PointState Capital LP

New York, NY · CIK 1509842 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$12.0bn
Staff41 · 19 in investment roles
Main clients (by assets)Private funds 100%
Private funds9 (4 hedge) · $12.0bn gross assets
Form ADV · 2026-05-18SEC adviser record

Legal entityPOINTSTATE CAPITAL LP (US)

$5.7bn reported value +31.9% vs Q1 2026

43positions

50.9%in top 10

17 new 11 added 9 reduced 17 sold out vs Q1 2026

Options: 6 call positions ($1.5bn notional), 1 put positions ($601.1m notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

PointState Season LLC – no 13F of its own this quarter

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	PG&E CORP COM PCG	PCG	20,273,520	$341.0m6.00%	6.00%	Reduced -1.2m	-1,193,695 -5.6%
2	AMAZON COM INC COM AMZN	AMZN	1,423,550	$339.3m5.97%	5.97%	New
3	DOORDASH INC CL A DASH	DASH	1,829,987	$337.7m5.95%	5.95%	Unchanged
4	GRAB HOLDINGS LIMITED CLASS A ORD GRAB	GRAB	84,891,692	$320.0m5.63%	5.63%	Added +42.6m	+42,619,312 100.8%
5	CEMEX SAB DE CV SPON ADR NEW CX	CX	25,243,519	$302.9m5.33%	5.33%	Unchanged
6	QNITY ELECTRONICS INC COMMON STOCK Q	Q	1,797,184	$293.5m5.17%	5.17%	Added +59.2k	+59,240 3.4%
7	RTX CORPORATION COM RTX	RTX	1,491,395	$283.0m4.98%	4.98%	New
8	BLOCK INC CL A XYZ	XYZ	3,094,493	$235.2m4.14%	4.14%	Reduced -883.2k	-883,194 -22.2%
9	DRAFTKINGS INC NEW COM CL A DKNG	DKNG	8,986,638	$227.0m4.00%	4.00%	New
10	META PLATFORMS INC CL A META	META	380,411	$214.3m3.77%	3.77%	Added +307.7k	+307,741 423.5%
11	FLOWSERVE CORP COM FLS	FLS	2,654,220	$196.8m3.47%	3.47%	New
12	WABTEC COM WAB	WAB	638,455	$172.1m3.03%	3.03%	Added +37.8k	+37,799 6.3%
13	CAPITAL ONE FINL CORP COM COF	COF	854,060	$171.3m3.02%	3.02%	Added +172.0k	+171,980 25.2%
14	KNIGHT-SWIFT TRANSN HLDGS IN CL A KNX	KNX	1,994,977	$155.3m2.74%	2.74%	New
15	ILLUMINA INC COM ILMN	ILMN	862,210	$151.6m2.67%	2.67%	Added +713.7k	+713,665 480.4%
16	RUBRIK INC. CL A RBRK	RBRK	1,856,244	$149.0m2.62%	2.62%	Reduced -1.8m	-1,790,000 -49.1%
17	UNION PAC CORP COM UNP	UNP	504,063	$137.1m2.41%	2.41%	New
18	ARAMARK COM ARMK	ARMK	2,373,938	$135.1m2.38%	2.38%	Reduced -2.2m	-2,158,355 -47.6%
19	STUBHUB HLDGS INC CL A STUB	STUB	9,963,172	$128.2m2.26%	2.26%	Reduced -10.2m	-10,163,529 -50.5%
20	CARIS LIFE SCIENCES INC COM CAI	CAI	6,828,835	$121.7m2.14%	2.14%	Reduced -531.6k	-531,611 -7.2%
21	CSX CORP COM CSX	CSX	2,552,063	$121.3m2.14%	2.14%	New
22	UNITED AIRLS HLDGS INC COM UAL	UAL	889,534	$121.0m2.13%	2.13%	New
23	RAMBUS INC DEL COM RMBS	RMBS	764,172	$101.4m1.79%	1.79%	Added +62.9k	+62,865 9.0%
24	WILLIAMS COS INC COM WMB	WMB	1,238,869	$92.1m1.62%	1.62%	New
25	FLUTTER ENTMT PLC SHS FLUT	FLUT	854,251	$87.3m1.54%	1.54%	Reduced -562.3k	-562,321 -39.7%
26	COUPANG INC CL A CPNG	CPNG	4,159,204	$72.2m1.27%	1.27%	Added +3.4m	+3,421,514 463.8%
27	BANCO MACRO SA SPON ADR B BMA	BMA	766,444	$71.0m1.25%	1.25%	Added +56.0k	+55,951 7.9%
28	NATERA INC COM NTRA	NTRA	258,012	$70.0m1.23%	1.23%	Reduced -481.9k	-481,867 -65.1%
