Rubric Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Rubric Capital Management LP reported 69 stock positions worth $7.4 billion. Its top holding was Talen Energy (TLN) at 20.6% of the portfolio, followed by Ftai Aviation (FTAI, 7.5%) and Teva Pharmaceutical-SP ADR (TEVA, 6.7%). Compared with Q2 2025, it opened 16 new positions, sold out of 9, added to 19 and reduced 9. The biggest buy was a new position in Eos Energy Enterprises (EOSE) and the biggest sale an exit from Vistra (VST).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001687509
- Portfolio Value
- $7.4B (Q3 2025)
- SEC Filing
- 0001104659-25-112706 ↗ filed Nov 14, 2025
Holdings Value
Holdings 69 stocks · $7.4B
| TLN Talen Energy Corp. | 20.58% | 3,602,171 | $1.5B | Reduce -20.1% |
| FTAI Ftai Aviation Ltd. | 7.53% | 3,360,553 | $560.7M | Reduce -1.0% |
| TEVA Teva Pharmaceutical-SP ADR | 6.69% | 24,650,000 | $497.9M | Reduce -5.2% |
| GLNG Golar LNG Ltd. | 4.98% | 9,178,978 | $370.9M | No change |
| ROIV Roivant Sciences Ltd. | 4.06% | 20,000,000 | $302.6M | Reduce -1.8% |
| TAC Transalta Corp. | 2.93% | 15,948,451 | $218.0M | No change |
| ARQT Arcutis Biotherapeutics Inc. | 2.72% | 10,749,457 | $202.6M | No change |
| FLR Fluor Corp. | 2.54% | 4,500,000 | $189.3M | Add +12.5% |
| MCY Mercury General Corp. | 2.34% | 2,054,504 | $174.2M | No change |
| BGC BGC Group Inc. Class A | 2.29% | 18,000,000 | $170.3M | Add +5.8% |
| KNSA Kiniksa Pharmaceuticals Inte | 2.09% | 4,000,000 | $155.3M | Add +2.3% |
| VTRS Viatris Inc. | 2.05% | 15,385,000 | $152.3M | Add +28.2% |
| QDEL Quidelortho Corp. | 1.83% | 4,637,738 | $136.6M | No change |
| AMRX Amneal Pharmaceuticals Inc. | 1.66% | 12,334,941 | $123.5M | Add +5.3% |
| EOSE Eos Energy Enterprises Inc. | 1.58% | 10,300,000 | $117.3M | New |
| RNW Renew Energy Global PLC-A | 1.49% | 14,438,061 | $111.2M | No change |
| IART Integra Lifesciences Holding | 1.47% | 7,653,934 | $109.7M | Add +4.1% |
| SDGR Schrodinger Inc. | 1.42% | 5,268,817 | $105.7M | Add +5.4% |
| COLL Collegium Pharmaceutical Inc. | 1.33% | 2,826,498 | $98.9M | Reduce -10.5% |
| ECVT Ecovyst Inc. | 1.22% | 10,400,000 | $91.1M | Add +120.9% |
| LBTYA Liberty Global Ltd. Class A | 1.19% | 7,750,367 | $88.8M | Add +36.2% |
| SSYS Stratasys Ltd. | 1.17% | 7,803,097 | $87.4M | No change |
| DK Delek US Holdings Inc. | 1.17% | 2,687,449 | $86.7M | No change |
| LILAK Liberty Latin Americ Class C | 1.16% | 10,256,935 | $86.6M | New |
| BAX Baxter International Inc. | 1.15% | 3,774,889 | $86.0M | New |
| ENOV Enovis Corp. | 1.12% | 2,750,000 | $83.4M | New |
| ZYME Zymeworks Inc. | 1.08% | 4,710,551 | $80.5M | No change |
| TRVI Trevi Therapeutics Inc. | 1.05% | 8,531,860 | $78.1M | No change |
| CMPR Cimpress PLC | 1.00% | 1,180,789 | $74.4M | Add +110.3% |
| OPK Opko Health Inc. | 1.00% | 47,791,243 | $74.1M | No change |
| ADEA Adeia Inc. | 0.97% | 4,284,205 | $72.0M | No change |
