SEC 13F Intelligence

Managers / Q3 2025 · view latest →

DISCOVERY CAPITAL MANAGEMENT, LLC / CT

CIK 0001389507 · 20 MARSHALL STREET, SUITE 310, SOUTH NORWALK, CT, 06854 · 203-956-7953

Reported Value
$1.8B
Q3 2025
Positions
86
Filings on Record
30
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Discovery Capital Management, LLC / Ct reported $1.8B in U.S.-listed holdings across 86 positions for Q3 2025.

Its largest position, METC, represents 9.9% of the portfolio.

Compared with Q2 2025, the fund opened 36 new positions and exited 22.

Portfolio Metrics

Turnover
+29.4%
vs prior filed quarter
Top-10 Concentration
+50.4%
share of reported value
Largest Position
+9.9%
Ramaco Res
New / Exited
36 / 22
positions this quarter

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

13F Reported Value
Q4 ’18: $1.2BQ4 ’18Q1 ’19: $960MQ2 ’19: $1.0BQ3 ’19: $598MQ4 ’19: $315MQ4 ’19Q1 ’20: $364MQ2 ’20: $551MQ3 ’20: $652MQ4 ’20: $811MQ4 ’20Q1 ’21: $746MQ2 ’21: $1.5BQ3 ’21: $1.3BQ4 ’21: $1.3BQ4 ’21Q1 ’22: $1.2BQ2 ’22: $776MQ3 ’22: $669MQ4 ’22: $686MQ4 ’22Q1 ’23: $880MQ2 ’23: $951MQ3 ’23: $563MQ4 ’23: $661MQ4 ’23Q1 ’24: $760MQ2 ’24: $779MQ3 ’24: $819MQ4 ’24: $1.5BQ4 ’24Q1 ’25: $836MQ2 ’25: $1.3BQ3 ’25: $1.8BQ4 ’25: $1.8BQ4 ’25Q1 ’26: $1.9Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 56.0%Other: 21.6%ADR: 17.6%ETP: 3.8%Equity WRT: 1.0%
  • Common Stock · 56.0% · $1.0B
  • Other · 21.6% · $395M
  • ADR · 17.6% · $320M
  • ETP · 3.8% · $70M
  • Equity WRT · 1.0% · $17M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ORBSEIGHTCO HOLDINGS INCNEW+14.38M14.38M+$132M$132M
GRAYSCALE COINDESK CRYPTONEW+1.81M1.81M+$101M$101M
GDSGDS HLDGS LTDNEW+1.06M1.06M+$41M$41M
ELVELEVANCE HEALTH INC FORMERLYNEW+84.5K84.5K+$27M$27M
CITHE CIGNA GROUPNEW+91.1K91.1K+$26M$26M
SEISOLARIS ENERGY INFRAS INCNEW+569.2K569.2K+$23M$23M
CLFCLEVELAND-CLIFFS INC NEWNEW+1.78M1.78M+$22M$22M
JBLJABIL INCNEW+97.7K97.7K+$21M$21M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1METCRAMACO RES INChistory →COM CL A9.92%$181M5.45M
2IREN LIMITEDORDINARY SHARES8.66%$158M3.37M
3ORBSEIGHTCO HOLDINGS INChistory →COM7.22%$132M14.38M
4GRAYSCALE COINDESK CRYPTOUSD SHS5.55%$101M1.81M
5AMXAMERICA MOVIL SAB DE CVhistory →SPON ADS RP CL B5.39%$98M4.68M
6GENIUS SPORTS LIMITEDSHARES CL A3.48%$63M5.12M
7JPMJPMORGAN CHASE & CO.history →COM2.95%$54M170.8K
8TLVGRUPO TELEVISA S A Bhistory →SPON ADR REP ORD2.67%$49M18.12M
9ISHARES INCMSCI MEXICO ETF · MSCI CHILE ETF2.53%$46M1.00M
10COFCAPITAL ONE FINL CORPhistory →COM2.36%$43M202.3K
11GDSGDS HLDGS LTDhistory →SPONSORED ADS2.24%$41M1.06M
12VISTA ENERGY S.A.B. DE C.V.SPONSORED ADS2.23%$41M1.18M
13PRMBPRIMO BRANDS CORPORATIONhistory →CLASS A COM SHS2.16%$39M1.79M
14PSNPARSONS CORP DELhistory →COM1.99%$36M438.2K
15QXOQXO INChistory →COM NEW1.92%$35M1.84M
16TTWOTAKE-TWO INTERACTIVE SOFTWARhistory →COM1.82%$33M128.5K
17CLSCELESTICA INChistory →COM1.66%$30M122.5K
18CEMEX SAB DE CVSPON ADR NEW1.58%$29M3.20M
19GEGGEO GROUP INC NEWhistory →COM1.53%$28M1.36M
20ELVELEVANCE HEALTH INC FORMERLYhistory →COM1.50%$27M84.5K
21AMTMAMENTUM HOLDINGS INChistory →COM1.50%$27M1.14M
22CITHE CIGNA GROUPhistory →COM1.44%$26M91.1K
23HDBHDFC BANK LTDhistory →SPONSORED ADS1.42%$26M755.6K
