Rubric Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Rubric Capital Management LP reported 75 stock positions worth $8.4 billion. Its top holding was Talen Energy (TLN) at 16.2% of the portfolio, followed by Ftai Aviation (FTAI, 8.7%) and Teva Pharmaceutical-SP ADR (TEVA, 8.0%). Compared with Q3 2025, it opened 16 new positions, sold out of 10, added to 20 and reduced 17. The biggest buy was a new position in Vistra (VST) and the biggest sale Roivant Sciences (ROIV, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001687509
- Portfolio Value
- $8.4B (Q4 2025)
- SEC Filing
- 0001104659-26-015172 ↗ filed Feb 13, 2026
Holdings Value
Holdings 75 stocks · $8.4B
| TLN Talen Energy Corp. | 16.15% | 3,602,171 | $1.4B | No change |
| FTAI Ftai Aviation Ltd. | 8.71% | 3,700,000 | $728.3M | Add +10.1% |
| TEVA Teva Pharmaceutical-SP ADR | 7.97% | 21,355,510 | $666.5M | Reduce -13.4% |
| GLNG Golar LNG Ltd. | 4.09% | 9,178,978 | $341.5M | No change |
| VST Vistra Corp. | 3.86% | 2,000,000 | $322.7M | New |
| VTRS Viatris Inc. | 3.80% | 25,500,000 | $317.5M | Add +65.8% |
| ARQT Arcutis Biotherapeutics Inc. | 2.87% | 8,271,577 | $240.2M | Reduce -23.1% |
| CEG Constellation Energy | 2.83% | 670,000 | $236.7M | New |
| TAC Transalta Corp. | 2.69% | 17,781,325 | $224.8M | Add +11.5% |
| ROIV Roivant Sciences Ltd. | 2.34% | 9,000,000 | $195.3M | Reduce -55.0% |
| MCY Mercury General Corp. | 2.31% | 2,054,504 | $193.2M | No change |
| BGC BGC Group Inc. Class A | 2.24% | 21,000,000 | $187.5M | Add +16.7% |
| FLR Fluor Corp. | 1.96% | 4,143,808 | $164.2M | Reduce -7.9% |
| AMRX Amneal Pharmaceuticals Inc. | 1.86% | 12,334,941 | $155.4M | No change |
| ZYME Zymeworks Inc. | 1.81% | 5,750,000 | $151.4M | Add +22.1% |
| KNSA Kiniksa Pharmaceuticals Inte | 1.64% | 3,328,653 | $137.3M | Reduce -16.8% |
| LBTYA Liberty Global Ltd. Class A | 1.33% | 10,018,432 | $111.6M | Add +29.3% |
| QDEL Quidelortho Corp. | 1.29% | 3,777,157 | $107.9M | Reduce -18.6% |
| AKAM Akamai Technologies Inc. | 1.25% | 1,200,000 | $104.7M | New |
| ECVT Ecovyst Inc. | 1.22% | 10,500,000 | $102.2M | Add +1.0% |
| CMPR Cimpress PLC | 1.21% | 1,525,000 | $101.5M | Add +29.1% |
| IART Integra Lifesciences Holding | 1.15% | 7,753,934 | $96.3M | Add +1.3% |
| DK Delek US Holdings Inc. | 0.95% | 2,687,449 | $79.7M | No change |
| LILAK Liberty Latin Americ Class C | 0.95% | 10,656,935 | $79.5M | Add +3.9% |
| TDS Telephone and Data Systems | 0.91% | 1,850,000 | $75.8M | Add +15.6% |
| SDGR Schrodinger Inc. | 0.89% | 4,171,498 | $74.6M | Reduce -20.8% |
| EOSE Eos Energy Enterprises Inc. | 0.89% | 6,500,000 | $74.5M | Reduce -36.9% |
| COMP Compass Inc. Class A | 0.89% | 7,000,000 | $74.0M | New |
| ADEA Adeia Inc. | 0.88% | 4,284,205 | $73.9M | No change |
| SPRY Ars Pharmaceuticals Inc. | 0.86% | 6,200,000 | $72.2M | Add +37.8% |
| COLL Collegium Pharmaceutical Inc. | 0.83% | 1,496,436 | $69.3M | Reduce -47.1% |
| LBTYK Liberty Global Ltd. Class C | 0.81% | 6,121,582 | $67.6M | Add +34.9% |
