PointState Capital LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), PointState Capital LP reported 42 stock positions worth $4.3 billion. Its top holding was P G & E (PCG) at 8.8% of the portfolio, followed by Cemex Sab-Spons ADR Part Cer (CX, 6.7%) and DoorDash Class A (DASH, 6.4%). Compared with Q4 2025, it opened 12 new positions, sold out of 23, added to 11 and reduced 17. The biggest buy was P G & E (PCG, shares +82%) and the biggest sale an exit from Constellation Energy (CEG).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001509842
- Portfolio Value
- $4.3B (Q1 2026)
- SEC Filing
- 0001193125-26-226660 ↗ filed May 15, 2026
Holdings Value
Holdings 42 stocks · $4.3B
| PCG P G & E Corp. | 8.76% | 21,467,215 | $377.2M | Add +82.0% |
| CX Cemex Sab-Spons ADR Part Cer | 6.71% | 25,243,519 | $288.8M | Add +46.1% |
| DASH DoorDash Inc. Class A | 6.38% | 1,829,987 | $274.8M | Add +235.4% |
| NVT Nvent Electric PLC | 6.03% | 2,196,528 | $259.8M | Reduce -7.7% |
| XYZ Block Inc. | 5.56% | 3,977,687 | $239.4M | Add +93.3% |
| EWY iShares MSCI South Korea ETF | 4.91% | 1,720,621 | $211.7M | New |
| Q Qnity Electronics Inc. | 4.66% | 1,737,944 | $200.5M | New |
| ARMK Aramark | 4.27% | 4,532,293 | $183.7M | Reduce -4.3% |
| RBRK Rubrik Inc. Class A | 4.15% | 3,646,244 | $178.6M | Add +73.6% |
| GRAB Grab Holdings Ltd. Class A | 3.59% | 42,272,380 | $154.7M | Add +29.9% |
| WAB Wabtec Corp. | 3.49% | 600,656 | $150.1M | Add +7.6% |
| NTRA Natera Inc. | 3.44% | 739,879 | $148.0M | Add +3.4% |
| FLUT Flutter Entertainment PLC-Di | 3.35% | 1,416,572 | $144.4M | Add +1.2% |
| CAI Caris Life Sciences Inc. | 3.06% | 7,360,446 | $131.6M | Add +9.6% |
| ENTG Entegris Inc. | 3.03% | 1,112,040 | $130.4M | New |
| GLNG Golar LNG Ltd. | 2.95% | 2,346,795 | $127.0M | Reduce -40.3% |
| STUB Stubhub Holdings Inc. Class A | 2.92% | 20,126,701 | $125.6M | Reduce -18.9% |
| COF Capital One Financial Corp. | 2.89% | 682,080 | $124.4M | Reduce -10.0% |
| EWZ iShares MSCI Brazil ETF | 2.16% | 2,422,975 | $93.0M | New |
| WAY Waystar Holding Corp. | 2.11% | 3,767,798 | $90.8M | Add +35.9% |
| WCC Wesco International Inc. | 1.88% | 295,107 | $80.7M | Reduce -51.8% |
| GGAL Grupo Financiero Galicia-ADR | 1.41% | 1,296,753 | $60.6M | Reduce -18.6% |
| RMBS Rambus Inc. | 1.40% | 701,307 | $60.3M | New |
| TEVA Teva Pharmaceutical-SP ADR | 1.38% | 1,973,782 | $59.5M | Reduce -48.0% |
| BMA Banco Macro SA-ADR | 1.28% | 710,493 | $55.0M | Reduce -17.1% |
| LYB Lyondellbasell Indu Class A | 1.15% | 616,792 | $49.7M | New |
| META Meta Platforms Inc. Class A | 0.97% | 72,670 | $41.6M | New |
| RKT Rocket Cos Inc. Class A | 0.93% | 2,820,714 | $40.2M | Reduce -54.7% |
| DOW Dow Inc. filed as DOW HLDGS INC | 0.87% | 902,960 | $37.6M | New |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.83% | 2,228,453 | $35.8M | Reduce -16.5% |
| LTH Life Time Group Holdings Inc. | 0.57% | 907,880 | $24.5M | New |
| PAM Pampa Energia SA-Spon ADR | 0.56% | 271,221 | $24.0M | No change |
| VG Venture Global Inc. Class A | 0.54% | 1,464,704 | $23.1M | New |
| ILMN Illumina Inc. | 0.43% | 148,545 | $18.3M | Reduce -72.1% |
| CPNG Coupang Inc. | 0.32% | 737,690 | $13.9M | Reduce -90.6% |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.29% | 1,130,732 | $12.5M | No change |
| SUPV Grupo Supervielle SA-SP ADR | 0.28% | 1,257,064 | $11.9M | Reduce -17.3% |
| MT Arcelormittal-NY Registered | 0.15% | 125,127 | $6.5M | New |
| COPX Global X Copper Miners ETF | 0.13% | 72,978 | $5.6M | Reduce -90.3% |
| VISN Vistance Networks Inc. | 0.12% | 293,428 | $5.3M | New |
| CRS Carpenter Technology | 0.12% | 12,947 | $5.1M | Reduce -97.9% |
| FCX Freeport-McMoran Inc. | 0.01% | 9,307 | $547K | Reduce -99.8% |
Options reported separately and not counted above: SPY puts ($3.3B), IWM puts ($272.8M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $167K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RAMACO RESOURCES INC (METC 0 11/01/31) | NOTE 11/0 · principal | 220,000 | $167K | No change |
Total filed on the 13F, all lines: $4.3B.
