COF Capital One Financial Corp. 4.76% 1,035,510 $220.3M Reduce -11.3%
SCHW Schwab (charles) Corp. 4.75% 2,408,147 $219.7M Reduce -21.3%
FLUT Flutter Entertainment PLC-Di 4.67% 756,493 $216.2M Add +38.9%
AMZN Amazon.com Inc. 4.17% 879,395 $192.9M Add +138.1%
PCG P G & E Corp. 4.12% 13,668,440 $190.5M Reduce -0.6%
NVT Nvent Electric PLC 3.94% 2,488,702 $182.3M Reduce -24.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 3.11% 3,044,002 $144.0M Add +20.7%
CX Cemex Sab-Spons ADR Part Cer 2.99% 19,974,901 $138.4M New
EWY iShares MSCI South Korea ETF 2.90% 1,868,227 $134.1M New
XYZ Block Inc. 2.75% 1,869,376 $127.0M New
CPNG Coupang Inc. 2.74% 4,234,254 $126.9M Reduce -57.0%
CRH CRH PLC 2.59% 1,302,988 $119.6M Reduce -45.6%
GLNG Golar LNG Ltd. 2.50% 2,808,447 $115.7M Add +51.1%
ARMK Aramark 2.46% 2,715,035 $113.7M Reduce -8.2%
CCC CCC Intelligent Solutions Ho 2.05% 10,093,001 $95.0M New
GGAL Grupo Financiero Galicia-ADR 1.74% 1,598,899 $80.6M Add +6.3%
EXE Expand Energy Corp. 1.57% 619,191 $72.4M New
TLN Talen Energy Corp. 1.56% 248,269 $72.2M Reduce -34.0%
OKTA Okta Inc. 1.56% 719,824 $72.0M Reduce -3.0%
CAI Caris Life Sciences Inc. 1.44% 2,498,357 $66.8M New
GRAB Grab Holdings Ltd. Class A 1.34% 12,356,323 $62.2M Reduce -64.8%
COHR Coherent Corp. 1.34% 693,231 $61.8M Add +6.6%
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 1.31% 3,691,574 $60.8M Add +10.3%
CYBR Cyberark Software Ltd./Israel 1.24% 141,435 $57.5M Add +388.6%
EXPE Expedia Group Inc. 1.13% 310,882 $52.4M Reduce -42.0%
WCC Wesco International Inc. 1.12% 278,594 $51.6M Reduce -84.2%
RKT Rocket Cos Inc. Class A 1.08% 3,529,268 $50.0M New
CRS Carpenter Technology 0.86% 144,289 $39.9M New
SUPV Grupo Supervielle SA-SP ADR 0.81% 3,541,799 $37.5M Add +43.5%
DDOG Datadog Inc. Class A 0.69% 239,108 $32.1M New
BMA Banco Macro SA-ADR 0.66% 435,374 $30.6M Add +73.2%
AMRZ Amrize Ltd. 0.62% 578,633 $28.7M New
ROIV Roivant Sciences Ltd. 0.59% 2,426,563 $27.3M Reduce -10.6%
EQT Eqt Corp. 0.56% 447,869 $26.1M New
FRPT Freshpet Inc. 0.52% 357,092 $24.3M New
NTRA Natera Inc. 0.51% 140,442 $23.7M Reduce -81.4%
NVDA Nvidia Corp. 0.44% 129,695 $20.5M Reduce -85.9%
VST Vistra Corp. 0.26% 62,872 $12.2M Reduce -84.9%
DHT DHT Holdings Inc. 0.21% 885,740 $9.6M New
ALVO Alvotech SA 0.21% 1,049,039 $9.6M Reduce -10.7%
RBLX Roblox Corp. Class A 0.16% 69,356 $7.3M New
SRE Sempra 0.12% 76,129 $5.8M Reduce -96.5%

Options reported separately and not counted above: SPY puts ($1.2B), GLW calls ($220.9M), PCG calls ($195.2M), ILMN calls ($155.9M), TEVA calls ($61.5M), GRAB puts ($15.1M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $49.6M (not counted above)
SecurityClassShares / PrincipalValueChange
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 50,000,000$49.6MNo change

Total filed on the 13F, all lines: $4.7B.

