In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Slate Path Capital LP reported 43 stock positions worth $6.7 billion . Its top holding was Hewlett Packard Enterprise (HPE) at 8.2% of the portfolio, followed by Texas Instruments (TXN, 7.7% ) and On Semiconductor (ON, 7.2% ). Compared with Q4 2025, it opened 10 new positions, sold out of 17, added to 15 and reduced 13. The biggest buy was a new position in Texas Instruments (TXN) and the biggest sale an exit from Gitlab Class A (GTLB).
Location New York, NY
CIK 0001559706
Portfolio Value $6.7B (Q1 2026) Holdings 43 stocks · $6.7B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 HPE Hewlett Packard Enterprise 23,254,842 $553.7M Reduce -4.7% TXN Texas Instruments Inc. 2,670,225 $518.4M New ON On Semiconductor 7,798,800 $482.9M Reduce -25.6% NUE Nucor Corp. 2,041,470 $345.2M Add +22.7% RKT Rocket Cos Inc. Class A 23,152,887 $329.9M Reduce -9.9% NOK Nokia Corp.-Spon ADR 35,838,802 $288.1M Add +6.4% Q Qnity Electronics Inc. 2,489,700 $287.3M Add +29.9% UAL United Airlines Holdings Inc. 3,113,052 $286.6M Add +64.7% KNX Knight-Swift Transportation 4,618,200 $265.9M Add +7.8% U Unity Software Inc. 11,349,752 $249.0M Add +38.4% EQT Eqt Corp. 3,886,288 $247.3M Reduce -38.0% GFS Globalfoundries Inc. 5,042,300 $224.3M Add +3.8% STM Stmicroelectronics NV-NY SHS 6,125,400 $211.6M Add +16.0% AMRZ Amrize Ltd. 3,752,947 $210.2M Reduce -36.0% FCX Freeport-McMoran Inc. 3,468,900 $203.9M Reduce -32.7% RIG Transocean Ltd. 30,062,100 $199.3M New DAL Delta Air Lines Inc. 2,966,548 $197.2M Add +1.4% UNP Union Pacific Corp. 732,804 $177.8M Reduce -2.3% CLF Cleveland-Cliffs Inc. 19,243,981 $162.6M Reduce -14.2% AER Aercap Holdings NV 974,544 $133.7M Add +3.9% IP International Paper Co. 3,379,676 $120.7M Add +31.1% SAIA Saia Inc. 308,000 $108.2M New GEV GE Vernova Inc. 116,558 $101.7M Reduce -2.2% JHX James Hardie Ind PLC 5,364,500 $101.6M No change TWLO Twilio Inc. Class A 742,810 $93.5M Reduce -52.5% HUM Humana Inc. 459,700 $79.7M Reduce -51.8% AAL American Airlines Group Inc. 6,471,684 $69.5M Reduce -28.4% WOLF Wolfspeed Inc. 4,438,156 $68.5M New FIGR Figure Technology Solut Class A 2,002,100 $68.0M Add +8.0% PSKY Paramount Skydance Class B 7,512,784 $67.8M Add +47.5% COIN Coinbase Global Inc. Class A 263,379 $46.0M Add +4.5% SEDG Solaredge Technologies Inc. 736,700 $37.6M New WHR Whirlpool Corp. 662,300 $35.7M Add +52.7% ENPH Enphase Energy Inc. 909,900 $34.4M New SNAP Snap Inc. Class A 7,287,400 $33.5M New TE T1 Energy Inc. 6,287,300 $27.6M New XPO Xpo Inc. 100,600 $19.6M New EXE Expand Energy Corp. 133,555 $14.7M Reduce -91.5% NAMS Newamsterdam Pharma Co. NV 319,000 $10.2M No change STUB Stubhub Holdings Inc. Class A 1,459,200 $9.1M No change SW Smurfit Westrock PLC 186,684 $7.4M New TVRD Tvardi Therapeutics Inc. 704,118 $2.2M No change LAB Standard Biotools Inc. 1,615,000 $1.5M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $87K (not counted above) Security Class Shares / Principal Value Change AUROW Aurora Innovation Inc. -CW28 *W EXP 11/03/202 437,500 $87K No change
