Notable Investors / Q1 2026
John Paulson’s Portfolio — PAULSON & CO. INC.
Founder, Paulson & Co (family office)
CIK 0001035674 · 15 EXCHANGE PLACE, JERSEY CITY, NJ, 07302 · 212-956-2221
About John Paulson
John Paulson executed 'the greatest trade ever' — shorting subprime mortgages via credit default swaps for roughly $15 billion in 2007 — then pivoted through merger arbitrage, gold, and event-driven equity before converting to a family office in 2020.
His 13F retains that event-driven DNA: merger-arb stakes, gold miners as a standing macro position, and pharmaceutical special situations, in a book far smaller than his hedge-fund-era peak.
Portfolio data below is from PAULSON & CO. INC.’s SEC 13F filings. View the full filer page →
Summary
Paulson & Co. Inc. reported $3.1B in U.S.-listed holdings across 9 positions for Q1 2026.
The portfolio is heavily concentrated: PPTA alone accounts for 29.2% of reported value.
Compared with Q4 2025, the fund opened 1 new position and exited 1.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 100.0% · $3.1B
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| AM6AMICUS THERAPEUTIC | NEW | +32.4K | 32.4K | +$468,504 | $468,504 |
| SOLSSOLSTICE ADVANCED MATLS INC | SOLD OUT | −1.40M | 0 | −$68M | $0 |
| THRYTHRYV HLDGS INC | ADDED | +4.10M | 8.44M | −$3M | $23M |
| ITHINTERNATIONAL TOWER HILL MIN | ADDED | +29.33M | 99.57M | +$98M | $229M |
| MDGLMADRIGAL PHARMACEUTICALS INC | TRIMMED | −315.3K | 1.39M | −$266M | $729M |
| PPTAPERPETUA RESOURCES CORP | HELD | +0 | 32.35M | +$126M | $910M |
| BHCBAUSCH HEALTH COS INC | HELD | +0 | 73.26M | −$114M | $396M |
| AAMIACADIAN ASSET MANAGEMENT INC | HELD | +0 | 7.74M | +$57M | $421M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | PPTAPERPETUA RESOURCES CORPhistory → | COM | 29.23% | $910M | 32.35M |
| 2 | MDGLMADRIGAL PHARMACEUTICALS INChistory → | COM | 23.42% | $729M | 1.39M |
| 3 | AAMIACADIAN ASSET MANAGEMENT INChistory → | COM | 13.54% | $421M | 7.74M |
| 4 | BHCBAUSCH HEALTH COS INChistory → | COM | 12.71% | $396M | 73.26M |
| 5 | NGNOVAGOLD RESOURCES INChistory → | COM NEW | 7.86% | $245M | 27.24M |
| 6 | ITHINTERNATIONAL TOWER HILL MINhistory → | COM | 7.36% | $229M | 99.57M |
| 7 | AEMAGNICO EAGLE MINES LTDhistory → | COM | 5.11% | $159M | 783.6K |
| 8 | THRYTHRYV HLDGS INChistory → | COM NEW | 0.74% | $23M | 8.44M |
| 9 | AM6AMICUS THERAPEUTIChistory → | COM | 0.02% | $468,504 | 32.4K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $3.1B | 9 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $3.3B | 9 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $3.0B | 10 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $2.0B | 15 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $1.7B | 14 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $1.7B | 13 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $1.4B | 15 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $1.4B | 16 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $1.4B | 18 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $1.1B | 17 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $1.1B | 18 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $1.0B | 21 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $1.2B | 20 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $1.1B | 22 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $1.4B | 28 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $2.0B | 32 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $3.2B | 33 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $3.2B | 36 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $3.5B | 38 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $4.2B | 40 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $4.4B | 36 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $3.9B | 36 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $3.2B | 31 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $3.1B | 30 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $2.6B | 33 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $4.6B | 37 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $5.0B | 45 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $5.9B | 51 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $4.6B | 53 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $4.2B | 51 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.