§ 13F · FUND PROFILE
Paulson & Co.
Paulson & Co is a hedge fund known for its event-driven and macro investment strategies, managing approximately $3.0 trillion in assets. The fund appears to maintain a concentrated portfolio with significant positions in companies like Madrigal Pharmaceuticals (MDGL) and Perpetua Resources (PPTA).
AUM · $2969.4T (13F)Positions · 10Turnover · — · Q4Filed · Feb 17, 2026
CONCENTRATION
—
Top 10 holdings
NEW BUYS
0
+$67.8T deployed
EXITS
0
No exits
SECTOR SHIFT
—
No prior quarter data
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 17, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | MDGL | MADRIGAL PHARMACEUTICALS INC | 1.71M | $994.4T | 30.5% | −10% |
| 2 | PPTA | PERPETUA RESOURCES CORP | 32.35M | $783.1T | 24.0% | ±0% |
| 3 | BHC | BAUSCH HEALTH COS INC | 73.26M | $509.1T | 15.6% | +4% |
| 4 | AAMI | ACADIAN ASSET MANAGEMENT INC | 7.74M | $363.9T | 11.2% | ±0% |
| 5 | NG | NOVAGOLD RES INC | 27.24M | $253.9T | 7.8% | ±0% |
| 6 | AEM | AGNICO EAGLE MINES LTD | 784K | $132.8T | 4.1% | ±0% |
| 7 | THM | INTERNATIONAL TOWER HILL MIN | 70.24M | $130.6T | 4.0% | ±0% |
| 8 | SOLS | SOLSTICE ADVANCED MATLS INC | 1.40M | $67.8T | 2.1% | NEW |
| 9 | THRY | THRYV HLDGS INC | 4.35M | $26.3T | 0.8% | +2% |
§ 02 · SECTOR ALLOCATION
Where the money is
Sector data pending
§ 03 · THE PAULSON SIGNAL
AC read
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.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Steady book
+0 buys · −0 exits · 0 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed