PAULSON & CO. INC.
Long book
$3.11B
Q1 2026
Positions
9
Top-10 weight
100%
concentration
Last quarter
-6.3%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsPAULSON & CO. INC. is a concentrated fundamental stock-picker, running a $3.11B US long book across 9 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: PERPETUA RESOURCES CORP, MADRIGAL PHARMACEUTICALS INC, ACADIAN ASSET MANAGEMENT INC, BAUSCH HEALTH COS INC, NOVAGOLD RESOURCES INC.
Over the last 9 quarters its long book ran on average 4.6pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.9%
Q2 2024
+6.3%
Q3 2024
+13.0%
Q4 2024
+1.7%
Q1 2025
+7.2%
Q2 2025
+48.4%
Q3 2025
+14.4%
Q4 2025
+1.3%
Q1 2026
-6.3%
Sector allocation
Materials 50%
Healthcare 36%
Financials 14%
Services media 1%
Other 0%
Long book by quarter
What does PAULSON & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PPTA PERPETUA RESOURCES CORP | Materials | 32.3M | $909.6M | 29.2% | Held |
| MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 1.4M | $728.8M | 23.4% | -18.5% |
| AAMI ACADIAN ASSET MANAGEMENT INC | Financials | 7.7M | $421.4M | 13.5% | Held |
| BHC BAUSCH HEALTH COS INC | Healthcare | 73.3M | $395.6M | 12.7% | Held |
| NG NOVAGOLD RESOURCES INC | Materials | 27.2M | $244.6M | 7.9% | Held |
| THM INTL TOWER HILL MINES LTD | Materials | 99.6M | $229.0M | 7.4% | +41.8% |
| AEM AGNICO EAGLE MINES LTD | Materials | 783.6K | $159.0M | 5.1% | Held |
| THRY THRYV HOLDINGS INC | Services media | 8.4M | $23.1M | 0.7% | +94.2% |
| AM6 AMICUS THERAPEUTICS INC | — | 32.4K | $469K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 9 | $3.11B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 9 | $3.26B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 10 | $2.97B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 15 | $2.01B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $1.75B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 13 | $1.65B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 15 | $1.43B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 16 | $1.35B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 18 | $1.45B | canonical | SEC ↗ |
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