In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), PointState Capital LP reported 49 stock positions worth $5.6 billion . Its top holding was Corning (GLW) at 8.9% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 7.5% ) and Stubhub Class A (STUB, 6.3% ). Compared with Q2 2025, it opened 13 new positions, sold out of 10, added to 16 and reduced 15. The biggest buy was a new position in Stubhub Class A (STUB) and the biggest sale an exit from Lumentum (LITE).
Location New York, NY
CIK 0001509842
Portfolio Value $5.6B (Q3 2025) Holdings 49 stocks · $5.6B 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 Q2 2025 GLW Corning Inc. 6,004,652 $492.6M Reduce -2.5% TEVA Teva Pharmaceutical-SP ADR 20,712,398 $418.4M No change STUB Stubhub Holdings Inc. Class A 20,706,003 $348.7M New NVT Nvent Electric PLC 2,472,395 $243.9M Reduce -0.7% SCHW Schwab (charles) Corp. 2,408,147 $229.9M No change TLN Talen Energy Corp. 532,857 $226.7M Add +114.6% COF Capital One Financial Corp. 1,056,350 $224.6M Add +2.0% PCG P G & E Corp. 14,022,157 $211.5M Add +2.6% CRS Carpenter Technology 838,123 $205.8M Add +480.9% AMZN Amazon.com Inc. 872,280 $191.5M Reduce -0.8% NTRA Natera Inc. 1,126,405 $181.3M Add +702.0% ILMN Illumina Inc. 1,800,007 $170.9M Reduce -39.0% CPNG Coupang Inc. 5,089,150 $163.9M Add +20.2% RKT Rocket Cos Inc. Class A 8,366,054 $162.1M Add +137.1% CRH CRH PLC 1,308,329 $156.9M Add +0.4% FLUT Flutter Entertainment PLC-Di 601,433 $152.8M Reduce -20.5% CX Cemex Sab-Spons ADR Part Cer 16,730,759 $150.4M Reduce -16.2% CCC CCC Intelligent Solutions Ho 16,365,086 $149.1M Add +62.1% WCC Wesco International Inc. 689,098 $145.7M Add +147.3% RBRK Rubrik Inc. Class A 1,702,347 $140.0M New GLNG Golar LNG Ltd. 3,295,023 $133.2M Add +17.3% ARMK Aramark 3,255,668 $125.0M Add +19.9% CAI Caris Life Sciences Inc. 3,883,721 $117.5M Add +55.5% EXPE Expedia Group Inc. 427,789 $91.4M Add +37.6% OKTA Okta Inc. 981,850 $90.0M Add +36.4% WAY Waystar Holding Corp. 2,099,772 $79.6M New MSFT Microsoft Corp. 107,665 $55.8M New RGEN Repligen Corp. 409,503 $54.7M New APP AppLovin Corp. Class A 72,266 $51.9M New WAB Wabtec Corp. 257,970 $51.7M New IOT Samsara Inc. Class A 1,203,282 $44.8M New GRAB Grab Holdings Ltd. Class A 6,369,154 $38.3M Reduce -48.5% RBLX Roblox Corp. Class A 244,877 $33.9M Add +253.1% EXE Expand Energy Corp. 266,486 $28.3M Reduce -57.0% ROIV Roivant Sciences Ltd. 1,791,440 $27.1M Reduce -26.2% COHR Coherent Corp. 209,458 $22.6M Reduce -69.8% PINS Pinterest Inc. Class A 693,103 $22.3M New TSEM Tower Semiconductor Ltd. 283,504 $20.5M New GGAL Grupo Financiero Galicia-ADR 588,619 $16.2M Reduce -63.2% EQT Eqt Corp. 259,314 $14.1M Reduce -42.1% BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 1,662,060 $13.8M Reduce -55.0% VST Vistra Corp. 62,872 $12.3M No change NRG NRG Energy Inc. 66,812 $10.8M New METC Ramaco Resources Inc. Class A 325,946 $10.8M New BMA Banco Macro SA-ADR 233,733 $9.9M Reduce -46.3% ALVO Alvotech SA 1,049,039 $8.6M No change SRE Sempra 76,129 $6.9M No change SUPV Grupo Supervielle SA-SP ADR 836,762 $4.1M Reduce -76.4% LOMA Loma Negra Cia Ind-Spon ADR 327,443 $2.4M New
Options reported separately and not counted above: GLW calls ($344.5M), PCG calls ($226.2M), EEM calls ($186.9M), ILMN calls ($156.4M), CX calls ($80.9M), TEVA calls ($74.2M), XLF calls ($53.9M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.1M (not counted above) Total filed on the 13F, all lines: $5.6B.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ LITE Lumentum Holdings Inc. Sold out 0.00% −5.21 BAC Bank of America Corp. Sold out 0.00% −3.11 ILMN Illumina Inc. Reduce -39.0% 3.07% −3.01 EWY iShares MSCI South Korea ETF Sold out 0.00% −2.90 XYZ Block Inc. Sold out 0.00% −2.75 FLUT Flutter Entertainment PLC-Di Reduce -20.5% 2.74% −1.93 GGAL Grupo Financiero Galicia-ADR Reduce -63.2% 0.29% −1.45 CYBR Cyberark Software Ltd./Israel Sold out 0.00% −1.24 BBAR Bbva Argentina SA-ADR Reduce -55.0% 0.25% −1.07 EXE Expand Energy Corp. Reduce -57.0% 0.51% −1.06 COHR Coherent Corp. Reduce -69.8% 0.41% −0.93 SUPV Grupo Supervielle SA-SP ADR Reduce -76.4% 0.07% −0.74 AMZN Amazon.com Inc. Reduce -0.8% 3.44% −0.73 DDOG Datadog Inc. Class A Sold out 0.00% −0.69 GRAB Grab Holdings Ltd. Class A Reduce -48.5% 0.69% −0.65 AMRZ Amrize Ltd. Sold out 0.00% −0.62 FRPT Freshpet Inc. Sold out 0.00% −0.52 BMA Banco Macro SA-ADR Reduce -46.3% 0.18% −0.48 NVDA Nvidia Corp. Sold out 0.00% −0.44 EQT Eqt Corp. Reduce -42.1% 0.25% −0.31 CX Cemex Sab-Spons ADR Part Cer Reduce -16.2% 2.70% −0.29 DHT DHT Holdings Inc. Sold out 0.00% −0.21 ROIV Roivant Sciences Ltd. Reduce -26.2% 0.49% −0.10 NVT Nvent Electric PLC Reduce -0.7% 4.38% +0.44 GLW Corning Inc. Reduce -2.5% 8.85% +1.85
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ STUB Stubhub Holdings Inc. Class A New 6.27% +6.27 CRS Carpenter Technology Add +480.9% 3.70% +2.84 NTRA Natera Inc. Add +702.0% 3.26% +2.75 RBRK Rubrik Inc. Class A New 2.52% +2.52 TLN Talen Energy Corp. Add +114.6% 4.07% +2.51 RKT Rocket Cos Inc. Class A Add +137.1% 2.91% +1.83 WCC Wesco International Inc. Add +147.3% 2.62% +1.50 WAY Waystar Holding Corp. New 1.43% +1.43 MSFT Microsoft Corp. New 1.00% +1.00 RGEN Repligen Corp. New 0.98% +0.98 APP AppLovin Corp. Class A New 0.93% +0.93 WAB Wabtec Corp. New 0.93% +0.93 IOT Samsara Inc. Class A New 0.81% +0.81 CAI Caris Life Sciences Inc. Add +55.5% 2.11% +0.67 CCC CCC Intelligent Solutions Ho Add +62.1% 2.68% +0.63 EXPE Expedia Group Inc. Add +37.6% 1.64% +0.51 RBLX Roblox Corp. Class A Add +253.1% 0.61% +0.45 PINS Pinterest Inc. Class A New 0.40% +0.40 TSEM Tower Semiconductor Ltd. New 0.37% +0.37 CRH CRH PLC Add +0.4% 2.82% +0.23 CPNG Coupang Inc. Add +20.2% 2.94% +0.20 NRG NRG Energy Inc. New 0.19% +0.19 METC Ramaco Resources Inc. Class A New 0.19% +0.19 OKTA Okta Inc. Add +36.4% 1.62% +0.06 LOMA Loma Negra Cia Ind-Spon ADR New 0.04% +0.04 GLNG Golar LNG Ltd. Add +17.3% 2.39% −0.11 ARMK Aramark Add +19.9% 2.25% −0.21 PCG P G & E Corp. Add +2.6% 3.80% −0.32 COF Capital One Financial Corp. Add +2.0% 4.04% −0.73
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 2,000,000 $1.2Bbefore exit PCG P G & E Corp. call Add +7.1% 15,000,000 $226.2M EEM iShares MSCI Emerging Market call New 3,500,000 $186.9M ILMN Illumina Inc. call Add +0.8% 1,646,900 $156.4M CX Cemex Sab-Spons ADR Part Cer call New 9,000,000 $80.9M XLF SS Financial Select Sector call New 1,000,000 $53.9M GRAB Grab Holdings Ltd. Class A put Sold out 3,000,000 $15.1Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal Reduce -80.0% 10,000,000 $10.1M
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