PointState Capital LP

PointState Capital's Q1 2026 13F is a $7.90B (up from $6.79B, +16.4%) portfolio split between a 42.0% SPY anchor and 46 active positions concentrated in small/mid-cap technology, payments/consumer, emerging-market ETFs, crypto-adjacent names, and healthcare. The defining Q1 2026 trades: PG&E (PCG) was increased 82% in shares to $377M, becoming the portfolio's largest active position; DoorDash (DASH) more than tripled (+235% shares, +$151M to $275M) in the portfolio's biggest conviction add; Block/XYZ (SQ) was increased 93% to $239M; Rubrik (RBRK) increased 74% to $179M; Natera (NTRA) increased 3.4% to $148M; Wabtec (WAB) increased 7.6% to $150M; and QNITY Electronics (Q) was a new opening at $201M. Simultaneously, Carpenter Technology (CRS) was nearly completely eliminated (-98.8% in shares, -$329M to $5.1M); StubHub (STUB) crashed -91% (-$210M to $126M); Freeport-McMoRan (FCX) crashed -99.8% (-$198M to $547K); Teva (TEVA) fell 74% (-$173M to $59M); Illumina (ILMN) fell 87% (-$136M to $18M); Rocket Cos (RKT) fell 55% (-$80M to $40M); and WESCO (WCC) fell 52% (-$69M to $81M). The portfolio added 15 new opens including the massive SPY core ($3.32B new), IWM ($273M), EWY Korea ($212M), QNITY Electronics (Q, $201M), Entegris (ENTG, $130M), Medline (MDLN, $194M), Xometry/Rambus/Tower/Coupa/Golcar/Vistra/Meta/LifeTime and others, while exiting 20 positions including Constellation Energy ($292M), Amazon ($290M), Schwab ($241M), Natera-old-decrease-note, Corning, Samsara, Tower Semic (old), Vistra-old, Bank of America, Expand Energy, Entergy. The AUM rise from $6.79B to $7.90B is partly SPY-movement-driven and partly the DoorDash/Block/PG&E conviction adds. The 76.00 whaleScore on $7.90B reflects AUM. The Q1 2026 delta is best read as: PointState Capital executed a dramatic sector-and-theme rotation in Q1 2026 -- dramatically reducing concentrated positions in copper/industrials (Freeport -99.8%, Carpenter -98.8%), clinical data/healthcare (Caris-reduced, Illumina -87%, Teva -74%), short-term trading names (StubHub -91%, Rocket -55%), and exiting entirely ten Q4 names (Constellation Energy, Amazon, Schwab, Bank of America, Corning, Samsara, Tower, Vistra-old, Expand Energy, Entergy), while simultaneously adding the SPY mega-core at $3.32B, dramatically increasing core conviction tech/consumer infrastructure names (DoorDash +235%, Block +93%, PG&E +82%, Rubrik +74%), and making 14 other new opens. The post-Q1 $7.90B book is more ETF-indexed, more utilities-and-energy exposed (PG&E, Vistra-new, CEMEX, Golar LNG, Venture Global, Pampa, Talen, VALE, Freeport-remnant, Ramaco), more payments/FinTech-heavy (Block, Klarna, Waystar, Grupo Financiero Galicia, Banco Macro), and less traditional large-cap technology (Microsoft, Amazon, Apple gone) than Q4.