| ENOV Enovis Corp. | 0.78% | 2,453,265 | $65.4M | Reduce -10.8% |
| SSYS Stratasys Ltd. | 0.76% | 7,340,026 | $63.7M | Reduce -5.9% |
| ADM Archer-Daniels-Midland Co. | 0.76% | 1,101,583 | $63.3M | New |
| RNW Renew Energy Global PLC-A | 0.74% | 11,000,000 | $62.1M | Reduce -23.8% |
| BG Bunge Global SA | 0.72% | 676,510 | $60.3M | Add +259.2% |
| OPK Opko Health Inc. | 0.72% | 47,791,243 | $60.2M | No change |
| PRMB Primo Brands Corp. | 0.71% | 3,628,815 | $59.3M | New |
| PRLB Proto Labs Inc. | 0.68% | 1,123,338 | $56.8M | No change |
| OFIX Orthofix Medical Inc. | 0.67% | 3,721,715 | $56.4M | No change |
| GEO The Geo Group Inc. | 0.67% | 3,486,915 | $56.2M | Add +16.7% |
| ANDE The Andersons Inc. | 0.64% | 1,005,631 | $53.5M | New |
| MGTX Meiragtx Holdings PLC | 0.59% | 6,175,331 | $49.1M | Add +65.7% |
| MATV Mativ Holdings Inc. | 0.58% | 3,982,442 | $48.4M | No change |
| NWL Newell Brands Inc. | 0.58% | 13,000,000 | $48.4M | No change |
| TRVI Trevi Therapeutics Inc. | 0.56% | 3,766,749 | $47.2M | Reduce -55.9% |
| NRIX Nurix Therapeutics Inc. | 0.56% | 2,473,885 | $46.9M | New |
| MNKD Mannkind Corp. | 0.51% | 7,476,495 | $42.4M | Reduce -34.5% |
| HRTX Heron Therapeutics Inc. | 0.47% | 30,046,828 | $39.1M | Add +3.3% |
| CXW Corecivic Inc. | 0.45% | 1,961,446 | $37.5M | No change |
| PRTA Prothena Corp. PLC | 0.42% | 3,677,331 | $35.1M | Add +138.7% |
| GPK Graphic Packaging Holding Co. | 0.36% | 2,000,000 | $30.1M | New |
| NFE New Fortress Energy Inc. | 0.32% | 23,701,399 | $27.0M | Reduce -4.3% |
| TSAT Telesat Corp. | 0.29% | 843,781 | $24.6M | No change |
| DAR Darling Ingredients Inc. | 0.29% | 680,827 | $24.5M | New |
| XPER Xperi Inc. | 0.29% | 4,143,744 | $24.3M | No change |
| INDV Indivior Ltd. | 0.21% | 498,527 | $17.9M | Reduce -55.9% |
| TH Target Hospitality Corp. | 0.21% | 2,189,456 | $17.5M | No change |
| EPC Edgewell Personal Care Co. | 0.21% | 1,007,071 | $17.2M | New |
| CPRI Capri Holdings Ltd. | 0.20% | 675,000 | $16.5M | New |
| GIL Gildan Activewear Inc. | 0.19% | 256,398 | $16.0M | Add +204.3% |
| SW Smurfit Westrock PLC | 0.18% | 400,000 | $15.5M | New |
| CRI Carter's Inc. | 0.18% | 460,000 | $14.9M | New |
| LILA Liberty Latin Americ Class A | 0.17% | 1,943,065 | $14.4M | Add +11.5% |
| EMBC Embecta Corp. | 0.15% | 1,037,416 | $12.3M | No change |
| ACHC Acadia Healthcare Co. Inc. | 0.14% | 850,000 | $12.1M | Reduce -22.7% |
| SEG Seaport Entertainment Group | 0.13% | 568,530 | $11.2M | No change |
| STUB Stubhub Holdings Inc. Class A | 0.13% | 784,854 | $10.6M | New |
| ABUS Arbutus Biopharma Corp. | 0.09% | 1,575,376 | $7.6M | No change |
| MREO Mereo Biopharma Group PL-ADR | 0.08% | 15,307,347 | $6.4M | No change |
| HELE Helen of Troy Ltd. | 0.07% | 256,937 | $5.5M | New |
| TXMD Therapeuticsmd Inc. | 0.02% | 1,192,191 | $1.9M | No change |
| MYPS Playstudios Inc. | 0.02% | 2,697,384 | $1.8M | No change |
| EDSA Edesa Biotech Inc. | 0.01% | 687,500 | $976K | No change |
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: $8.4B.
