Great investors · John Paulson · Q3 2025
What John Paulson bought and sold in Q3 2025
Paulson & Co. 13F portfolio as of Sep 30, 2025: 10 positions worth $3.0 bn. Largest: MDGL, PPTA, BHC, AAMI. Filed with the SEC on Nov 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 Q3 2025
- IncreasedBausch Health CompaniesBHC+8.2 pp
Sells in Q3 2025
- ReducedMadrigal PharmaceuticalsMDGL−2.8 pp
- ReducedAcadian Asset ManagementAAMI−2.0 pp
- Sold outSeabridge GoldSA−1.0 pp
4 companies with material moves, out of 7 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 Q3 2025 13F lists 10 lines of US-listed securities worth $3.0 bn; the largest is MDGL at 29.5% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:32 PM ET.
Against the previous quarter, it opened no new positions, closed 4 (SA, EQX, IAG and GOOG), added to 1 (BHC) and trimmed 2 (MDGL and AAMI). 7 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Madrigal Pharmaceuticals MDGL | 1.9 M | $875M | 29.5% | −8.7% |
| 2 | Perpetua Resources PPTA | 32.3 M | $654M | 22.0% | no change |
| 3 | Bausch Health Companies BHC | 70.8 M | $456M | 15.4% | +116% |
| 4 | Acadian Asset Management AAMI | 7.7 M | $373M | 12.6% | −13% |
| 5 | Novagold Resources NG | 27.2 M | $240M | 8.07% | no change |
| 6 | Agnico Eagle Mines AEM | 783,561 | $132M | 4.45% | no change |
| 7 | International Tower Hill Mines THM | 70.2 M | $115M | 3.88% | no change |
| 8 | Thryv Holdings THRY | 4.3 M | $51.6M | 1.74% | no change |
| 9 | Honeywell International HON | 200,000 | $42.1M | 1.42% | no change |
| 10 | Trilogy Metals TMQ | 14.3 M | $30.1M | 1.01% | no change |
Positions it closed (4)
- Seabridge Gold SAwas 1.49% · 2.1 M shares
- Equinox Gold EQXwas 0.71% · 2.5 M shares
- Iamgold IAGwas 0.68% · 1.9 M shares
- Alphabet GOOGwas 0.08% · 9,000 shares
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.