Rubric Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Rubric Capital Management LP reported 62 stock positions worth $6.2 billion. Its top holding was Talen Energy (TLN) at 21.1% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 7.0%) and Ftai Aviation (FTAI, 6.3%). Compared with Q1 2025, it opened 7 new positions, sold out of 9, added to 28 and reduced 21. The biggest buy was a new position in Fluor (FLR) and the biggest sale Quidelortho (QDEL, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001687509
- Portfolio Value
- $6.2B (Q2 2025)
- SEC Filing
- 0001104659-25-078662 ↗ filed Aug 14, 2025
Holdings Value
Holdings 62 stocks · $6.2B
| TLN Talen Energy Corp. | 21.07% | 4,505,302 | $1.3B | Reduce -26.4% |
| TEVA Teva Pharmaceutical-SP ADR | 7.01% | 26,000,000 | $435.8M | Add +1.8% |
| FTAI Ftai Aviation Ltd. | 6.28% | 3,394,080 | $390.5M | Add +28.3% |
| GLNG Golar LNG Ltd. | 6.08% | 9,178,978 | $378.1M | Add +2.3% |
| VST Vistra Corp. | 4.44% | 1,424,803 | $276.1M | Add +50.6% |
| ROIV Roivant Sciences Ltd. | 3.69% | 20,370,336 | $229.6M | Add +14.7% |
| FLR Fluor Corp. | 3.30% | 4,000,000 | $205.1M | New |
| BGC BGC Group Inc. Class A | 2.80% | 17,005,582 | $174.0M | Reduce -1.3% |
| TAC Transalta Corp. | 2.77% | 15,948,451 | $172.1M | Add +32.9% |
| ARQT Arcutis Biotherapeutics Inc. | 2.42% | 10,749,457 | $150.7M | Reduce -2.0% |
| MCY Mercury General Corp. | 2.23% | 2,054,504 | $138.4M | Add +12.8% |
| QDEL Quidelortho Corp. | 2.15% | 4,637,738 | $133.7M | Reduce -24.5% |
| ALIT Alight Inc. Class A | 1.79% | 19,626,953 | $111.1M | Add +10.8% |
| KNSA Kiniksa Pharmaceuticals Inte | 1.74% | 3,909,806 | $108.2M | Add +15.6% |
| VTRS Viatris Inc. | 1.72% | 12,000,000 | $107.2M | New |
| SDGR Schrodinger Inc. | 1.62% | 5,000,000 | $100.6M | Add +4.2% |
| RNW Renew Energy Global PLC-A | 1.60% | 14,438,061 | $99.8M | Reduce -0.6% |
| AMRX Amneal Pharmaceuticals Inc. | 1.52% | 11,710,332 | $94.7M | Add +9.1% |
| COLL Collegium Pharmaceutical Inc. | 1.50% | 3,157,743 | $93.4M | Add +5.3% |
| IART Integra Lifesciences Holding | 1.45% | 7,353,934 | $90.2M | Add +58.4% |
| SSYS Stratasys Ltd. | 1.44% | 7,803,097 | $89.5M | Add +18.3% |
| NFE New Fortress Energy Inc. | 1.30% | 24,400,000 | $81.0M | Add +0.3% |
| ADPT Adaptive Biotechnologies | 1.17% | 6,256,847 | $72.9M | Reduce -52.3% |
| INDV Indivior Ltd. | 1.10% | 4,647,179 | $68.5M | Add +31.6% |
| OPK Opko Health Inc. | 1.01% | 47,791,243 | $63.1M | Reduce -1.9% |
| ADEA Adeia Inc. | 0.97% | 4,284,205 | $60.6M | Reduce -1.2% |
| ZYME Zymeworks Inc. | 0.95% | 4,710,551 | $59.1M | Add +8.6% |
| LBTYA Liberty Global Ltd. Class A | 0.92% | 5,692,225 | $57.0M | Reduce -5.2% |
| DK Delek US Holdings Inc. | 0.92% | 2,687,449 | $56.9M | No change |
| HRTX Heron Therapeutics Inc. | 0.89% | 26,713,503 | $55.3M | No change |
| COOP Mr Cooper Group Inc. | 0.81% | 337,924 | $50.4M | Reduce -63.3% |
| PCG P G & E Corp. | 0.81% | 3,600,000 | $50.2M | New |
| TRVI Trevi Therapeutics Inc. | 0.75% | 8,531,860 | $46.7M | Add +88.0% |
| CNNE Cannae Holdings Inc. | 0.71% | 2,105,864 | $43.9M | Add +41.3% |
| OFIX Orthofix Medical Inc. | 0.67% | 3,721,715 | $41.5M | Add +0.7% |
