Great investors · John Paulson · Q2 2025
What John Paulson bought and sold in Q2 2025
Paulson & Co. 13F portfolio as of Jun 30, 2025: 15 positions worth $2.0 bn. Largest: MDGL, PPTA, AAMI, BHC. Filed with the SEC on Aug 14, 2025.
The 13F is filed by Paulson & Co., not by John Paulson personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q2 2025
- IncreasedPerpetua ResourcesPPTA+4.6 pp
- IncreasedBausch Health CompaniesBHC+2.1 pp
Sells in Q2 2025
No sale of 0.5 points of the portfolio or more this quarter.
2 companies with material moves, out of 4 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Paulson & Co.'s Q2 2025 13F lists 15 lines of US-listed securities worth $2.0 bn; the largest is MDGL at 31.4% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 5:09 PM ET.
Against the previous quarter, it opened 2 positions (JNPR and GOOG), closed none, added to 2 (PPTA and BHC) and trimmed none. 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Madrigal Pharmaceuticals MDGL | 2.1 M | $632M | 31.4% | no change |
| 2 | Perpetua Resources PPTA | 32.3 M | $393M | 19.5% | +31% |
| 3 | Acadian Asset Management AAMI | 9.0 M | $315M | 15.7% | no change |
| 4 | Bausch Health Companies BHC | 32.8 M | $218M | 10.9% | +24% |
| 5 | Novagold Resources NG | 27.2 M | $111M | 5.54% | no change |
| 6 | Agnico Eagle Mines AEM | 783,561 | $93.2M | 4.63% | no change |
| 7 | International Tower Hill Mines THM | 70.2 M | $60.1M | 2.99% | no change |
| 8 | Thryv Holdings THRY | 4.3 M | $52.0M | 2.59% | no change |
| 9 | Honeywell International HON | 200,000 | $46.6M | 2.32% | no change |
| 10 | Seabridge Gold SA | 2.1 M | $30.1M | 1.49% | no change |
| 11 | Trilogy Metals TMQ | 14.3 M | $19.3M | 0.96% | no change |
| 12 | Equinox Gold EQX | 2.5 M | $14.4M | 0.71% | no change |
| 13 | Iamgold IAG | 1.9 M | $13.6M | 0.68% | no change |
| 14 | Juniper Networks JNPR | 250,000 | $10.0M | 0.50% | new |
| 15 | Alphabet GOOG | 9,000 | $1.6M | 0.08% | new |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Paulson & Co.'s 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.