Great investors · John Paulson · Q4 2025
What John Paulson bought and sold in Q4 2025
Paulson & Co. 13F portfolio as of Dec 31, 2025: 9 positions worth $3.3 bn. Largest: MDGL, PPTA, BHC, AAMI. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- IncreasedBausch Health CompaniesBHC+0.5 pp
Sells in Q4 2025
- ReducedMadrigal PharmaceuticalsMDGL−3.6 pp
- Sold outHoneywell InternationalHON−1.3 pp
- Sold outTrilogy MetalsTMQ−0.9 pp
4 companies with material moves, out of 5 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 Q4 2025 13F lists 9 lines of US-listed securities worth $3.3 bn; the largest is MDGL at 30.5% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:57 PM ET.
Against the previous quarter, it opened 1 position (SOLS), closed 2 (HON and TMQ), added to 2 (BHC and THRY) and trimmed 1 (MDGL). 5 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Madrigal Pharmaceuticals MDGL | 1.7 M | $994M | 30.5% | −10% |
| 2 | Perpetua Resources PPTA | 32.3 M | $783M | 24.0% | no change |
| 3 | Bausch Health Companies BHC | 73.3 M | $509M | 15.6% | +3.5% |
| 4 | Acadian Asset Management AAMI | 7.7 M | $364M | 11.2% | no change |
| 5 | Novagold Resources NG | 27.2 M | $254M | 7.78% | no change |
| 6 | Agnico Eagle Mines AEM | 783,561 | $133M | 4.07% | no change |
| 7 | International Tower Hill Mines THM | 70.2 M | $131M | 4.01% | no change |
| 8 | Solstice Advanced Materials SOLS | 1.4 M | $67.8M | 2.08% | new |
| 9 | Thryv Holdings THRY | 4.3 M | $26.3M | 0.81% | +1.6% |
Positions it closed (2)
- Honeywell International HONwas 1.42% · 200,000 shares
- Trilogy Metals TMQwas 1.01% · 14.3 M 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) ↗
Follow John Paulson and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
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.