| MREO Mereo Biopharma Group PL-ADR | 0.67% | 15,307,347 | $41.5M | No change |
| PRLB Proto Labs Inc. | 0.67% | 1,034,171 | $41.4M | Add +791.9% |
| ECVT Ecovyst Inc. | 0.62% | 4,707,347 | $38.7M | New |
| LBTYK Liberty Global Ltd. Class C | 0.55% | 3,289,789 | $33.9M | Reduce -0.1% |
| XPER Xperi Inc. | 0.53% | 4,143,744 | $32.8M | No change |
| GEO The Geo Group Inc. | 0.48% | 1,247,393 | $29.9M | Add +84.6% |
| MATV Mativ Holdings Inc. | 0.44% | 3,982,442 | $27.2M | Reduce -0.4% |
| CMPR Cimpress PLC | 0.42% | 561,429 | $26.4M | New |
| IAS Integral Ad Science Holding | 0.40% | 2,971,951 | $24.7M | Reduce -6.2% |
| MGTX Meiragtx Holdings PLC | 0.39% | 3,726,451 | $24.3M | Add +109.8% |
| SPRY Ars Pharmaceuticals Inc. | 0.36% | 1,294,878 | $22.6M | Add +25.8% |
| SUPN Supernus Pharmaceuticals Inc. | 0.35% | 695,039 | $21.9M | New |
| TSAT Telesat Corp. | 0.33% | 843,781 | $20.6M | Reduce -1.8% |
| CEG Constellation Energy | 0.28% | 54,507 | $17.6M | New |
| SCPH Scpharmaceuticals Inc. | 0.28% | 4,601,977 | $17.5M | Reduce -3.6% |
| ZVRA Zevra Therapeutics Inc. | 0.28% | 1,958,318 | $17.3M | Add +60.8% |
| CXW Corecivic Inc. | 0.28% | 815,280 | $17.2M | Add +107.0% |
| ANIP Ani Pharmaceuticals Inc. | 0.27% | 257,669 | $16.8M | Add +354.7% |
| TH Target Hospitality Corp. | 0.25% | 2,189,456 | $15.6M | Add +9.5% |
| SEG Seaport Entertainment Group | 0.17% | 568,530 | $10.6M | Reduce -0.8% |
| EMBC Embecta Corp. | 0.16% | 1,037,416 | $10.1M | Reduce -4.6% |
| ABUS Arbutus Biopharma Corp. | 0.08% | 1,575,376 | $4.9M | Reduce -6.3% |
| MYPS Playstudios Inc. | 0.06% | 2,697,384 | $3.5M | Reduce -0.5% |
| EDSA Edesa Biotech Inc. | 0.02% | 687,500 | $1.4M | No change |
| TXMD Therapeuticsmd Inc. | 0.02% | 1,192,191 | $1.4M | No change |
| CHRS Coherus Oncology Inc. | 0.01% | 867,800 | $635K | Reduce -83.5% |
| OVID Ovid Therapeutics Inc. | 0.00% | 478,533 | $158K | Reduce -91.0% |
Options reported separately and not counted above: XBI puts ($165.9M), TSLA puts ($136.6M), HIMS puts ($99.7M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.7M (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 | $1.7M | No change |
Total filed on the 13F, all lines: $6.2B.
Portfolio Sells Q1 2025 → Q2 2025
| QDEL Quidelortho Corp. | Reduce -24.5% | 2.15% | −1.70 |
| FLG Flagstar Bank NA | Sold out | 0.00% | −1.34 |
| COOP Mr Cooper Group Inc. | Reduce -63.3% | 0.81% | −1.16 |
| DOLE Dole PLC | Sold out | 0.00% | −1.08 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −1.00 |
| TLN Talen Energy Corp. | Reduce -26.4% | 21.07% | −0.84 |
| MD Pediatrix Medical Group Inc. | Sold out | 0.00% | −0.81 |
| PLAB Photronics Inc. | Sold out | 0.00% | −0.69 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -2.0% | 2.42% | −0.65 |
| SIMO Silicon Motion Technol-ADR | Sold out | 0.00% | −0.64 |
| ADPT Adaptive Biotechnologies | Reduce -52.3% | 1.17% | −0.57 |
| FNA Paragon 28 Inc. | Sold out | 0.00% | −0.44 |
| OPK Opko Health Inc. | Reduce -1.9% | 1.01% | −0.43 |
| LBTYA Liberty Global Ltd. Class A | Reduce -5.2% | 0.92% | −0.32 |
| LBTYK Liberty Global Ltd. Class C | Reduce -0.1% | 0.55% | −0.16 |
| OABI Omniab Inc. | Sold out | 0.00% | −0.12 |
