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PAULSON & CO. INC.

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13F filer, CIK 1035674, JERSEY CITY, NJ

PAULSON & CO. INC. reported $3,261,997,206 across 9 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001013594-26-000257

Period
2025-12-31
Reported value
$3.26B
Holdings
9
Top 10 weight
100%
New
1
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SOLSnew+1,395,787$67.8M
BHCadded+2,500,000$17.4M
THRYadded+67,070$406K

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-200,001-$116M
HONexited-200,000-$42.1M
TMQexited-14,326,996-$30.1M

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, Q4 2025

Share positions as resolved from 13F-HR 0001013594-26-000257, largest first. % of portfolio is the value over $3,261,997,206, 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; 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; 2025Q4: 1,707,522 shares 1,707,522$994M30.48%-200,001Timeline
PPTAPERPETUA RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 32,347,299 shares 32,347,299$783M24.01%0Timeline
BHCBAUSCH HEALTH COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 73,255,869 shares 73,255,869$509M15.61%+2,500,000Timeline
AAMIACADIAN ASSET MANAGEMENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 7,743,282 shares 7,743,282$364M11.16%0Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 27,238,061 shares 27,238,061$254M7.78%0Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 783,561 shares; 2024Q4: 783,561 shares; 2025Q1: 783,561 shares; 2025Q2: 783,561 shares; 2025Q3: 783,561 shares; 2025Q4: 783,561 shares 783,561$133M4.07%0Timeline
THMINTERNATIONAL TOWER HILL MINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 70,239,388 shares 70,239,388$131M4.01%0Timeline
SOLSSOLSTICE ADVANCED MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,395,787 shares 1,395,787$67.8M2.08%newTimeline
THRYTHRYV HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,347,070 shares 4,347,070$26.3M0.81%+67,070Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
HONHONEYWELL INTL INC200,000$42.1Mshares
TMQTRILOGY METALS INC NEW14,326,996$30.1Mshares

How Q4 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 0001013594-26-000257 base2026-02-17acceptance time not in the bulk data set