Paulson & Co

Paulson & Co's latest 13F filing reveals a remarkably concentrated portfolio strategy, with the hedge fund's $3.0 trillion in assets under management deployed across just 10 positions. The fund demonstrates an exceptionally high conviction approach, with Madrigal Pharmaceuticals (MDGL) representing multiple substantial stakes totaling over $2.5 trillion across several entries, comprising roughly 100% of their disclosed equity holdings when combined. This pharmaceutical company specializing in liver disease treatments clearly represents Paulson's highest conviction play.

The portfolio's concentration extends beyond MDGL to include significant positions in Perpetua Resources (PPTA), with holdings exceeding $1.7 trillion across multiple entries, and Bausch Health Companies (BHC) with positions totaling nearly $1.0 trillion. The fund also maintains meaningful exposure to Angel Oak Mortgage (AAMI) with combined holdings of approximately $736 billion. This quarter showed remarkable portfolio stability, with zero new positions initiated and no complete exits, suggesting Paulson is maintaining strong conviction in their existing holdings despite the inherent volatility that comes with such concentration.

The absence of traditional diversification metrics and the apparent overlap in position reporting suggests either complex derivative structures or multiple share classes within these core holdings. This level of concentration, particularly the outsized bet on MDGL, reflects Paulson's event-driven investment philosophy, where the fund typically takes large positions in companies they believe are undergoing significant fundamental changes or catalysts that could drive substantial returns.

Analysis generated Apr 5, 2026