John Paulson - Paulson & Co. Inc. Portfolio Q2'2025: Top Holdings & Recent Changes
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John Paulson, famed for his legendary contrarian trades and founder of Paulson & Co. Inc., continues to chart a distinctive course in today’s volatile markets. His Q2 2025 portfolio showcases a bold mix of healthcare innovation and gold-centric resource plays, with $2.0 billion concentrated in just 15 positions. Paulson’s latest 13F filing reveals significant conviction in select pharmaceuticals and aggressive additions to gold and resource stocks, underscoring his reputation for high-conviction, asymmetric bets.
Portfolio Overview: Contrarian Conviction and Gold-Heavy Bets
Portfolio Highlights (Q2’2025): - Market Value: $2,011.1M - Top 10 Holdings: 97.1% - Portfolio Size: 15 +1 - Average Holding Period: 24 quarters - Turnover: 20.0%
Paulson’s Q2 2025 portfolio remains a study in concentration and conviction. With 97.1% of assets in the top 10 holdings, Paulson continues to favor a focused approach, betting big on his highest-conviction ideas. The portfolio’s average holding period of 24 quarters (6 years) highlights a willingness to ride out volatility and wait for value to be realized, while a 20% turnover rate signals selective but meaningful repositioning.
This quarter, Paulson’s strategy leans heavily into healthcare innovation and gold/resource assets. Notably, he increased exposure to Perpetua Resources and Bausch Health, while trimming Madrigal Pharmaceuticals slightly. The addition of Alphabet hints at opportunistic forays into tech, but the core remains rooted in sectors where Paulson has historically found asymmetric upside.
Top Holdings Analysis: Pharma, Gold, and Opportunistic Tech
The portfolio is anchored by Madrigal Pharmaceuticals, Inc. (MDGL) at 31.4%, though Paulson reduced this position by 0.48%. Perpetua Resources Corp. (PPTA) saw a major 30.58% addition, now representing 19.5% of the portfolio—a clear signal of rising conviction in gold and resource assets. Bausch Health Companies Inc. (BHC) was also aggressively increased by 24.03%, now at 10.9%.
Among smaller but notable moves, Paulson initiated a new stake in JUNIPER NETWORKS INC (0.5% of the portfolio, “Buy”), and made a bold 125% addition to Alphabet Inc. (GOOG), albeit from a small base 0.1%.
Other top holdings include ACADIAN ASSET MANAGEMENT INC (15.7%, no change), NOVAGOLD RES INC (5.5%, no change), Agnico Eagle Mines Limited (AEM) at 4.6%, and Thryv Holdings, Inc. (THRY) at 2.6%. Honeywell International Inc. (HON) rounds out the top 10 at 2.3%, unchanged this quarter.
This blend of high-conviction healthcare, gold/resource exposure, and selective tech bets reflects Paulson’s willingness to diverge from consensus and seek value where others may not.
What the Portfolio Reveals About Current Strategy
- Quality and Asymmetry: Paulson’s largest positions are in companies with potential for outsized returns—whether through breakthrough pharmaceuticals or resource assets leveraged to commodity cycles.
- Sector Focus: The portfolio is heavily weighted toward healthcare and gold/resources, with only minor allocations to technology and industrials.
- Geographic and Asset Diversification: While the portfolio is U.S.-centric, the resource holdings provide indirect global exposure, especially to commodity cycles.
- Risk Management: High concentration in a few names is balanced by deep research and long holding periods, reflecting a “wait for the thesis to play out” mentality.
- Opportunistic Moves: The addition to Alphabet and initiation in Juniper Networks suggest Paulson is not averse to tactical moves outside his core sectors when the risk/reward is compelling.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Madrigal Pharmaceuticals, Inc. | $632.4M | 31.4% | Reduce 0.48% |
| Perpetua Resources Corp. | $392.7M | 19.5% | Add 30.58% |
| ACADIAN ASSET MANAGEMENT INC | $315.4M | 15.7% | No change |
| Bausch Health Companies Inc. | $218.4M | 10.9% | Add 24.03% |
| NOVAGOLD RES INC | $111.4M | 5.5% | No change |
| Agnico Eagle Mines Limited | $93.2M | 4.6% | No change |
| INTERNATIONAL TOWER HILL MIN | $60.1M | 3.0% | No change |
| Thryv Holdings, Inc. | $52.0M | 2.6% | No change |
| Honeywell International Inc. | $46.6M | 2.3% | No change |
Paulson’s top three positions—Madrigal Pharmaceuticals, Perpetua Resources, and ACADIAN ASSET MANAGEMENT INC—comprise over two-thirds of the portfolio’s value. The next tier, including Bausch Health and NOVAGOLD, further cements the portfolio’s focus on healthcare and gold/resource plays. This level of concentration is rare among institutional investors and underscores Paulson’s conviction-driven approach: when he believes in a thesis, he sizes accordingly and is willing to ride out volatility.
Investment Lessons from John Paulson’s Contrarian Playbook
- Concentration Pays—If You’re Right: Paulson’s willingness to allocate over 30% to a single name demonstrates the power (and risk) of conviction investing.
- Hold for the Thesis, Not the Quarter: With an average holding period of 24 quarters, Paulson exemplifies patience—allowing time for value to be realized.
- Go Where Others Aren’t: Heavy gold/resource exposure and selective pharma bets show a contrarian streak, seeking value in out-of-favor sectors.
- Adjust When the Facts Change: Tactical additions (Alphabet, Juniper Networks) prove that even the most focused investors remain flexible.
- Risk Management via Deep Research: High concentration is balanced by deep diligence and a willingness to act decisively when the thesis changes.
Looking Ahead: What Comes Next?
With 97% of capital in the top 10, Paulson’s portfolio is set up for outsized moves—positive or negative—based on a handful of key outcomes. The aggressive additions to Perpetua Resources and Bausch Health suggest continued confidence in gold/resource and healthcare themes. The small but notable tech exposure could grow if market conditions warrant. Investors should watch for new 13F filings to see if Paulson further diversifies or doubles down on current convictions, especially as macroeconomic uncertainty and commodity volatility persist.
FAQ about John Paulson’s Portfolio
Q: What were the most significant changes in Paulson’s Q2 2025 portfolio?
Paulson made a major addition to Perpetua Resources Corp. +30.58% and Bausch Health Companies Inc. +24.03%, while slightly trimming Madrigal Pharmaceuticals. He also initiated a new position in Juniper Networks and doubled down on Alphabet.
Q: How concentrated is Paulson’s portfolio?
Extremely—97.1% of assets are in the top 10 holdings, with the largest position (Madrigal Pharmaceuticals) at 31.4%. This reflects a high-conviction, high-risk approach.
Q: How long does Paulson typically hold his investments?
The average holding period is 24 quarters (6 years), indicating a long-term, thesis-driven strategy rather than short-term trading.
Q: Which sectors dominate Paulson’s portfolio?
Healthcare (notably pharmaceuticals) and gold/resource companies make up the majority of the portfolio, with minor allocations to technology and industrials.
Q: How can I track John Paulson’s moves and holdings?
You can follow John Paulson’s portfolio on ValueSense, which updates holdings based on quarterly 13F filings. Note that 13F filings have a 45-day reporting lag, so real-time positions may differ.
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