In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), PointState Capital LP reported 53 stock positions worth $5.8 billion . Its top holding was Stubhub Class A (STUB) at 5.7% of the portfolio, followed by Flutter Entertainment PLC-Di (FLUT, 5.1% ) and Constellation Energy (CEG, 5.0% ). Compared with Q3 2025, it opened 14 new positions, sold out of 10, added to 23 and reduced 14. The biggest buy was a new position in Constellation Energy (CEG) and the biggest sale Corning (GLW, shares −86% ).
Location New York, NY
CIK 0001509842
Portfolio Value $5.8B (Q4 2025) Holdings 53 stocks · $5.8B 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 Q3 2025 STUB Stubhub Holdings Inc. Class A 24,823,335 $335.9M Add +19.9% FLUT Flutter Entertainment PLC-Di 1,399,735 $301.0M Add +132.7% CEG Constellation Energy 827,626 $292.4M New AMZN Amazon.com Inc. 1,256,355 $290.0M Add +44.0% NVT Nvent Electric PLC 2,378,858 $242.6M Reduce -3.8% SCHW Schwab (charles) Corp. 2,408,147 $240.6M No change CX Cemex Sab-Spons ADR Part Cer 17,283,246 $198.6M Add +3.3% FCX Freeport-McMoran Inc. 3,908,710 $198.5M New CRS Carpenter Technology 612,211 $192.7M Reduce -26.9% PCG P G & E Corp. 11,794,997 $189.5M Reduce -15.9% CPNG Coupang Inc. 7,863,165 $185.5M Add +54.5% COF Capital One Financial Corp. 758,066 $183.7M Reduce -28.2% CAI Caris Life Sciences Inc. 6,718,707 $181.3M Add +73.0% ARMK Aramark 4,737,646 $174.6M Add +45.5% NTRA Natera Inc. 715,495 $163.9M Reduce -36.5% GRAB Grab Holdings Ltd. Class A 32,555,483 $162.5M Add +411.1% RBRK Rubrik Inc. Class A 2,100,000 $160.6M Add +23.4% CCC CCC Intelligent Solutions Ho 18,925,086 $150.5M Add +15.6% WCC Wesco International Inc. 612,505 $149.8M Reduce -11.1% GLNG Golar LNG Ltd. 3,932,104 $146.3M Add +19.3% XYZ Block Inc. 2,057,224 $133.9M New DASH DoorDash Inc. Class A 545,564 $123.6M New RKT Rocket Cos Inc. Class A 6,223,575 $120.5M Reduce -25.6% WAB Wabtec Corp. 558,359 $119.2M Add +116.4% TEVA Teva Pharmaceutical-SP ADR 3,793,986 $118.4M Reduce -81.7% WAY Waystar Holding Corp. 2,773,241 $90.8M Add +32.1% GGAL Grupo Financiero Galicia-ADR 1,592,990 $85.9M Add +170.6% BAC Bank of America Corp. filed as BANK AMERICA CORP 1,418,828 $78.0M New BMA Banco Macro SA-ADR 857,488 $77.3M Add +266.9% GLW Corning Inc. 856,764 $75.0M Reduce -85.7% ILMN Illumina Inc. 531,942 $69.8M Reduce -70.5% IOT Samsara Inc. Class A 1,737,068 $61.6M Add +44.4% TSEM Tower Semiconductor Ltd. 480,614 $56.4M Add +69.5% VST Vistra Corp. 342,360 $55.2M Add +444.5% COPX Global X Copper Miners ETF 752,364 $54.0M New TLN Talen Energy Corp. 135,870 $50.9M Reduce -74.5% BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 2,668,038 $48.2M Add +60.5% CRH CRH PLC 352,765 $44.0M Reduce -73.0% EXE Expand Energy Corp. 361,377 $39.9M Add +35.6% ETR Entergy Corp. 310,325 $28.7M New PAM Pampa Energia SA-Spon ADR 271,221 $24.0M New VALE Vale SA-SP ADR 1,542,021 $20.1M New LSCC Lattice Semiconductor Corp. 270,613 $19.9M New METC Ramaco Resources Inc. Class A 999,187 $18.0M Add +206.6% SUPV Grupo Supervielle SA-SP ADR 1,519,056 $18.0M Add +81.5% LOMA Loma Negra Cia Ind-Spon ADR 1,130,732 $14.6M Add +245.3% HUT Hut 8 Corp. 232,938 $10.7M New UNP Union Pacific Corp. 45,466 $10.5M New EQT Eqt Corp. 194,486 $10.4M Reduce -25.0% ECHO Echostar Corp. Class A 87,273 $9.5M New XP XP Inc. Class A 571,756 $9.4M New OKTA Okta Inc. 83,300 $7.2M Reduce -91.5% ALVO Alvotech SA 1,049,039 $5.4M No change
