Rubric Capital Management LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Rubric Capital Management LP reported 66 stock positions worth $5.5 billion. Its top holding was Talen Energy (TLN) at 22.4% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 6.8%) and Golar LNG (GLNG, 5.9%). Compared with Q3 2024, it opened 13 new positions, sold out of 9, added to 18 and reduced 10. The biggest buy was a new position in New Fortress Energy (NFE) and the biggest sale Talen Energy (TLN, shares −46%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001687509
- Portfolio Value
- $5.5B (Q4 2024)
- SEC Filing
- 0001104659-25-014131 ↗ filed Feb 14, 2025
Holdings Value
Holdings 66 stocks · $5.5B
| TLN Talen Energy Corp. | 22.44% | 6,123,500 | $1.2B | Reduce -46.1% |
| TEVA Teva Pharmaceutical-SP ADR | 6.82% | 17,000,000 | $374.7M | Add +6.2% |
| GLNG Golar LNG Ltd. | 5.94% | 7,710,211 | $326.3M | Add +18.0% |
| VTRS Viatris Inc. | 4.56% | 20,144,365 | $250.8M | No change |
| QDEL Quidelortho Corp. | 4.50% | 5,550,000 | $247.3M | Add +32.1% |
| ROIV Roivant Sciences Ltd. | 4.30% | 20,000,000 | $236.6M | Reduce -10.7% |
| NFE New Fortress Energy Inc. | 4.13% | 15,000,000 | $226.8M | New |
| BGC BGC Group Inc. Class A | 2.80% | 16,976,380 | $153.8M | Add +0.0% |
| ARQT Arcutis Biotherapeutics Inc. | 2.78% | 10,966,672 | $152.8M | No change |
| TAC Transalta Corp. | 1.96% | 7,612,663 | $107.7M | Add +35.4% |
| COOP Mr Cooper Group Inc. | 1.86% | 1,067,680 | $102.5M | Add +3.1% |
| RNW Renew Energy Global PLC-A | 1.80% | 14,527,412 | $99.2M | Add +6.0% |
| UAL United Airlines Holdings Inc. | 1.76% | 995,759 | $96.7M | Reduce -10.5% |
| SDGR Schrodinger Inc. | 1.75% | 5,000,000 | $96.5M | Add +35.7% |
| ADPT Adaptive Biotechnologies | 1.59% | 14,600,000 | $87.5M | Add +1.4% |
| AMRX Amneal Pharmaceuticals Inc. | 1.54% | 10,721,778 | $84.9M | No change |
| LBTYA Liberty Global Ltd. Class A | 1.53% | 6,595,439 | $84.2M | Add +19.3% |
| ALIT Alight Inc. Class A | 1.47% | 11,646,679 | $80.6M | No change |
| OPK Opko Health Inc. | 1.30% | 48,706,640 | $71.6M | No change |
| DOLE Dole PLC | 1.28% | 5,200,000 | $70.4M | Add +1.1% |
| COLL Collegium Pharmaceutical Inc. | 1.22% | 2,350,000 | $67.3M | Add +88.0% |
| FLR Fluor Corp. | 1.19% | 1,325,000 | $65.3M | Reduce -52.4% |
| ADEA Adeia Inc. | 1.18% | 4,640,009 | $64.9M | No change |
| OFIX Orthofix Medical Inc. | 1.17% | 3,694,946 | $64.5M | No change |
| IART Integra Lifesciences Holding | 1.08% | 2,618,341 | $59.4M | Add +793.4% |
| ZYME Zymeworks Inc. | 1.04% | 3,917,331 | $57.3M | No change |
| SSYS Stratasys Ltd. | 1.00% | 6,191,000 | $55.0M | No change |
| MREO Mereo Biopharma Group PL-ADR | 0.97% | 15,307,347 | $53.6M | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 0.94% | 2,619,103 | $51.8M | Add +8.3% |
| DAL Delta Air Lines Inc. | 0.89% | 810,536 | $49.0M | New |
| PARAA Paramount Global Class B | 0.88% | 4,632,083 | $48.5M | New |
| DK Delek US Holdings Inc. | 0.88% | 2,600,000 | $48.1M | Add +30.0% |
| MATV Mativ Holdings Inc. | 0.79% | 4,000,000 | $43.6M | No change |
| XPER Xperi Inc. | 0.77% | 4,143,744 | $42.6M | No change |
| MD Pediatrix Medical Group Inc. | 0.75% | 3,148,440 | $41.3M | Reduce -62.0% |