| NWL Newell Brands Inc. | 0.92% | 13,000,000 | $68.1M | New |
| TDS Telephone and Data Systems | 0.84% | 1,600,000 | $62.8M | New |
| MNKD Mannkind Corp. | 0.82% | 11,414,671 | $61.3M | New |
| GEO The Geo Group Inc. | 0.82% | 2,986,915 | $61.2M | Add +139.4% |
| PRLB Proto Labs Inc. | 0.75% | 1,123,338 | $56.2M | Add +8.6% |
| NFE New Fortress Energy Inc. | 0.74% | 24,767,087 | $54.7M | Add +1.5% |
| OFIX Orthofix Medical Inc. | 0.73% | 3,721,715 | $54.5M | No change |
| LBTYK Liberty Global Ltd. Class C | 0.72% | 4,538,570 | $53.3M | Add +38.0% |
| SPRY Ars Pharmaceuticals Inc. | 0.61% | 4,500,000 | $45.2M | Add +247.5% |
| MATV Mativ Holdings Inc. | 0.60% | 3,982,442 | $45.0M | No change |
| CXW Corecivic Inc. | 0.54% | 1,961,446 | $39.9M | Add +140.6% |
| ALIT Alight Inc. Class A | 0.50% | 11,398,583 | $37.2M | Reduce -41.9% |
| HRTX Heron Therapeutics Inc. | 0.49% | 29,100,728 | $36.7M | Add +8.9% |
| MREO Mereo Biopharma Group PL-ADR | 0.42% | 15,307,347 | $31.5M | No change |
| ANIP Ani Pharmaceuticals Inc. | 0.42% | 343,414 | $31.5M | Add +33.3% |
| MGTX Meiragtx Holdings PLC | 0.41% | 3,726,451 | $30.7M | No change |
| SCPH Scpharmaceuticals Inc. | 0.39% | 5,101,886 | $28.9M | Add +10.9% |
| SUPN Supernus Pharmaceuticals Inc. | 0.38% | 595,366 | $28.5M | Reduce -14.3% |
| INDV Indivior Ltd. | 0.37% | 1,130,961 | $27.3M | Reduce -75.7% |
| ACHC Acadia Healthcare Co. Inc. | 0.37% | 1,100,000 | $27.2M | New |
| XPER Xperi Inc. | 0.36% | 4,143,744 | $26.9M | No change |
| TTI Tetra Technologies Inc. | 0.35% | 4,529,783 | $26.0M | New |
| CNNE Cannae Holdings Inc. | 0.32% | 1,319,589 | $24.2M | Reduce -37.3% |
| DAWN Day One Biopharmaceuticals I | 0.32% | 3,377,071 | $23.8M | New |
| TSAT Telesat Corp. | 0.30% | 843,781 | $22.4M | No change |
| TH Target Hospitality Corp. | 0.25% | 2,189,456 | $18.6M | No change |
| BG Bunge Global SA | 0.21% | 188,347 | $15.3M | New |
| PRTA Prothena Corp. PLC | 0.20% | 1,540,373 | $15.0M | New |
| EMBC Embecta Corp. | 0.20% | 1,037,416 | $14.6M | No change |
| LILA Liberty Latin Americ Class A | 0.19% | 1,743,065 | $14.5M | New |
| SEG Seaport Entertainment Group | 0.17% | 568,530 | $13.0M | No change |
| MHK Mohawk Industries Inc. | 0.15% | 85,726 | $11.1M | New |
| ABUS Arbutus Biopharma Corp. | 0.10% | 1,575,376 | $7.2M | No change |
| GIL Gildan Activewear Inc. | 0.07% | 84,252 | $4.9M | New |
| MYPS Playstudios Inc. | 0.03% | 2,697,384 | $2.6M | No change |
| EDSA Edesa Biotech Inc. | 0.02% | 687,500 | $1.7M | No change |
| THS Treehouse Foods Inc. | 0.02% | 70,372 | $1.4M | New |
| TXMD Therapeuticsmd Inc. | 0.02% | 1,192,191 | $1.3M | No change |
Options reported separately and not counted above: SPY puts ($932.7M), IWM puts ($483.9M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.9M (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 | $1.9M | No change |
Total filed on the 13F, all lines: $7.4B.
