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PAULSON & CO. INC.

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13F filer, CIK 1035674, JERSEY CITY, NJ

PAULSON & CO. INC. reported $2,969,350,241 across 10 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001013594-25-001436

Period
2025-09-30
Reported value
$2.97B
Holdings
10
Top 10 weight
100%
New
0
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BHCadded+37,964,167$245M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MDGLreduced-182,000-$83.5M
AAMIreduced-1,206,839-$58.1M
SAexited-2,070,000-$30.1M
EQXexited-2,500,000-$14.4M
IAGexited-1,850,000-$13.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001013594-25-001436, largest first. % of portfolio is the value over $2,969,350,241, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,042,000 shares; 2024Q4: 2,042,000 shares; 2025Q1: 2,099,523 shares; 2025Q2: 2,089,523 shares; 2025Q3: 1,907,523 shares 1,907,523$875M29.46%-182,000Timeline
PPTAPERPETUA RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,771,542 shares; 2024Q4: 24,771,542 shares; 2025Q1: 24,771,542 shares; 2025Q2: 32,347,299 shares; 2025Q3: 32,347,299 shares 32,347,299$654M22.04%0Timeline
BHCBAUSCH HEALTH COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,439,035 shares; 2024Q4: 26,439,035 shares; 2025Q1: 26,439,035 shares; 2025Q2: 32,791,702 shares; 2025Q3: 70,755,869 shares 70,755,869$456M15.37%+37,964,167Timeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,950,121 shares; 2024Q4: 8,950,121 shares; 2025Q1: 8,950,121 shares; 2025Q2: 8,950,121 shares; 2025Q3: 7,743,282 shares 7,743,282$373M12.56%-1,206,839Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,238,061 shares; 2024Q4: 27,238,061 shares; 2025Q1: 27,238,061 shares; 2025Q2: 27,238,061 shares; 2025Q3: 27,238,061 shares 27,238,061$240M8.07%0Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 783,561 shares; 2024Q4: 783,561 shares; 2025Q1: 783,561 shares; 2025Q2: 783,561 shares; 2025Q3: 783,561 shares 783,561$132M4.45%0Timeline
THMINTERNATIONAL TOWER HILL MINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,198,980 shares; 2024Q4: 64,198,980 shares; 2025Q1: 70,239,388 shares; 2025Q2: 70,239,388 shares; 2025Q3: 70,239,388 shares 70,239,388$115M3.88%0Timeline
THRYTHRYV HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 4,280,000 shares; 2025Q1: 4,280,000 shares; 2025Q2: 4,280,000 shares; 2025Q3: 4,280,000 shares 4,280,000$51.6M1.74%0Timeline
HONHONEYWELL INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 200,000 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares 200,000$42.1M1.42%0Timeline
TMQTRILOGY METALS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,326,996 shares; 2024Q4: 14,326,996 shares; 2025Q1: 14,326,996 shares; 2025Q2: 14,326,996 shares; 2025Q3: 14,326,996 shares 14,326,996$30.1M1.01%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SASEABRIDGE GOLD INC2,070,000$30.1Mshares
EQXEQUINOX GOLD CORP2,500,000$14.4Mshares
IAGIAMGOLD CORP1,850,000$13.6Mshares
JUNIPER NETWORKS INCJUNIPER NETWORKS INC250,000$9.98Mshares
GOOGALPHABET INC9,000$1.6Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001013594-25-001436 base2025-11-14acceptance time not in the bulk data set