| HRTX Heron Therapeutics Inc. | 0.74% | 26,713,503 | $40.9M | No change |
| LBTYK Liberty Global Ltd. Class C | 0.74% | 3,091,881 | $40.6M | Reduce -12.2% |
| SIMO Silicon Motion Technol-ADR | 0.58% | 586,514 | $31.7M | New |
| PLAB Photronics Inc. | 0.56% | 1,314,906 | $31.0M | New |
| IBIT iShares Bitcoin Trust ETF | 0.53% | 553,353 | $29.4M | New |
| WBA Walgreens Boots Alliance Inc. | 0.53% | 3,100,000 | $28.9M | New |
| CNNE Cannae Holdings Inc. | 0.52% | 1,430,248 | $28.4M | No change |
| GDRX Goodrx Holdings Inc. Class A | 0.49% | 5,804,628 | $27.0M | Add +24.0% |
| EMBC Embecta Corp. | 0.41% | 1,085,529 | $22.4M | No change |
| IAS Integral Ad Science Holding | 0.37% | 1,973,870 | $20.6M | New |
| PFSI Pennymac Financial Services | 0.37% | 200,000 | $20.4M | New |
| PUMP Propetro Holding Corp. | 0.37% | 2,158,725 | $20.1M | New |
| TRVI Trevi Therapeutics Inc. | 0.32% | 4,205,129 | $17.3M | Reduce -16.4% |
| INDV Indivior Ltd. | 0.31% | 1,360,000 | $16.9M | New |
| SCPH Scpharmaceuticals Inc. | 0.31% | 4,775,000 | $16.9M | No change |
| SEG Seaport Entertainment Group | 0.29% | 573,408 | $16.0M | Add +107.0% |
| TSAT Telesat Corp. | 0.29% | 959,764 | $15.8M | No change |
| OABI Omniab Inc. | 0.18% | 2,850,588 | $10.1M | No change |
| FOXF Fox Factory Holding Corp. | 0.18% | 331,900 | $10.0M | New |
| ARDX Ardelyx Inc. | 0.16% | 1,706,485 | $8.7M | Reduce -44.2% |
| TH Target Hospitality Corp. | 0.15% | 852,505 | $8.2M | New |
| CHRS Coherus Oncology Inc. | 0.13% | 5,258,754 | $7.3M | Reduce -49.4% |
| ABUS Arbutus Biopharma Corp. | 0.10% | 1,681,090 | $5.5M | No change |
| ZVRA Zevra Therapeutics Inc. | 0.09% | 616,123 | $5.1M | Add +2980.6% |
| MYPS Playstudios Inc. | 0.09% | 2,711,190 | $5.0M | No change |
| RSKD Riskified Ltd. Class A | 0.09% | 1,066,025 | $5.0M | Reduce -68.5% |
| OVID Ovid Therapeutics Inc. | 0.09% | 5,315,969 | $5.0M | No change |
| ANIP Ani Pharmaceuticals Inc. | 0.06% | 56,671 | $3.1M | No change |
| HOWL Werewolf Therapeutics Inc. | 0.04% | 1,333,893 | $2.0M | No change |
| TXMD Therapeuticsmd Inc. | 0.02% | 1,192,191 | $1.0M | No change |
| VINCERX PHARMA INC | 0.00% | 116,873 | $31K | No change |
Options reported separately and not counted above: SPY puts ($1.2B), IWM puts ($1.1B).
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | 2,500,000 | $2.4M | No change |
Total filed on the 13F, all lines: $5.5B.
Portfolio Sells Q3 2024 → Q4 2024
| TLN Talen Energy Corp. | Reduce -46.1% | 22.44% | −10.73 |
| VST Vistra Corp. | Sold out | 0.00% | −4.12 |
| PTVE Pactiv Evergreen Inc. | Sold out | 0.00% | −1.08 |
| FLR Fluor Corp. | Reduce -52.4% | 1.19% | −0.99 |
| EXTR Extreme Networks Inc. | Sold out | 0.00% | −0.97 |
| CAR Avis Budget Group Inc. | Sold out | 0.00% | −0.96 |
| MD Pediatrix Medical Group Inc. | Reduce -62.0% | 0.75% | −0.82 |
| THS Treehouse Foods Inc. | Sold out | 0.00% | −0.79 |
| TDOC Teladoc Health Inc. | Sold out | 0.00% | −0.62 |
| LBTYK Liberty Global Ltd. Class C | Reduce -12.2% | 0.74% | −0.51 |
| AIR Aar Corp. | Sold out | 0.00% | −0.50 |
| FIP Ftai Infrastructure Inc. | Sold out | 0.00% | −0.48 |
| CSTM Constellium SE | Sold out | 0.00% | −0.41 |
| ARDX Ardelyx Inc. | Reduce -44.2% | 0.16% | −0.19 |
| RSKD Riskified Ltd. Class A | Reduce -68.5% | 0.09% | −0.17 |
| CHRS Coherus Oncology Inc. | Reduce -49.4% | 0.13% | −0.04 |
| TRVI Trevi Therapeutics Inc. | Reduce -16.4% | 0.32% | +0.04 |
| ROIV Roivant Sciences Ltd. | Reduce -10.7% | 4.30% | +0.07 |
| UAL United Airlines Holdings Inc. | Reduce -10.5% | 1.76% | +0.72 |
Portfolio Buys Q3 2024 → Q4 2024
| NFE New Fortress Energy Inc. | New | 4.13% | +4.13 |
| TEVA Teva Pharmaceutical-SP ADR | Add +6.2% | 6.82% | +2.09 |
| GLNG Golar LNG Ltd. | Add +18.0% | 5.94% | +2.00 |
| QDEL Quidelortho Corp. | Add +32.1% | 4.50% | +1.36 |
| TAC Transalta Corp. | Add +35.4% | 1.96% | +1.01 |
| IART Integra Lifesciences Holding | Add +793.4% | 1.08% | +0.99 |
| DAL Delta Air Lines Inc. | New | 0.89% | +0.89 |
| PARAA Paramount Global Class B | New | 0.88% | +0.88 |
| SDGR Schrodinger Inc. | Add +35.7% | 1.75% | +0.64 |
| SIMO Silicon Motion Technol-ADR | New | 0.58% | +0.58 |
| PLAB Photronics Inc. | New | 0.56% | +0.56 |
| IBIT iShares Bitcoin Trust ETF | New | 0.53% | +0.53 |
| WBA Walgreens Boots Alliance Inc. | New | 0.53% | +0.53 |
| COLL Collegium Pharmaceutical Inc. | Add +88.0% | 1.22% | +0.43 |
| RNW Renew Energy Global PLC-A | Add +6.0% | 1.80% | +0.39 |
| ADPT Adaptive Biotechnologies | Add +1.4% | 1.59% | +0.39 |
| IAS Integral Ad Science Holding | New | 0.37% | +0.37 |
| PFSI Pennymac Financial Services | New | 0.37% | +0.37 |
| PUMP Propetro Holding Corp. | New | 0.37% | +0.37 |
| INDV Indivior Ltd. | New | 0.31% | +0.31 |
| COOP Mr Cooper Group Inc. | Add +3.1% | 1.86% | +0.30 |
| DK Delek US Holdings Inc. | Add +30.0% | 0.88% | +0.26 |
| BGC BGC Group Inc. Class A | Add +0.0% | 2.80% | +0.25 |
| FOXF Fox Factory Holding Corp. | New | 0.18% | +0.18 |
| SEG Seaport Entertainment Group | Add +107.0% | 0.29% | +0.17 |
| TH Target Hospitality Corp. | New | 0.15% | +0.15 |
| ZVRA Zevra Therapeutics Inc. | Add +2980.6% | 0.09% | +0.09 |
| GDRX Goodrx Holdings Inc. Class A | Add +24.0% | 0.49% | −0.04 |
| KNSA Kiniksa Pharmaceuticals Inte | Add +8.3% | 0.94% | −0.05 |
| DOLE Dole PLC | Add +1.1% | 1.28% | −0.09 |
| LBTYA Liberty Global Ltd. Class A | Add +19.3% | 1.53% | −0.38 |
Options Activity Q3 2024 → Q4 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 2,000,000 | $1.2B |
| IWM iShares Russell 2000 ETF | put | New | 5,070,000 | $1.1B |
| GLNG Golar LNG Ltd. | call | Sold out | 700,000 | $25.7Mbefore 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 2024 → Q4 2024
| SEAPORT ENTERTAINMENT GR-RTS | RIGHT 10/10/2024 | Sold out | 144,563 | $426Kbefore exit |
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 | 86 | $10.9B | TLN, FTAI, VTRS, TEVA, GLNG |
| Q1 2026 | 81 | $8.2B | TLN, FTAI, GLNG, TEVA, VTRS |
| Q4 2025 | 75 | $8.4B | TLN, FTAI, TEVA, GLNG, VST |
| Q3 2025 | 69 | $7.4B | TLN, FTAI, TEVA, GLNG, ROIV |
| Q2 2025 | 62 | $6.2B | TLN, TEVA, FTAI, GLNG, VST |
| Q1 2025 | 64 | $5.6B | TLN, TEVA, GLNG, FTAI, QDEL |
| Q4 2024 | 66 | $5.5B | TLN, TEVA, GLNG, VTRS, QDEL |
| Q3 2024 | 62 | $6.1B | TLN, TEVA, ROIV, VST, GLNG |
| Q2 2024 | 66 | $3.8B | TEVA, ROIV, VTRS, GLNG, BGC |
| Q1 2024 | 67 | $3.4B | TEVA, VTRS, ROIV, GLNG, BGC |