Portfolio Sells Q2 2025 → Q3 2025
| VST Vistra Corp. | Sold out | 0.00% | −4.44 |
| ALIT Alight Inc. Class A | Reduce -41.9% | 0.50% | −1.29 |
| ADPT Adaptive Biotechnologies | Sold out | 0.00% | −1.17 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.81 |
| PCG P G & E Corp. | Sold out | 0.00% | −0.81 |
| INDV Indivior Ltd. | Reduce -75.7% | 0.37% | −0.74 |
| TLN Talen Energy Corp. | Reduce -20.1% | 20.58% | −0.49 |
| IAS Integral Ad Science Holding | Sold out | 0.00% | −0.40 |
| CNNE Cannae Holdings Inc. | Reduce -37.3% | 0.32% | −0.38 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -5.2% | 6.69% | −0.32 |
| CEG Constellation Energy | Sold out | 0.00% | −0.28 |
| ZVRA Zevra Therapeutics Inc. | Sold out | 0.00% | −0.28 |
| COLL Collegium Pharmaceutical Inc. | Reduce -10.5% | 1.33% | −0.17 |
| CHRS Coherus Oncology Inc. | Sold out | 0.00% | −0.01 |
| OVID Ovid Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| SUPN Supernus Pharmaceuticals Inc. | Reduce -14.3% | 0.38% | +0.03 |
| ROIV Roivant Sciences Ltd. | Reduce -1.8% | 4.06% | +0.37 |
| FTAI Ftai Aviation Ltd. | Reduce -1.0% | 7.53% | +1.25 |
Portfolio Buys Q2 2025 → Q3 2025
| EOSE Eos Energy Enterprises Inc. | New | 1.58% | +1.58 |
| LILAK Liberty Latin Americ Class C | New | 1.16% | +1.16 |
| BAX Baxter International Inc. | New | 1.15% | +1.15 |
| ENOV Enovis Corp. | New | 1.12% | +1.12 |
| NWL Newell Brands Inc. | New | 0.92% | +0.92 |
| TDS Telephone and Data Systems | New | 0.84% | +0.84 |
| MNKD Mannkind Corp. | New | 0.82% | +0.82 |
| ECVT Ecovyst Inc. | Add +120.9% | 1.22% | +0.60 |
| CMPR Cimpress PLC | Add +110.3% | 1.00% | +0.58 |
| ACHC Acadia Healthcare Co. Inc. | New | 0.37% | +0.37 |
| TTI Tetra Technologies Inc. | New | 0.35% | +0.35 |
| KNSA Kiniksa Pharmaceuticals Inte | Add +2.3% | 2.09% | +0.35 |
| GEO The Geo Group Inc. | Add +139.4% | 0.82% | +0.34 |
| VTRS Viatris Inc. | Add +28.2% | 2.05% | +0.32 |
| DAWN Day One Biopharmaceuticals I | New | 0.32% | +0.32 |
| LBTYA Liberty Global Ltd. Class A | Add +36.2% | 1.19% | +0.28 |
| CXW Corecivic Inc. | Add +140.6% | 0.54% | +0.26 |
| SPRY Ars Pharmaceuticals Inc. | Add +247.5% | 0.61% | +0.24 |
| BG Bunge Global SA | New | 0.21% | +0.21 |
| PRTA Prothena Corp. PLC | New | 0.20% | +0.20 |
| LILA Liberty Latin Americ Class A | New | 0.19% | +0.19 |
| LBTYK Liberty Global Ltd. Class C | Add +38.0% | 0.72% | +0.17 |
| ANIP Ani Pharmaceuticals Inc. | Add +33.3% | 0.42% | +0.15 |
| MHK Mohawk Industries Inc. | New | 0.15% | +0.15 |
| AMRX Amneal Pharmaceuticals Inc. | Add +5.3% | 1.66% | +0.13 |
| SCPH Scpharmaceuticals Inc. | Add +10.9% | 0.39% | +0.11 |
| PRLB Proto Labs Inc. | Add +8.6% | 0.75% | +0.09 |
| GIL Gildan Activewear Inc. | New | 0.07% | +0.07 |
| IART Integra Lifesciences Holding | Add +4.1% | 1.47% | +0.02 |
| THS Treehouse Foods Inc. | New | 0.02% | +0.02 |
| SDGR Schrodinger Inc. | Add +5.4% | 1.42% | −0.20 |
| HRTX Heron Therapeutics Inc. | Add +8.9% | 0.49% | −0.40 |
| BGC BGC Group Inc. Class A | Add +5.8% | 2.29% | −0.51 |
| NFE New Fortress Energy Inc. | Add +1.5% | 0.74% | −0.57 |
| FLR Fluor Corp. | Add +12.5% | 2.54% | −0.76 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 1,400,000 | $932.7M |
| IWM iShares Russell 2000 ETF | put | New | 2,000,000 | $483.9M |
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 2,000,000 | $165.9Mbefore exit |
| TSLA Tesla Inc. | put | Sold out | 430,000 | $136.6Mbefore exit |
| HIMS Hims & Hers Health Inc. | put | Sold out | 2,000,000 | $99.7Mbefore 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 | 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 |