Portfolio Sells Q1 2025 → Q2 2025
WCC Wesco International Inc. Reduce -84.2% 1.12% −4.93
SRE Sempra Reduce -96.5% 0.12% −3.29
CEG Constellation Energy Sold out 0.00% −2.57
GRAB Grab Holdings Ltd. Class A Reduce -64.8% 1.34% −2.18
MSFT Microsoft Corp. Sold out 0.00% −2.17
KKR KKR & Co. Inc. Sold out 0.00% −2.15
CRH CRH PLC Reduce -45.6% 2.59% −2.08
CPNG Coupang Inc. Reduce -57.0% 2.74% −2.03
APO Apollo Global Management Inc. Sold out 0.00% −1.86
NTRA Natera Inc. Reduce -81.4% 0.51% −1.85
RBRK Rubrik Inc. Class A Sold out 0.00% −1.79
NVDA Nvidia Corp. Reduce -85.9% 0.44% −1.76
PCG P G & E Corp. Reduce -0.6% 4.12% −1.11
EXPE Expedia Group Inc. Reduce -42.0% 1.13% −0.86
VST Vistra Corp. Reduce -84.9% 0.26% −0.82
SCHW Schwab (charles) Corp. Reduce -21.3% 4.75% −0.55
WFC Wells Fargo & Co. Sold out 0.00% −0.47
OKTA Okta Inc. Reduce -3.0% 1.56% −0.17
TLN Talen Energy Corp. Reduce -34.0% 1.56% −0.10
ALVO Alvotech SA Reduce -10.7% 0.21% −0.04
ROIV Roivant Sciences Ltd. Reduce -10.6% 0.59% −0.01
COF Capital One Financial Corp. Reduce -11.3% 4.76% +0.13
NVT Nvent Electric PLC Reduce -24.1% 3.94% +0.14
ARMK Aramark Reduce -8.2% 2.46% +0.20
LITE Lumentum Holdings Inc. Reduce -26.0% 5.21% +0.48

Portfolio Buys Q1 2025 → Q2 2025
CX Cemex Sab-Spons ADR Part Cer New 2.99% +2.99
EWY iShares MSCI South Korea ETF New 2.90% +2.90
XYZ Block Inc. New 2.75% +2.75
AMZN Amazon.com Inc. Add +138.1% 4.17% +2.62
TEVA Teva Pharmaceutical-SP ADR Add +36.9% 7.51% +2.36
CCC CCC Intelligent Solutions Ho New 2.05% +2.05
FLUT Flutter Entertainment PLC-Di Add +38.9% 4.67% +2.00
ILMN Illumina Inc. Add +17.2% 6.09% +1.67
EXE Expand Energy Corp. New 1.57% +1.57
CAI Caris Life Sciences Inc. New 1.44% +1.44
GLW Corning Inc. Add +10.9% 7.00% +1.38
RKT Rocket Cos Inc. Class A New 1.08% +1.08
CYBR Cyberark Software Ltd./Israel Add +388.6% 1.24% +1.03
GLNG Golar LNG Ltd. Add +51.1% 2.50% +0.94
CRS Carpenter Technology New 0.86% +0.86
BAC Bank of America Corp. Add +20.7% 3.11% +0.79
DDOG Datadog Inc. Class A New 0.69% +0.69
AMRZ Amrize Ltd. New 0.62% +0.62
EQT Eqt Corp. New 0.56% +0.56
FRPT Freshpet Inc. New 0.52% +0.52
COHR Coherent Corp. Add +6.6% 1.34% +0.40
BMA Banco Macro SA-ADR Add +73.2% 0.66% +0.24
DHT DHT Holdings Inc. New 0.21% +0.21
RBLX Roblox Corp. Class A New 0.16% +0.16
SUPV Grupo Supervielle SA-SP ADR Add +43.5% 0.81% +0.10
BBAR Bbva Argentina SA-ADR Add +10.3% 1.31% −0.03
GGAL Grupo Financiero Galicia-ADR Add +6.3% 1.74% −0.07

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -32.2% 2,000,000 $1.2B
RSP Invesco S&P 500 Equal Weight put Sold out 1,200,000 $207.9Mbefore exit
PCG P G & E Corp. call New 14,000,000 $195.2M
ILMN Illumina Inc. call Add +553.8% 1,634,500 $155.9M
IWM iShares Russell 2000 ETF put Sold out 600,000 $119.7Mbefore exit
EXPE Expedia Group Inc. call Sold out 250,000 $42.0Mbefore exit
NVT Nvent Electric PLC call Sold out 750,000 $39.3Mbefore exit
GRAB Grab Holdings Ltd. Class A put New 3,000,000 $15.1M

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