24EATBRINKER INTL INChistory →COM1.32%$24M189.3K
25SEISOLARIS ENERGY INFRAS INChistory →COM CL A1.25%$23M569.2K
26APPAPPLOVIN CORPhistory →COM CL A1.20%$22M30.3K
27CLFCLEVELAND-CLIFFS INC NEWhistory →COM1.19%$22M1.78M
28JBLJABIL INChistory →COM1.16%$21M97.7K
29COMPCOMPASS INChistory →CL A1.00%$18M2.27M
30GOOGLALPHABET INChistory →CAP STK CL A0.97%$18M72.9K
31HTZWWHERTZ GLOBAL HLDGS INChistory →*W EXP 06/30/2050.95%$17M4.68M
32VNETVNET GROUP INChistory →SPONSORED ADS A0.91%$17M1.61M
33CREDICORP LTDCOM0.91%$17M62.3K
34DDOGDATADOG INChistory →CL A COM0.87%$16M111.0K
35FISVFISERV INChistory →COM0.70%$13M99.2K
36PINSPINTEREST INChistory →CL A0.63%$11M354.5K
37LBRTLIBERTY ENERGY INChistory →COM CL A0.61%$11M904.2K
38NU HLDGS LTDORD SHS CL A0.61%$11M691.5K
39PPTAPERPETUA RESOURCES CORPhistory →COM0.58%$11M526.1K
40SNAPSNAP INChistory →CL A0.58%$11M1.38M
41GOLAR LNG LTDSHS0.58%$11M261.2K
42BKRBAKER HUGHES COMPANYhistory →CL A0.57%$10M212.7K
43IRINGERSOLL RAND INChistory →COM0.56%$10M123.0K
44BIDUNBAIDU INChistory →SPON ADR REP A0.55%$10M75.8K
45STUBSTUBHUB HLDGS INChistory →CL A0.55%$10M593.1K
46IBITISHARES BITCOIN TRUST ETFhistory →SHS BEN INT0.51%$9M142.0K
47ECHOECHOSTAR CORPhistory →CL A0.50%$9M118.9K
48PHMPULTE GROUP INChistory →COM0.49%$9M68.2K
49AEMAGNICO EAGLE MINES LTDhistory →COM0.48%$9M52.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.9B77May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.8B88Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.8B86Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.3B74Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$836M56May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.5B78Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$819M59Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$779M52Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$760M53May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$661M49Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$563M40Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$951M61Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$880M54May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$686M48Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$669M48Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$776M59Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.2B72May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.3B70Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.3B69Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.5B60Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$746M66May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$811M53Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$652M62Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$551M55Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$364M32May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$315M22Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$598M28Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.0B37Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$960M32May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$1.2B42Feb 14, 201913F-HRchanges · 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 ↗.