PointState Capital LP
Long book
$4.31B
Q1 2026
Positions
42
Top-10 weight
55%
concentration
Last quarter
+21.1%
SPY +14.8%
Turnover
54%
of book per quarter
Strategy in plain words
auto-generated from filingsPointState Capital LP is a concentrated fundamental stock-picker, running a $4.31B US long book across 42 positions.
The portfolio is concentrated: the top 10 names carry 55% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: P G & E CORP, CEMEX SAB-SPONS ADR PART CER, DOORDASH INC - A, NVENT ELECTRIC PLC, BLOCK INC.
Over the last 9 quarters its long book ran on average 3.9pp per quarter ahead of the S&P 500, beating the index in 7 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.4%
Q2 2024
+11.8%
Q3 2024
+15.1%
Q4 2024
-12.4%
Q1 2025
+19.0%
Q2 2025
+14.5%
Q3 2025
+9.1%
Q4 2025
-7.5%
Q1 2026
+21.1%
Sector allocation
Technology 24%
Services media 17%
Industrials 16%
Utilities 12%
Other 9%
Healthcare 9%
Consumer discretionary 8%
Financials 5%
Long book by quarter
What does PointState Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PCG P G & E CORP | Utilities | 21.5M | $377.2M | 8.8% | +82.0% |
| DASH DOORDASH INC - A | Services media | 1.8M | $274.8M | 6.4% | +235.4% |
| NVT NVENT ELECTRIC PLC | Industrials | 2.2M | $259.8M | 6.0% | -7.7% |
| XYZ BLOCK INC | Technology | 4.0M | $239.4M | 5.6% | +93.4% |
| Q QNITY ELECTRONICS INC | Technology | 1.7M | $200.5M | 4.7% | New |
| ARMK ARAMARK | Consumer discretionary | 4.5M | $183.7M | 4.3% | -4.3% |
| RBRK RUBRIK INC-A | Technology | 3.6M | $178.6M | 4.1% | +73.6% |
| GRAB GRAB HOLDINGS LTD - CL A | Services media | 42.3M | $154.7M | 3.6% | +29.8% |
| WAB WABTEC CORP | Industrials | 600.7K | $150.1M | 3.5% | +7.6% |
| NTRA NATERA INC | Healthcare | 739.9K | $148.0M | 3.4% | +3.4% |
| PPB FLUTTER ENTERTAINMENT PLC-DI | — | 1.4M | $144.4M | 3.4% | +1.2% |
| CAI CARIS LIFE SCIENCES INC | Healthcare | 7.4M | $131.6M | 3.1% | +9.6% |
| ENTG ENTEGRIS INC | Other | 1.1M | $130.4M | 3.0% | New |
| GLNG GOLAR LNG LTD | Industrials | 2.3M | $127.0M | 2.9% | -40.3% |
| STUB STUBHUB HOLDINGS INC-CLASS A | Services media | 20.1M | $125.6M | 2.9% | -18.9% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 682.1K | $124.4M | 2.9% | -10.0% |
| WAY WAYSTAR HOLDING CORP | Technology | 3.8M | $90.8M | 2.1% | +35.9% |
| WCC WESCO INTERNATIONAL INC | Consumer discretionary | 295.1K | $80.7M | 1.9% | -51.8% |
| RMBS RAMBUS INC | Technology | 701.3K | $60.3M | 1.4% | New |
| LYB LYONDELLBASELL INDU-CL A | Other | 616.8K | $49.7M | 1.2% | New |
| META META PLATFORMS INC-CLASS A | Technology | 72.7K | $41.6M | 1.0% | New |
| RKT ROCKET COS INC-CLASS A | Financials | 2.8M | $40.2M | 0.9% | -54.7% |
| DOW DOW INC | Materials | 903.0K | $37.6M | 0.9% | New |
| LTH LIFE TIME GROUP HOLDINGS INC | Services media | 907.9K | $24.5M | 0.6% | New |
| VG VENTURE GLOBAL INC-CL A | Utilities | 1.5M | $23.1M | 0.5% | New |
| ILMN ILLUMINA INC | Healthcare | 148.5K | $18.3M | 0.4% | -72.1% |
| CPNG COUPANG INC | Consumer discretionary | 737.7K | $13.9M | 0.3% | -90.6% |
| MT ARCELORMITTAL-NY REGISTERED | Industrials | 125.1K | $6.5M | 0.2% | New |
| VISN VISTANCE NETWORKS INC | Technology | 293.4K | $5.3M | 0.1% | New |
| CRS CARPENTER TECHNOLOGY | Industrials | 12.9K | $5.1M | 0.1% | -97.9% |
| FCX FREEPORT-MCMORAN INC | Materials | 9.3K | $547K | 0.0% | -99.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 46 | $7.90B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 60 | $6.79B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 58 | $6.70B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 53 | $6.56B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 47 | $6.90B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 50 | $5.49B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 53 | $5.51B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 64 | $4.60B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 61 | $5.84B | canonical | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP