Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$14.2B in Q2 2013 → $2.58B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Madrigal Pharmaceuticals Inc | 27.9% | Trimmed 3.7% | 1,340,020 | $720M |
| Perpetua Resources Corp | 26.1% | Unchanged | 32,347,299 | $672M |
| Acadian Asset Management Inc | 16.2% | Trimmed 25% | 5,843,282 | $418M |
| BH Bausch Health Cos Inc | 14.0% | Unchanged | 73,255,869 | $361M |
| IT International Tower Hill Min | 8.1% | Added 4.9% | 104,486,703 | $208M |
| Novagold Resources Inc | 6.3% | Unchanged | 27,238,061 | $163M |
| TH Thryv Hldgs Inc | 1.3% | Unchanged | 8,443,835 | $33.3M |
| Alphabet Inc | 0.1% | New | 5,000 | $1.77M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Agnico Eagle Mines Ltd | Exited | −783,561 | −$159M | — |
| Acadian Asset Management Inc | Trimmed | −1,900,000 | −$136M | 16.2% |
| Madrigal Pharmaceuticals Inc | Trimmed | −52,168 | −$28M | 27.9% |
| IT International Tower Hill Min | Added | +4,913,665 | +$9.78M | 8.1% |
| Alphabet Inc | New | +5,000 | +$1.77M | 0.1% |
| AT Amicus Therapeutic | Exited | −32,400 | −$469K | — |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Madrigal Pharmaceuticals Inc | Trimmed | −315,334 | −$165M | 23.4% |
| SA Solstice Advanced Matls Inc | Exited | −1,395,787 | −$67.8M | — |
| IT International Tower Hill Min | Added | +29,333,650 | +$67.5M | 7.4% |
| TH Thryv Hldgs Inc | Added | +4,096,765 | +$11.2M | 0.7% |
| AT Amicus Therapeutic | New | +32,400 | +$469K | — |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Madrigal Pharmaceuticals Inc | Trimmed | −200,001 | −$116M | 30.5% |
| SA Solstice Advanced Matls Inc | New | +1,395,787 | +$67.8M | 2.1% |
| HI Honeywell Intl Inc | Exited | −200,000 | −$42.1M | — |
| TM Trilogy Metals Inc New | Exited | −14,326,996 | −$30.1M | — |
| BH Bausch Health Cos Inc | Added | +2,500,000 | +$17.4M | 15.6% |
| TH Thryv Hldgs Inc | Added | +67,070 | +$406K | 0.8% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Bausch Health Cos Inc | Added | +37,964,167 | +$245M | 15.4% |
| Madrigal Pharmaceuticals Inc | Trimmed | −182,000 | −$83.5M | 29.5% |
| Acadian Asset Management Inc | Trimmed | −1,206,839 | −$58.1M | 12.6% |
| Seabridge Gold Inc | Exited | −2,070,000 | −$30.1M | — |
| Equinox Gold Corp | Exited | −2,500,000 | −$14.4M | — |
| Iamgold Corp | Exited | −1,850,000 | −$13.6M | — |
| Juniper Networks Inc | Exited | −250,000 | −$9.98M | — |
| Alphabet Inc | Exited | −9,000 | −$1.6M | — |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Perpetua Resources Corp | Added | +7,575,757 | +$92M | 19.5% |
| BH Bausch Health Cos Inc | Added | +6,352,667 | +$42.3M | 10.9% |
| Juniper Networks Inc | New | +250,000 | +$9.98M | 0.5% |
| Madrigal Pharmaceuticals Inc | Trimmed | −10,000 | −$3.03M | 31.4% |
| IT Intra-cellular Therapies Inc | Exited | −21,500 | −$2.84M | — |
| Alphabet Inc | New | +9,000 | +$1.6M | 0.1% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HI Honeywell Intl Inc | New | +200,000 | +$42.4M | 2.4% |
| Madrigal Pharmaceuticals Inc | Added | +57,523 | +$19.1M | 39.8% |
| IT International Tower Hill Min | Added | +6,040,408 | +$3.82M | 2.5% |
| IT Intra-cellular Therapies Inc | New | +21,500 | +$2.84M | 0.2% |
| Alphabet Inc | Exited | −10,000 | −$1.9M | — |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TH Thryv Hldgs Inc | Added | +2,280,000 | +$33.7M | 3.8% |
| TN Tellurian Inc New | Exited | −30,000,000 | −$29M | — |
| Southwestern Energy Co | Exited | −2,200,000 | −$15.6M | — |
| Alphabet Inc | New | +10,000 | +$1.9M | 0.1% |
| AU Altice Usa Inc | Exited | −573,952 | −$1.41M | — |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Anglogold Ashanti PLC | Exited | −1,932,905 | −$48.6M | — |
| Madrigal Pharmaceuticals Inc | Added | +192,000 | +$36.9M | 27.5% |
| TN Tellurian Inc New | Added | +24,659,337 | +$23.9M | 2.0% |
| Southwestern Energy Co | New | +2,200,000 | +$15.6M | 1.1% |
| AU Altice Usa Inc | Trimmed | −586,313 | −$1.44M | 0.1% |
| Everbridge Inc | Exited | −1,225 | −$42.9K | — |
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