John Paulson - Paulson & Co. Inc. Portfolio Q3'2025: Top Holdings & Recent Changes
Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at [valuesense.io]
Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.
John Paulson - Paulson & Co. Inc. remains one of the most closely watched contrarian investors in the market. His Q3’2025 portfolio shows a highly concentrated bet across specialty pharmaceuticals and precious metals–linked names, with nearly $3.0B spread over just 10 positions and substantial turnover reflecting active repositioning during the quarter.
Portfolio Overview: Concentrated Bets in Healthcare & Hard Assets
Portfolio Highlights (Q3’2025): - Market Value: $2,969.4M
- Top 10 Holdings: 100.0%
- Portfolio Size: 10 -5
- Average Holding Period: 27 quarters
- Turnover: 50.0%
Paulson’s Q3’2025 portfolio is a textbook case of high conviction concentration. With 100% of capital in the top 10 positions and only 10 holdings remaining (down by five from the prior quarter), the fund is running an extremely focused book where each position materially impacts overall performance.
The reported 50.0% turnover underscores that, despite an impressive 27-quarter average holding period, Paulson is far from static: he is willing to size up or down aggressively when risk/reward shifts, while keeping his long-term core ideas intact within the same set of themes. This balance between durability (multi‑year holdings) and tactical activity (high turnover and a shrinking name count) is central to how the current Paulson & Co. portfolio is managed.
Sector-wise, the positioning visible in the Q3’2025 filing tilts heavily toward healthcare (specialty pharma/biotech) and precious-metals-related assets (gold miners and development projects), a mix that combines idiosyncratic drug pipeline risk with macro‑sensitive exposure to gold cycles.
Core Holdings: Healthcare Optionality Meets Gold Leverage
The portfolio is dominated by a small number of large, conviction bets. The single largest disclosed position is Madrigal Pharmaceuticals, Inc. (MDGL), representing 29.5% of the portfolio at $874.9M in value, even after Paulson chose to Reduce 8.71% of the stake during Q3’2025. That trim suggests risk management and profit‑taking in what remains a centerpiece holding.
A major capital reallocation this quarter was into Bausch Health Companies Inc. (BHC), which now accounts for 15.4% of assets at $456.4M. Paulson Add 115.77% to this position, more than doubling exposure and signaling heightened conviction in the company’s turnaround and valuation upside.
Another material holding with active sizing is ACADIAN ASSET MANAGEMENT INC (reported with ticker “_”), sitting at 12.6% of the portfolio and valued at $372.9M. Paulson chose to Reduce 13.48% here, reallocating capital away from this name while keeping it a core position, which indicates a more cautious stance without abandoning the thesis.
On the hard‑assets side, Perpetua Resources Corp. (PPTA) is a key pillar at 22.0% and $654.4M, with No change in the position this quarter—reinforcing a steady, long‑cycle bet on a major resources project. NOVAGOLD RES INC (ticker reported as “_”) adds another 8.1% $239.7M with No change, deepening the portfolio’s gold‑linked optionality.
Among more diversified and lower‑weight names, Agnico Eagle Mines Limited (AEM) stands at 4.4% $132.1M with No change, providing exposure to a large, established gold producer. Thryv Holdings, Inc. (THRY) contributes 1.7% $51.6M, and Honeywell International Inc. (HON) accounts for 1.4% $42.1M, both with No change—smaller, stabilizing positions around the core healthcare and metals themes.
While not every security in the filing maps cleanly to a public ticker (e.g., ACADIAN ASSET MANAGEMENT INC, NOVAGOLD RES INC, and INTERNATIONAL TOWER HILL MIN are shown with “_”), their inclusion at meaningful weights—12.6%, 8.1%, and 3.9% respectively—highlights Paulson’s continued focus on special situations and resource developers that often trade outside the mainstream mega‑cap universe.
What the Portfolio Reveals About Paulson’s Current Strategy
Several clear strategic themes emerge from the Q3’2025 positioning:
- Barbell between healthcare and gold
The combination of MDGL and BHC on one side and gold‑levered names like PPTA, NOVAGOLD, and AEM on the other suggests a deliberate barbell: idiosyncratic drug‑development and turnaround upside paired with macro‑driven precious metals exposure. - High conviction, low name count
With only 10 positions and 100% of capital in the top 10, Paulson is emphasizing depth over breadth. Single‑name thesis quality and sizing discipline matter far more here than broad diversification. - Active but patient
A 27‑quarter average holding period implies many positions are held for years, yet 50.0% turnover and a portfolio size cut from 15 to 10 show that Paulson is not afraid to exit or resize when the risk‑reward changes. - Skew toward cyclical and event‑driven outcomes
Resource developers, gold miners, and specialty pharma/biotech all share elevated sensitivity to catalysts—regulatory, commodity‑price, or pipeline data—fitting Paulson’s historical expertise in event‑driven strategies.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Madrigal Pharmaceuticals, Inc. | $874.9M | 29.5% | Reduce 8.71% |
| Perpetua Resources Corp. | $654.4M | 22.0% | No change |
| Bausch Health Companies Inc. | $456.4M | 15.4% | Add 115.77% |
| ACADIAN ASSET MANAGEMENT INC | $372.9M | 12.6% | Reduce 13.48% |
| NOVAGOLD RES INC | $239.7M | 8.1% | No change |
| Agnico Eagle Mines Limited | $132.1M | 4.4% | No change |
| INTERNATIONAL TOWER HILL MIN | $115.2M | 3.9% | No change |
| Thryv Holdings, Inc. | $51.6M | 1.7% | No change |
| Honeywell International Inc. | $42.1M | 1.4% | No change |
This table underscores how top‑heavy the Paulson & Co. portfolio has become in Q3’2025. The top three lines—MDGL, PPTA, and BHC—account for roughly two‑thirds of the entire equity book, meaning fund performance is highly sensitive to developments in just a handful of names.