Total filed on the 13F, all lines: $6.7B.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ GTLB Gitlab Inc. Class A Sold out 0.00% −3.02 ARWR Arrowhead Pharmaceuticals Inc. Sold out 0.00% −2.26 EXE Expand Energy Corp. Reduce -91.5% 0.22% −2.12 HUM Humana Inc. Reduce -51.8% 1.18% −2.11 RKT Rocket Cos Inc. Class A Reduce -9.9% 4.90% −1.81 TWLO Twilio Inc. Class A Reduce -52.5% 1.39% −1.61 CLF Cleveland-Cliffs Inc. Reduce -14.2% 2.41% −1.60 AMRZ Amrize Ltd. Reduce -36.0% 3.12% −1.15 GLW Corning Inc. Sold out 0.00% −1.03 NKE Nike Inc. Class B Sold out 0.00% −0.95 PAAS Pan American Silver Corp. Sold out 0.00% −0.93 APTV Aptiv PLC Sold out 0.00% −0.92 EQT Eqt Corp. Reduce -38.0% 3.67% −0.86 AAL American Airlines Group Inc. Reduce -28.4% 1.03% −0.84 AMBA Ambarella Inc. Sold out 0.00% −0.78 WDC Western Digital Corp. Sold out 0.00% −0.75 FISV Fiserv Inc. Sold out 0.00% −0.66 FCX Freeport-McMoran Inc. Reduce -32.7% 3.03% −0.50 ON On Semiconductor Reduce -25.6% 7.17% −0.48 NVTS Navitas Semiconductor Corp. Sold out 0.00% −0.28 LULU Lululemon Athletica Inc. Sold out 0.00% −0.25 OUST Ouster Inc. Sold out 0.00% −0.24 CSX CSX Corp. Sold out 0.00% −0.23 B Barrick Mining Corp. Sold out 0.00% −0.15 NEM Newmont Corp. Sold out 0.00% −0.15 NYT New York Times Co. Class A Sold out 0.00% −0.13 KRE SS SPDR S&P Regional Bank Sold out 0.00% −0.11 UNP Union Pacific Corp. Reduce -2.3% 2.64% +0.30 HPE Hewlett Packard Enterprise Reduce -4.7% 8.22% +0.32 GEV GE Vernova Inc. Reduce -2.2% 1.51% +0.46
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ TXN Texas Instruments Inc. New 7.70% +7.70 RIG Transocean Ltd. New 2.96% +2.96 Q Qnity Electronics Inc. Add +29.9% 4.27% +2.16 SAIA Saia Inc. New 1.61% +1.61 NUE Nucor Corp. Add +22.7% 5.13% +1.47 UAL United Airlines Holdings Inc. Add +64.7% 4.26% +1.41 NOK Nokia Corp.-Spon ADR Add +6.4% 4.28% +1.34 STM Stmicroelectronics NV-NY SHS Add +16.0% 3.14% +1.30 GFS Globalfoundries Inc. Add +3.8% 3.33% +1.04 WOLF Wolfspeed Inc. New 1.02% +1.02 KNX Knight-Swift Transportation Add +7.8% 3.95% +0.93 SEDG Solaredge Technologies Inc. New 0.56% +0.56 ENPH Enphase Energy Inc. New 0.51% +0.51 SNAP Snap Inc. Class A New 0.50% +0.50 IP International Paper Co. Add +31.1% 1.79% +0.42 TE T1 Energy Inc. New 0.41% +0.41 XPO Xpo Inc. New 0.29% +0.29 DAL Delta Air Lines Inc. Add +1.4% 2.93% +0.19 AER Aercap Holdings NV Add +3.9% 1.99% +0.17 SW Smurfit Westrock PLC New 0.11% +0.11 WHR Whirlpool Corp. Add +52.7% 0.53% +0.11 PSKY Paramount Skydance Class B Add +47.5% 1.01% +0.09 FIGR Figure Technology Solut Class A Add +8.0% 1.01% −0.01 COIN Coinbase Global Inc. Class A Add +4.5% 0.68% −0.09 U Unity Software Inc. Add +38.4% 3.70% −1.19
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 39 $7.2B UNP, U, UAL, HUM, STM Q1 2026 43 $6.7B HPE, TXN, ON, NUE, RKT Q4 2025 50 $7.4B HPE, ON, RKT, U, EQT Q3 2025 50 $6.5B HPE, U, UNP, EQT, SNDK Q2 2025 42 $5.8B U, WDC, STX, HPE, MU Q1 2025 49 $5.5B U, WDC, STX, BABA, WBD Q4 2024 50 $5.5B WDC, STX, HPE, CSCO, WBD Q3 2024 61 $6.0B WDC, STX, DAL, UAL, TEVA Q2 2024 55 $4.9B TEVA, STX, WDC, HPE, SE Q1 2024 59 $5.0B TEVA, WDC, STX, GDX, TECK