| EMBC Embecta Corp. | Reduce -4.6% | 0.16% | −0.09 |
| CHRS Coherus Oncology Inc. | Reduce -83.5% | 0.01% | −0.07 |
| IAS Integral Ad Science Holding | Reduce -6.2% | 0.40% | −0.06 |
| ADEA Adeia Inc. | Reduce -1.2% | 0.97% | −0.05 |
| SEG Seaport Entertainment Group | Reduce -0.8% | 0.17% | −0.05 |
| BGC BGC Group Inc. Class A | Reduce -1.3% | 2.80% | −0.03 |
| OVID Ovid Therapeutics Inc. | Reduce -91.0% | 0.00% | −0.03 |
| ABUS Arbutus Biopharma Corp. | Reduce -6.3% | 0.08% | −0.03 |
| HOWL Werewolf Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| MATV Mativ Holdings Inc. | Reduce -0.4% | 0.44% | −0.01 |
| MYPS Playstudios Inc. | Reduce -0.5% | 0.06% | −0.00 |
| TSAT Telesat Corp. | Reduce -1.8% | 0.33% | +0.04 |
| SCPH Scpharmaceuticals Inc. | Reduce -3.6% | 0.28% | +0.06 |
| RNW Renew Energy Global PLC-A | Reduce -0.6% | 1.60% | +0.07 |
Portfolio Buys Q1 2025 → Q2 2025
| FLR Fluor Corp. | New | 3.30% | +3.30 |
| VST Vistra Corp. | Add +50.6% | 4.44% | +2.45 |
| VTRS Viatris Inc. | New | 1.72% | +1.72 |
| FTAI Ftai Aviation Ltd. | Add +28.3% | 6.28% | +1.02 |
| PCG P G & E Corp. | New | 0.81% | +0.81 |
| TAC Transalta Corp. | Add +32.9% | 2.77% | +0.76 |
| ECVT Ecovyst Inc. | New | 0.62% | +0.62 |
| PRLB Proto Labs Inc. | Add +791.9% | 0.67% | +0.59 |
| INDV Indivior Ltd. | Add +31.6% | 1.10% | +0.50 |
| ROIV Roivant Sciences Ltd. | Add +14.7% | 3.69% | +0.48 |
| CMPR Cimpress PLC | New | 0.42% | +0.42 |
| MCY Mercury General Corp. | Add +12.8% | 2.23% | +0.40 |
| KNSA Kiniksa Pharmaceuticals Inte | Add +15.6% | 1.74% | +0.39 |
| SUPN Supernus Pharmaceuticals Inc. | New | 0.35% | +0.35 |
| CEG Constellation Energy | New | 0.28% | +0.28 |
| SSYS Stratasys Ltd. | Add +18.3% | 1.44% | +0.28 |
| TRVI Trevi Therapeutics Inc. | Add +88.0% | 0.75% | +0.24 |
| CNNE Cannae Holdings Inc. | Add +41.3% | 0.71% | +0.22 |
| ANIP Ani Pharmaceuticals Inc. | Add +354.7% | 0.27% | +0.20 |
| MGTX Meiragtx Holdings PLC | Add +109.8% | 0.39% | +0.17 |
| CXW Corecivic Inc. | Add +107.0% | 0.28% | +0.13 |
| SPRY Ars Pharmaceuticals Inc. | Add +25.8% | 0.36% | +0.13 |
| GEO The Geo Group Inc. | Add +84.6% | 0.48% | +0.13 |
| ZVRA Zevra Therapeutics Inc. | Add +60.8% | 0.28% | +0.11 |
| ZYME Zymeworks Inc. | Add +8.6% | 0.95% | +0.02 |
| TH Target Hospitality Corp. | Add +9.5% | 0.25% | +0.01 |
| TEVA Teva Pharmaceutical-SP ADR | Add +1.8% | 7.01% | −0.03 |
| GLNG Golar LNG Ltd. | Add +2.3% | 6.08% | −0.03 |
| SDGR Schrodinger Inc. | Add +4.2% | 1.62% | −0.08 |
| AMRX Amneal Pharmaceuticals Inc. | Add +9.1% | 1.52% | −0.09 |
| ALIT Alight Inc. Class A | Add +10.8% | 1.79% | −0.10 |
| COLL Collegium Pharmaceutical Inc. | Add +5.3% | 1.50% | −0.10 |
| IART Integra Lifesciences Holding | Add +58.4% | 1.45% | −0.38 |
| OFIX Orthofix Medical Inc. | Add +0.7% | 0.67% | −0.41 |
| NFE New Fortress Energy Inc. | Add +0.3% | 1.30% | −2.32 |
Options Activity Q1 2025 → Q2 2025
| XBI SS SPDR S&P Biotech ETF | put | New | 2,000,000 | $165.9M |
| TSLA Tesla Inc. | put | New | 430,000 | $136.6M |
| HIMS Hims & Hers Health Inc. | put | New | 2,000,000 | $99.7M |
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 | 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 |