The remaining positions, while smaller, are not trivial: each of ACADIAN ASSET MANAGEMENT INC, NOVAGOLD RES INC, and AEM still sits between 4% and 13% of capital, comfortably above the threshold of a “tracking” position. Investors studying Paulson’s approach should recognize that risk is intentionally concentrated, not diversified away.
Investment Lessons from John Paulson’s Approach
- Conviction justifies concentration
Paulson’s willingness to allocate nearly 30% to Madrigal Pharmaceuticals and over 20% to Perpetua Resources reinforces the idea that true “best ideas” often deserve outsized weights—if you deeply understand the business and risk profile. - Trim, don’t always exit
Moves like “Reduce 8.71%” in MDGL and “Reduce 13.48%” in ACADIAN ASSET MANAGEMENT INC illustrate a nuanced approach: manage position size and lock in gains or reduce risk without abandoning the underlying thesis. - Scaling in can reflect rising conviction
The “Add 115.77%” to Bausch Health shows how Paulson responds when valuation or fundamentals improve relative to perception—he doubles down rather than merely holding. - Thematic consistency matters
Despite turnover and a reduced name count, themes like healthcare special situations and gold‑related assets have remained central, suggesting that staying consistent with your circle of competence can be more important than chasing every new trend. - Long holding periods with active overlay
A 27‑quarter average holding period combined with 50% turnover shows that patience and activity can coexist: you can be long‑term oriented on theses while still tactically adjusting exposure as new data emerges.
Looking Ahead: What Comes Next for Paulson’s Portfolio?
Based on the Q3’2025 snapshot, several forward‑looking implications stand out:
- Gold and resource exposure as macro hedge
Positions in PPTA, NOVAGOLD, INTERNATIONAL TOWER HILL MIN, and AEM set the portfolio up to benefit if inflation pressures, currency debasement fears, or geopolitical risk drive renewed interest in gold and related assets. - Healthcare outcomes as key performance swing factor
The future trajectory of MDGL and BHC—from clinical data readouts to regulatory milestones and balance sheet execution—will likely dominate fund‑level returns. - Room for further concentration or rotation
With just 10 positions and high turnover, Paulson retains ample flexibility: future 13F filings could show further consolidation into the strongest names, or sizable new entries if a fresh special situation emerges. - Potential for volatility
Given the heavy weight in catalyst‑driven stocks and resources, investors following the Paulson & Co. portfolio should expect above‑market volatility—an intentional trade‑off in pursuit of outsized long‑term returns.
For a deeper look at each position, historical changes, and future quarters, you can explore the full breakdown of John Paulson – Paulson & Co. Inc. on ValueSense:
CTA: Analyze John Paulson’s latest portfolio on ValueSense
FAQ about John Paulson’s Portfolio
Q: What were the biggest changes in John Paulson’s Q3’2025 portfolio?
The most notable adjustments were a Reduce 8.71% trim in Madrigal Pharmaceuticals (MDGL), a major Add 115.77% increase in Bausch Health (BHC), and a Reduce 13.48% cut in ACADIAN ASSET MANAGEMENT INC. These shifts suggest risk management around an outsized biotech winner and a meaningful conviction upgrade in Bausch.
Q: How concentrated is John Paulson’s portfolio right now?
Extremely concentrated: the Q3’2025 filing shows 10 positions in total (down by five) and 100.0% of capital in the top 10 holdings. The top three names alone—MDGL, PPTA, and BHC—represent the majority of the portfolio.
Q: How does Paulson’s strategy show up in this 13F?
The Q3’2025 holdings reflect Paulson’s event‑driven, thesis‑centric style: large allocations to special‑situation healthcare names and gold/resource plays, combined with active trims and adds rather than frequent name‑churning, all within a very low‑count portfolio.
Q: Which sectors or themes dominate Paulson’s holdings?
Two primary themes stand out:
- Healthcare special situations via Madrigal Pharmaceuticals and Bausch Health
- Precious metals and resources through Perpetua Resources, NOVAGOLD RES INC, INTERNATIONAL TOWER HILL MIN, and Agnico Eagle Mines
Smaller positions in Thryv Holdings and Honeywell add diversification but do not change the core thematic tilt.
Q: How can I track John Paulson’s future portfolio moves?
You can follow Paulson’s holdings through quarterly 13F filings, which U.S. institutional managers must submit within 45 days of each quarter’s end. Because of this 45‑day reporting lag, the positions may have changed by the time filings are public. Platforms like ValueSense aggregate these filings, visualize trends, and highlight changes. To monitor updates, visit the dedicated tracker:
John Paulson – Paulson & Co. portfolio on ValueSense.
Explore More Investment Opportunities
For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:
📌 50 Undervalued Stocks (Best overall value plays for 2025)
📌 50 Undervalued Dividend Stocks (For income-focused investors)
📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)
🔍 Check out these stocks on the Value Sense platform for free!