Portfolio Sells Q4 2025 → Q1 2026
| CEG Constellation Energy | Sold out | 0.00% | −5.00 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −4.96 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −4.11 |
| FCX Freeport-McMoran Inc. | Reduce -99.8% | 0.01% | −3.38 |
| CRS Carpenter Technology | Reduce -97.9% | 0.12% | −3.18 |
| CPNG Coupang Inc. | Reduce -90.6% | 0.32% | −2.85 |
| STUB Stubhub Holdings Inc. Class A | Reduce -18.9% | 2.92% | −2.83 |
| CCC CCC Intelligent Solutions Ho | Sold out | 0.00% | −2.57 |
| BAC Bank of America Corp. | Sold out | 0.00% | −1.33 |
| GLW Corning Inc. | Sold out | 0.00% | −1.28 |
| RKT Rocket Cos Inc. Class A | Reduce -54.7% | 0.93% | −1.13 |
| IOT Samsara Inc. Class A | Sold out | 0.00% | −1.05 |
| TSEM Tower Semiconductor Ltd. | Sold out | 0.00% | −0.96 |
| VST Vistra Corp. | Sold out | 0.00% | −0.94 |
| TLN Talen Energy Corp. | Sold out | 0.00% | −0.87 |
| COPX Global X Copper Miners ETF | Reduce -90.3% | 0.13% | −0.79 |
| ILMN Illumina Inc. | Reduce -72.1% | 0.43% | −0.77 |
| CRH CRH PLC | Sold out | 0.00% | −0.75 |
| WCC Wesco International Inc. | Reduce -51.8% | 1.88% | −0.69 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.68 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -48.0% | 1.38% | −0.64 |
| ETR Entergy Corp. | Sold out | 0.00% | −0.49 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.34 |
| LSCC Lattice Semiconductor Corp. | Sold out | 0.00% | −0.34 |
| METC Ramaco Resources Inc. Class A | Sold out | 0.00% | −0.31 |
| COF Capital One Financial Corp. | Reduce -10.0% | 2.89% | −0.25 |
| HUT Hut 8 Corp. | Sold out | 0.00% | −0.18 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.18 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.18 |
| ECHO Echostar Corp. Class A | Sold out | 0.00% | −0.16 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.16 |
| OKTA Okta Inc. | Sold out | 0.00% | −0.12 |
| ALVO Alvotech SA | Sold out | 0.00% | −0.09 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -18.6% | 1.41% | −0.06 |
| BMA Banco Macro SA-ADR | Reduce -17.1% | 1.28% | −0.05 |
| SUPV Grupo Supervielle SA-SP ADR | Reduce -17.3% | 0.28% | −0.03 |
| BBAR Bbva Argentina SA-ADR | Reduce -16.5% | 0.83% | +0.01 |
| GLNG Golar LNG Ltd. | Reduce -40.3% | 2.95% | +0.45 |
| ARMK Aramark | Reduce -4.3% | 4.27% | +1.28 |
| NVT Nvent Electric PLC | Reduce -7.7% | 6.03% | +1.89 |
Portfolio Buys Q4 2025 → Q1 2026
| PCG P G & E Corp. | Add +82.0% | 8.76% | +5.52 |
| EWY iShares MSCI South Korea ETF | New | 4.91% | +4.91 |
| Q Qnity Electronics Inc. | New | 4.66% | +4.66 |
| DASH DoorDash Inc. Class A | Add +235.4% | 6.38% | +4.27 |
| CX Cemex Sab-Spons ADR Part Cer | Add +46.1% | 6.71% | +3.31 |
| XYZ Block Inc. | Add +93.3% | 5.56% | +3.27 |
| ENTG Entegris Inc. | New | 3.03% | +3.03 |
| EWZ iShares MSCI Brazil ETF | New | 2.16% | +2.16 |
| WAB Wabtec Corp. | Add +7.6% | 3.49% | +1.45 |
| RMBS Rambus Inc. | New | 1.40% | +1.40 |
| RBRK Rubrik Inc. Class A | Add +73.6% | 4.15% | +1.40 |
| LYB Lyondellbasell Indu Class A | New | 1.15% | +1.15 |
| META Meta Platforms Inc. Class A | New | 0.97% | +0.97 |
| DOW Dow Inc. | New | 0.87% | +0.87 |
| GRAB Grab Holdings Ltd. Class A | Add +29.9% | 3.59% | +0.82 |
| NTRA Natera Inc. | Add +3.4% | 3.44% | +0.63 |
| LTH Life Time Group Holdings Inc. | New | 0.57% | +0.57 |
| WAY Waystar Holding Corp. | Add +35.9% | 2.11% | +0.56 |
| VG Venture Global Inc. Class A | New | 0.54% | +0.54 |
| MT Arcelormittal-NY Registered | New | 0.15% | +0.15 |
| VISN Vistance Networks Inc. | New | 0.12% | +0.12 |
| CAI Caris Life Sciences Inc. | Add +9.6% | 3.06% | −0.04 |
| FLUT Flutter Entertainment PLC-Di | Add +1.2% | 3.35% | −1.79 |
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 5,100,000 | $3.3B |
| SMH Vaneck Semiconductor ETF | put | Sold out | 1,380,000 | $497.0Mbefore exit |
| IWM iShares Russell 2000 ETF | put | New | 1,100,000 | $272.8M |
| CRS Carpenter Technology | call | Sold out | 450,000 | $141.7Mbefore exit |
| TEVA Teva Pharmaceutical-SP ADR | call | Sold out | 3,672,100 | $114.6Mbefore exit |
| CX Cemex Sab-Spons ADR Part Cer | call | Sold out | 9,000,000 | $103.4Mbefore exit |
| ILMN Illumina Inc. | call | Sold out | 646,900 | $84.8Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |