Rubric Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Rubric Capital Management LP reported 64 stock positions worth $5.6 billion. Its top holding was Talen Energy (TLN) at 21.9% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 7.0%) and Golar LNG (GLNG, 6.1%). Compared with Q4 2024, it opened 11 new positions, sold out of 13, added to 25 and reduced 9. The biggest buy was a new position in Ftai Aviation (FTAI) and the biggest sale an exit from Viatris (VTRS).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001687509
- Portfolio Value
- $5.6B (Q1 2025)
- SEC Filing
- 0001104659-25-048481 ↗ filed May 14, 2025
Holdings Value
Holdings 64 stocks · $5.6B
| TLN Talen Energy Corp. | 21.92% | 6,123,500 | $1.2B | No change |
| TEVA Teva Pharmaceutical-SP ADR | 7.04% | 25,550,000 | $392.7M | Add +50.3% |
| GLNG Golar LNG Ltd. | 6.11% | 8,975,149 | $341.0M | Add +16.4% |
| FTAI Ftai Aviation Ltd. | 5.26% | 2,645,000 | $293.7M | New |
| QDEL Quidelortho Corp. | 3.85% | 6,140,000 | $214.7M | Add +10.6% |
| NFE New Fortress Energy Inc. | 3.63% | 24,338,675 | $202.3M | Add +62.3% |
| ROIV Roivant Sciences Ltd. | 3.21% | 17,767,076 | $179.3M | Reduce -11.2% |
| ARQT Arcutis Biotherapeutics Inc. | 3.07% | 10,966,672 | $171.5M | No change |
| BGC BGC Group Inc. Class A | 2.83% | 17,226,380 | $158.0M | Add +1.5% |
| TAC Transalta Corp. | 2.01% | 12,000,000 | $112.2M | Add +57.6% |
| VST Vistra Corp. | 1.99% | 945,969 | $111.1M | New |
| COOP Mr Cooper Group Inc. | 1.98% | 921,537 | $110.2M | Reduce -13.7% |
| ALIT Alight Inc. Class A | 1.88% | 17,720,813 | $105.1M | Add +52.1% |
| IART Integra Lifesciences Holding | 1.83% | 4,643,672 | $102.1M | Add +77.3% |
| MCY Mercury General Corp. | 1.83% | 1,821,783 | $101.8M | New |
| ADPT Adaptive Biotechnologies | 1.75% | 13,117,851 | $97.5M | Reduce -10.2% |
| SDGR Schrodinger Inc. | 1.70% | 4,800,000 | $94.8M | Reduce -4.0% |
| AMRX Amneal Pharmaceuticals Inc. | 1.61% | 10,735,977 | $90.0M | Add +0.1% |
| COLL Collegium Pharmaceutical Inc. | 1.61% | 3,000,000 | $89.5M | Add +27.7% |
| RNW Renew Energy Global PLC-A | 1.53% | 14,527,412 | $85.6M | No change |
| OPK Opko Health Inc. | 1.45% | 48,706,640 | $80.9M | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 1.35% | 3,383,239 | $75.1M | Add +29.2% |
| FLG Flagstar Bank NA | 1.34% | 6,425,000 | $74.7M | New |
| LBTYA Liberty Global Ltd. Class A | 1.24% | 6,002,651 | $69.1M | Reduce -9.0% |
| SSYS Stratasys Ltd. | 1.16% | 6,597,333 | $64.6M | Add +6.6% |
| OFIX Orthofix Medical Inc. | 1.08% | 3,694,946 | $60.3M | No change |
| DOLE Dole PLC | 1.08% | 4,155,656 | $60.0M | Reduce -20.1% |
| HRTX Heron Therapeutics Inc. | 1.05% | 26,713,503 | $58.8M | No change |
| ADEA Adeia Inc. | 1.03% | 4,335,131 | $57.3M | Reduce -6.6% |
| WBA Walgreens Boots Alliance Inc. | 1.00% | 5,007,592 | $55.9M | Add +61.5% |
| ZYME Zymeworks Inc. | 0.93% | 4,338,444 | $51.7M | Add +10.8% |
| MD Pediatrix Medical Group Inc. | 0.81% | 3,133,299 | $45.4M | Reduce -0.5% |
| DK Delek US Holdings Inc. | 0.73% | 2,687,449 | $40.5M | Add +3.4% |
| LBTYK Liberty Global Ltd. Class C | 0.71% | 3,293,518 | $39.4M | Add +6.5% |
| PLAB Photronics Inc. | 0.69% | 1,862,737 | $38.7M | Add +41.7% |
| SIMO Silicon Motion Technol-ADR | 0.64% | 700,882 | $35.4M | Add +19.5% |
| MREO Mereo Biopharma Group PL-ADR | 0.62% | 15,307,347 | $34.4M | No change |
| INDV Indivior Ltd. | 0.60% | 3,530,039 | $33.6M | Add +159.6% |
| XPER Xperi Inc. | 0.57% | 4,143,744 | $32.0M | No change |
| TRVI Trevi Therapeutics Inc. | 0.51% | 4,538,535 | $28.5M | Add +7.9% |
| CNNE Cannae Holdings Inc. | 0.49% | 1,490,248 | $27.3M | Add +4.2% |
| IAS Integral Ad Science Holding | 0.46% | 3,166,949 | $25.5M | Add +60.4% |
| MATV Mativ Holdings Inc. | 0.45% | 4,000,000 | $24.9M | No change |
| FNA Paragon 28 Inc. | 0.44% | 1,879,635 | $24.5M | New |
| GEO The Geo Group Inc. | 0.35% | 675,891 | $19.7M | New |
| TSAT Telesat Corp. | 0.29% | 859,512 | $16.2M | Reduce -10.4% |
| EMBC Embecta Corp. | 0.25% | 1,087,654 | $13.9M | Add +0.2% |
| TH Target Hospitality Corp. | 0.24% | 2,000,000 | $13.2M | Add +134.6% |
| SPRY Ars Pharmaceuticals Inc. | 0.23% | 1,029,101 | $12.9M | New |
| SCPH Scpharmaceuticals Inc. | 0.23% | 4,775,000 | $12.6M | No change |
| SEG Seaport Entertainment Group | 0.22% | 573,408 | $12.3M | No change |
| MGTX Meiragtx Holdings PLC | 0.22% | 1,776,321 | $12.0M | New |
| ZVRA Zevra Therapeutics Inc. | 0.16% | 1,217,734 | $9.1M | Add +97.6% |
| CXW Corecivic Inc. | 0.14% | 393,889 | $8.0M | New |
| OABI Omniab Inc. | 0.12% | 2,850,588 | $6.8M | No change |
| ABUS Arbutus Biopharma Corp. | 0.11% | 1,681,090 | $5.9M | No change |
| CHRS Coherus Oncology Inc. | 0.08% | 5,258,754 | $4.2M | No change |
| PRLB Proto Labs Inc. | 0.07% | 115,952 | $4.1M | New |
| ANIP Ani Pharmaceuticals Inc. | 0.07% | 56,671 | $3.8M | No change |
| MYPS Playstudios Inc. | 0.06% | 2,711,190 | $3.4M | No change |
| EDSA Edesa Biotech Inc. | 0.03% | 687,500 | $1.7M | New |
| OVID Ovid Therapeutics Inc. | 0.03% | 5,315,969 | $1.7M | No change |
| HOWL Werewolf Therapeutics Inc. | 0.02% | 1,333,893 | $1.3M | No change |
| TXMD Therapeuticsmd Inc. | 0.02% | 1,192,191 | $1.1M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | 1,250,000 | $2.0M | New |
Total filed on the 13F, all lines: $5.6B.
Portfolio Sells Q4 2024 → Q1 2025
| VTRS Viatris Inc. | Sold out | 0.00% | −4.56 |
| UAL United Airlines Holdings Inc. | Sold out | 0.00% | −1.76 |
| FLR Fluor Corp. | Sold out | 0.00% | −1.19 |
| ROIV Roivant Sciences Ltd. | Reduce -11.2% | 3.21% | −1.09 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.89 |
| PARAA Paramount Global Class B | Sold out | 0.00% | −0.88 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.53 |
| GDRX Goodrx Holdings Inc. Class A | Sold out | 0.00% | −0.49 |
| PFSI Pennymac Financial Services | Sold out | 0.00% | −0.37 |
| PUMP Propetro Holding Corp. | Sold out | 0.00% | −0.37 |
| LBTYA Liberty Global Ltd. Class A | Reduce -9.0% | 1.24% | −0.29 |
| DOLE Dole PLC | Reduce -20.1% | 1.08% | −0.20 |
| FOXF Fox Factory Holding Corp. | Sold out | 0.00% | −0.18 |
| ARDX Ardelyx Inc. | Sold out | 0.00% | −0.16 |
| ADEA Adeia Inc. | Reduce -6.6% | 1.03% | −0.15 |
| RSKD Riskified Ltd. Class A | Sold out | 0.00% | −0.09 |
| SDGR Schrodinger Inc. | Reduce -4.0% | 1.70% | −0.06 |
| VINCERX PHARMA INC | Sold out | 0.00% | −0.00 |
| TSAT Telesat Corp. | Reduce -10.4% | 0.29% | +0.00 |
| MD Pediatrix Medical Group Inc. | Reduce -0.5% | 0.81% | +0.06 |
| COOP Mr Cooper Group Inc. | Reduce -13.7% | 1.98% | +0.11 |
| ADPT Adaptive Biotechnologies | Reduce -10.2% | 1.75% | +0.16 |
Portfolio Buys Q4 2024 → Q1 2025
| FTAI Ftai Aviation Ltd. | New | 5.26% | +5.26 |
| VST Vistra Corp. | New | 1.99% | +1.99 |
| MCY Mercury General Corp. | New | 1.83% | +1.83 |
| FLG Flagstar Bank NA | New | 1.34% | +1.34 |
| IART Integra Lifesciences Holding | Add +77.3% | 1.83% | +0.75 |
| WBA Walgreens Boots Alliance Inc. | Add +61.5% | 1.00% | +0.48 |
| FNA Paragon 28 Inc. | New | 0.44% | +0.44 |
| ALIT Alight Inc. Class A | Add +52.1% | 1.88% | +0.42 |
| KNSA Kiniksa Pharmaceuticals Inte | Add +29.2% | 1.35% | +0.40 |
| COLL Collegium Pharmaceutical Inc. | Add +27.7% | 1.61% | +0.38 |
| GEO The Geo Group Inc. | New | 0.35% | +0.35 |
| INDV Indivior Ltd. | Add +159.6% | 0.60% | +0.30 |
| SPRY Ars Pharmaceuticals Inc. | New | 0.23% | +0.23 |
| TEVA Teva Pharmaceutical-SP ADR | Add +50.3% | 7.04% | +0.22 |
| MGTX Meiragtx Holdings PLC | New | 0.22% | +0.22 |
| TRVI Trevi Therapeutics Inc. | Add +7.9% | 0.51% | +0.20 |
| GLNG Golar LNG Ltd. | Add +16.4% | 6.11% | +0.18 |
| SSYS Stratasys Ltd. | Add +6.6% | 1.16% | +0.16 |
| CXW Corecivic Inc. | New | 0.14% | +0.14 |
| PLAB Photronics Inc. | Add +41.7% | 0.69% | +0.13 |
| TH Target Hospitality Corp. | Add +134.6% | 0.24% | +0.09 |
| IAS Integral Ad Science Holding | Add +60.4% | 0.46% | +0.08 |
| PRLB Proto Labs Inc. | New | 0.07% | +0.07 |
| ZVRA Zevra Therapeutics Inc. | Add +97.6% | 0.16% | +0.07 |
| AMRX Amneal Pharmaceuticals Inc. | Add +0.1% | 1.61% | +0.07 |
| SIMO Silicon Motion Technol-ADR | Add +19.5% | 0.64% | +0.06 |
| TAC Transalta Corp. | Add +57.6% | 2.01% | +0.05 |
| BGC BGC Group Inc. Class A | Add +1.5% | 2.83% | +0.03 |
| EDSA Edesa Biotech Inc. | New | 0.03% | +0.03 |
| CNNE Cannae Holdings Inc. | Add +4.2% | 0.49% | −0.03 |
| LBTYK Liberty Global Ltd. Class C | Add +6.5% | 0.71% | −0.03 |
| ZYME Zymeworks Inc. | Add +10.8% | 0.93% | −0.12 |
| DK Delek US Holdings Inc. | Add +3.4% | 0.73% | −0.15 |
| EMBC Embecta Corp. | Add +0.2% | 0.25% | −0.16 |
| NFE New Fortress Energy Inc. | Add +62.3% | 3.63% | −0.50 |
| QDEL Quidelortho Corp. | Add +10.6% | 3.85% | −0.65 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 2,000,000 | $1.2Bbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 5,070,000 | $1.1Bbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | Sold out | 2,500,000 | $2.4Mbefore exit |
| OPKO HEALTH INC (OPK 3.75 01/15/29) | NOTE 3.750% 1/1 · principal | New | 1,250,000 | $2.0M |
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 |