29	GRUPO FINANCIERO GALICIA S.A SPONSORED ADR GGAL	GGAL	1,399,000	$70.0m1.23%	1.23%	Added +102.2k	+102,247 7.9%
30	CLEVELAND-CLIFFS INC NEW COM CLF	CLF	6,582,026	$61.8m1.09%	1.09%	New
31	NUCOR CORP COM NUE	NUE	249,432	$55.6m0.98%	0.98%	New
32	NEXTNAV INC COMMON STOCK NN	NN	3,114,953	$55.5m0.98%	0.98%	New
33	BANCO BBVA ARGENTINA S A SPONSORED ADS BBAR	BBAR	2,403,557	$47.1m0.83%	0.83%	Added +175.1k	+175,104 7.9%
34	MICROSOFT CORP COM MSFT	MSFT	117,333	$43.8m0.77%	0.77%	New
35	MATCH GROUP INC NEW COM MTCH	MTCH	1,097,337	$41.8m0.74%	0.74%	New
36	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	907,880	$37.1m0.65%	0.65%	Unchanged
37	GOLAR LNG LTD NOTE 2.750%12/1 · principal GLNG 2.75 12.15.30 · principal	GLNG 2.75 12.15.30	25,000,000	$28.4m0.50%	0.50%	New
38	PAMPA ENERGIA S A SPONS ADR LVL I PAM	PAM	271,221	$22.3m0.39%	0.39%	Unchanged
39	WAYSTAR HLDG CORP COM WAY	WAY	1,030,502	$21.2m0.37%	0.37%	Reduced -2.7m	-2,737,296 -72.7%
40	STEEL DYNAMICS INC COM STLD	STLD	74,216	$17.0m0.30%	0.30%	New
41	AZUL S A SPONSORED ADS AZUL	AZUL	1,855,834	$16.7m0.29%	0.29%	New
42	LOMA NEGRA C I A S A MTN 14 SPONSORED ADS LOMA	LOMA	1,130,732	$12.9m0.23%	0.23%	Unchanged
43	RAMACO RES INC NOTE 11/0 · principal METC 0 11.01.31 · principal	METC 0 11.01.31	220,000	$161.7k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NVENT ELECTRIC PLC NVT	NVT	2,196,528	$259.8m2.2m shares
ISHARES INC EWY	EWY	1,720,621	$211.7m1.7m shares
ENTEGRIS INC ENTG	ENTG	1,112,040	$130.4m1.1m shares
GOLAR LNG LTD GLNG	GLNG	2,346,795	$127.0m2.3m shares
ISHARES INC EWZ	EWZ	2,422,975	$93.0m2.4m shares
WESCO INTL INC WCC	WCC	295,107	$80.7m295.1k shares
TEVA PHARMACEUTICAL INDS LTD		1,973,782	$59.5m2.0m shares
LYONDELLBASELL INDUSTRIES N LYB	LYB	616,792	$49.7m616.8k shares
ROCKET COS INC RKT	RKT	2,820,714	$40.2m2.8m shares
DOW INC DOW	DOW	902,960	$37.6m903.0k shares
VENTURE GLOBAL INC VG	VG	1,464,704	$23.1m1.5m shares
GRUPO SUPERVIELLE S.A. SUPV	SUPV	1,257,064	$11.9m1.3m shares
ARCELORMITTAL SA LUXEMBOURG MT	MT	125,127	$6.5m125.1k shares
GLOBAL X FDS COPX	COPX	72,978	$5.6m73.0k shares
COMMSCOPE HLDG CO INC VISN	VISN	293,428	$5.3m293.4k shares
CARPENTER TECHNOLOGY CORP CRS	CRS	12,947	$5.1m12.9k shares
FREEPORT-MCMORAN INC FCX	FCX	9,307	$547.1k9.3k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
META PLATFORMS INC META · Call	META	Call	1,315,000	$740.7m1.3m shares	New
VANECK ETF TRUST SMH · Put	SMH	Put	916,400	$601.1m916.4k shares	New
PG&E CORP PCG · Call	PCG	Call	31,500,000	$529.8m31.5m shares	New
ISHARES INC EWZ · Call	EWZ	Call	2,400,000	$82.8m2.4m shares	New
DRAFTKINGS INC NEW DKNG · Call	DKNG	Call	3,000,000	$75.8m3.0m shares	New
NEXTNAV INC NN · Call	NN	Call	3,790,000	$67.6m3.8m shares	New
RAMBUS INC DEL RMBS · Call	RMBS	Call	350,000	$46.5m350.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
KNIGHT-SWIFT TRANSN HLDGS IN KNX · 13G · filed 2026-10-13	KNX	5.7%≈ $728.3m	new	13G	2026-10-13
NEXTNAV INC NN · 13G · filed 2026-05-21	NN	5.7%≈ $137.9m	new	13G	2026-05-21
PG&E CORP PCG · 13G · filed 2026-09-04	PCG	5.1%≈ $1.9bn	new	13G	2026-09-04