Portfolio Sells Q3 2025 → Q4 2025
| ROIV Roivant Sciences Ltd. | Reduce -55.0% | 2.34% | −1.73 |
| BAX Baxter International Inc. | Sold out | 0.00% | −1.15 |
| RNW Renew Energy Global PLC-A | Reduce -23.8% | 0.74% | −0.75 |
| EOSE Eos Energy Enterprises Inc. | Reduce -36.9% | 0.89% | −0.68 |
| FLR Fluor Corp. | Reduce -7.9% | 1.96% | −0.58 |
| QDEL Quidelortho Corp. | Reduce -18.6% | 1.29% | −0.54 |
| SDGR Schrodinger Inc. | Reduce -20.8% | 0.89% | −0.53 |
| COLL Collegium Pharmaceutical Inc. | Reduce -47.1% | 0.83% | −0.50 |
| ALIT Alight Inc. Class A | Sold out | 0.00% | −0.50 |
| TRVI Trevi Therapeutics Inc. | Reduce -55.9% | 0.56% | −0.48 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -16.8% | 1.64% | −0.44 |
| ANIP Ani Pharmaceuticals Inc. | Sold out | 0.00% | −0.42 |
| NFE New Fortress Energy Inc. | Reduce -4.3% | 0.32% | −0.41 |
| SSYS Stratasys Ltd. | Reduce -5.9% | 0.76% | −0.41 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −0.39 |
| SUPN Supernus Pharmaceuticals Inc. | Sold out | 0.00% | −0.38 |
| TTI Tetra Technologies Inc. | Sold out | 0.00% | −0.35 |
| ENOV Enovis Corp. | Reduce -10.8% | 0.78% | −0.34 |
| CNNE Cannae Holdings Inc. | Sold out | 0.00% | −0.32 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −0.32 |
| MNKD Mannkind Corp. | Reduce -34.5% | 0.51% | −0.32 |
| ACHC Acadia Healthcare Co. Inc. | Reduce -22.7% | 0.14% | −0.22 |
| INDV Indivior Ltd. | Reduce -55.9% | 0.21% | −0.15 |
| MHK Mohawk Industries Inc. | Sold out | 0.00% | −0.15 |
| THS Treehouse Foods Inc. | Sold out | 0.00% | −0.02 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -23.1% | 2.87% | +0.15 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -13.4% | 7.97% | +1.28 |
Portfolio Buys Q3 2025 → Q4 2025
| VST Vistra Corp. | New | 3.86% | +3.86 |
| CEG Constellation Energy | New | 2.83% | +2.83 |
| VTRS Viatris Inc. | Add +65.8% | 3.80% | +1.75 |
| AKAM Akamai Technologies Inc. | New | 1.25% | +1.25 |
| FTAI Ftai Aviation Ltd. | Add +10.1% | 8.71% | +1.18 |
| COMP Compass Inc. Class A | New | 0.89% | +0.89 |
| ADM Archer-Daniels-Midland Co. | New | 0.76% | +0.76 |
| ZYME Zymeworks Inc. | Add +22.1% | 1.81% | +0.73 |
| PRMB Primo Brands Corp. | New | 0.71% | +0.71 |
| ANDE The Andersons Inc. | New | 0.64% | +0.64 |
| NRIX Nurix Therapeutics Inc. | New | 0.56% | +0.56 |
| BG Bunge Global SA | Add +259.2% | 0.72% | +0.52 |
| GPK Graphic Packaging Holding Co. | New | 0.36% | +0.36 |
| DAR Darling Ingredients Inc. | New | 0.29% | +0.29 |
| SPRY Ars Pharmaceuticals Inc. | Add +37.8% | 0.86% | +0.26 |
| PRTA Prothena Corp. PLC | Add +138.7% | 0.42% | +0.22 |
| CMPR Cimpress PLC | Add +29.1% | 1.21% | +0.21 |
| EPC Edgewell Personal Care Co. | New | 0.21% | +0.21 |
| CPRI Capri Holdings Ltd. | New | 0.20% | +0.20 |
| SW Smurfit Westrock PLC | New | 0.18% | +0.18 |
| CRI Carter's Inc. | New | 0.18% | +0.18 |
| MGTX Meiragtx Holdings PLC | Add +65.7% | 0.59% | +0.18 |
| LBTYA Liberty Global Ltd. Class A | Add +29.3% | 1.33% | +0.14 |
| STUB Stubhub Holdings Inc. Class A | New | 0.13% | +0.13 |
| GIL Gildan Activewear Inc. | Add +204.3% | 0.19% | +0.13 |
| LBTYK Liberty Global Ltd. Class C | Add +34.9% | 0.81% | +0.09 |
| HELE Helen of Troy Ltd. | New | 0.07% | +0.07 |
| TDS Telephone and Data Systems | Add +15.6% | 0.91% | +0.06 |
| ECVT Ecovyst Inc. | Add +1.0% | 1.22% | −0.00 |
| LILA Liberty Latin Americ Class A | Add +11.5% | 0.17% | −0.02 |
| HRTX Heron Therapeutics Inc. | Add +3.3% | 0.47% | −0.03 |
| BGC BGC Group Inc. Class A | Add +16.7% | 2.24% | −0.04 |
| GEO The Geo Group Inc. | Add +16.7% | 0.67% | −0.15 |
| LILAK Liberty Latin Americ Class C | Add +3.9% | 0.95% | −0.21 |
| TAC Transalta Corp. | Add +11.5% | 2.69% | −0.24 |
| IART Integra Lifesciences Holding | Add +1.3% | 1.15% | −0.32 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 1,400,000 | $932.7Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 2,000,000 | $483.9Mbefore 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 |