Options reported separately and not counted above: SMH puts ($497.0M), CRS calls ($141.7M), TEVA calls ($114.6M), CX calls ($103.4M), ILMN calls ($84.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $185K (not counted above) Total filed on the 13F, all lines: $5.8B.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ GLW Corning Inc. Reduce -85.7% 1.28% −7.57 TEVA Teva Pharmaceutical-SP ADR Reduce -81.7% 2.02% −5.49 TLN Talen Energy Corp. Reduce -74.5% 0.87% −3.20 CRH CRH PLC Reduce -73.0% 0.75% −2.07 ILMN Illumina Inc. Reduce -70.5% 1.19% −1.88 EXPE Expedia Group Inc. Sold out 0.00% −1.64 OKTA Okta Inc. Reduce -91.5% 0.12% −1.49 MSFT Microsoft Corp. Sold out 0.00% −1.00 RGEN Repligen Corp. Sold out 0.00% −0.98 APP AppLovin Corp. Class A Sold out 0.00% −0.93 COF Capital One Financial Corp. Reduce -28.2% 3.14% −0.89 RKT Rocket Cos Inc. Class A Reduce -25.6% 2.06% −0.85 RBLX Roblox Corp. Class A Sold out 0.00% −0.61 PCG P G & E Corp. Reduce -15.9% 3.24% −0.56 ROIV Roivant Sciences Ltd. Sold out 0.00% −0.49 NTRA Natera Inc. Reduce -36.5% 2.80% −0.46 COHR Coherent Corp. Sold out 0.00% −0.41 CRS Carpenter Technology Reduce -26.9% 3.30% −0.40 PINS Pinterest Inc. Class A Sold out 0.00% −0.40 NVT Nvent Electric PLC Reduce -3.8% 4.15% −0.24 NRG NRG Energy Inc. Sold out 0.00% −0.19 SRE Sempra Sold out 0.00% −0.12 EQT Eqt Corp. Reduce -25.0% 0.18% −0.08 WCC Wesco International Inc. Reduce -11.1% 2.56% −0.06
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ CEG Constellation Energy New 5.00% +5.00 FCX Freeport-McMoran Inc. New 3.39% +3.39 FLUT Flutter Entertainment PLC-Di Add +132.7% 5.15% +2.40 XYZ Block Inc. New 2.29% +2.29 DASH DoorDash Inc. Class A New 2.11% +2.11 GRAB Grab Holdings Ltd. Class A Add +411.1% 2.78% +2.09 AMZN Amazon.com Inc. Add +44.0% 4.96% +1.52 BAC Bank of America Corp. New 1.33% +1.33 GGAL Grupo Financiero Galicia-ADR Add +170.6% 1.47% +1.18 BMA Banco Macro SA-ADR Add +266.9% 1.32% +1.14 WAB Wabtec Corp. Add +116.4% 2.04% +1.11 CAI Caris Life Sciences Inc. Add +73.0% 3.10% +0.99 COPX Global X Copper Miners ETF New 0.92% +0.92 ARMK Aramark Add +45.5% 2.99% +0.74 VST Vistra Corp. Add +444.5% 0.94% +0.72 CX Cemex Sab-Spons ADR Part Cer Add +3.3% 3.39% +0.69 TSEM Tower Semiconductor Ltd. Add +69.5% 0.96% +0.60 BBAR Bbva Argentina SA-ADR Add +60.5% 0.82% +0.58 ETR Entergy Corp. New 0.49% +0.49 PAM Pampa Energia SA-Spon ADR New 0.41% +0.41 VALE Vale SA-SP ADR New 0.34% +0.34 LSCC Lattice Semiconductor Corp. New 0.34% +0.34 IOT Samsara Inc. Class A Add +44.4% 1.05% +0.25 SUPV Grupo Supervielle SA-SP ADR Add +81.5% 0.31% +0.23 RBRK Rubrik Inc. Class A Add +23.4% 2.75% +0.23 CPNG Coupang Inc. Add +54.5% 3.17% +0.23 LOMA Loma Negra Cia Ind-Spon ADR Add +245.3% 0.25% +0.21 HUT Hut 8 Corp. New 0.18% +0.18 UNP Union Pacific Corp. New 0.18% +0.18 EXE Expand Energy Corp. Add +35.6% 0.68% +0.17 ECHO Echostar Corp. Class A New 0.16% +0.16 XP XP Inc. Class A New 0.16% +0.16 WAY Waystar Holding Corp. Add +32.1% 1.55% +0.12 METC Ramaco Resources Inc. Class A Add +206.6% 0.31% +0.11 GLNG Golar LNG Ltd. Add +19.3% 2.50% +0.11 CCC CCC Intelligent Solutions Ho Add +15.6% 2.57% −0.11 STUB Stubhub Holdings Inc. Class A Add +19.9% 5.74% −0.52
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SMH Vaneck Semiconductor ETF put New 1,380,000 $497.0M GLW Corning Inc. call Sold out 4,200,000 $344.5Mbefore exit PCG P G & E Corp. call Sold out 15,000,000 $226.2Mbefore exit EEM iShares MSCI Emerging Market call Sold out 3,500,000 $186.9Mbefore exit CRS Carpenter Technology call New 450,000 $141.7M ILMN Illumina Inc. call Reduce -60.7% 646,900 $84.8M XLF SS Financial Select Sector call Sold out 1,000,000 $53.9Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 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