Paulson & Co Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The investment landscape of the first quarter of 2026 reveals a fascinating portrait of high-conviction, specialized investing through the lens of Paulson & Co., the hedge fund led by the legendary billionaire investor John Paulson. As of the portfolio snapshot date of March 31, 2026, the institution manages a total reported portfolio market value of approximately $3.11 billion. While this figure represents a significant pool of capital, the most striking characteristic of the firm’s current posture is its extreme concentration. With only 9 distinct holdings reported, Paulson & Co. exemplifies a "quality over quantity" philosophy that is rare even among the most aggressive hedge funds.

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II. Sector Allocation Analysis

The Materials allocation, led by massive positions in gold and mineral exploration companies, reflects a deep-seated belief in the long-term value of "hard money" and strategic resources. In an era of fiscal expansion and fluctuating interest rate expectations, Paulson’s nearly 50% allocation to Materials suggests a defensive yet opportunistic posture. This is not merely a "gold bug" play; it is a sophisticated bet on the supply-demand imbalances in the mining sector. By focusing on companies that own massive, undeveloped or developing mineral deposits (such as Perpetua Resources and NovaGold), the firm is positioning itself to benefit from the rising costs of resource extraction and the increasing strategic importance of domestic mineral supplies in the United States.

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III. Top 10 Holdings Deep Dive

The fact that the share count remained unchanged while the portfolio weight rose from 24.01% to 29.23% indicates that the stock significantly outperformed the rest of the portfolio during the quarter. Paulson’s thesis here is likely two-fold: the rising price of gold and the strategic "re-shoring" of critical mineral supply chains. As the US government seeks to reduce dependence on foreign sources for defense-critical minerals, Perpetua stands as a prime beneficiary of federal grants and expedited permitting. For Paulson, this is a bet on a unique asset that sits at the intersection of commodity wealth and national security.

At 13.54% of the portfolio, Acadian Asset Management serves as the financial anchor. This position has been held for over six years, qualifying it as a "long-term conviction" holding. Unlike the high-beta mining and biotech stocks, Acadian provides exposure to the broader asset management industry and quantitative investing trends. The weight increase from 11.16% to 13.54% occurred without any change in share count, reflecting the stock's price appreciation. This suggests that the firm is content to let its winners run in the financial sector, using Acadian as a source of relatively stable equity value compared to the more speculative components of the portfolio.

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IV. Major Buys/Additions

The motivation for this addition is likely a "valuation trough mining" strategy combined with a bullish macro view on gold prices. Junior miners like THM often trade as "leveraged options" on the price of gold; when gold prices rise, the net present value of their massive, unmined deposits increases exponentially. By adding nearly 30 million shares, Paulson is signaling a belief that the gold cycle is entering a new, more aggressive phase. This is a bet on "size and scale"—THM doesn't need to be an efficient producer today; it just needs to own the gold that the world will want tomorrow. The timing suggests that Paulson sees the current price of THM as an attractive entry point before a potential re-rating of the entire junior mining sector.

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V. Major Sells and Portfolio Adjustment Operations

This is a textbook case of "Major Strategic Contraction" for the purpose of profit-taking. Madrigal has been a spectacular winner for Paulson, with the stock price reflecting the successful approval and launch of Rezdiffra. However, at a weight of over 30% of the portfolio, the position had become a source of significant concentration risk. By trimming nearly 19% of the position, Paulson is "taking the house's money off the table." The motivation is likely a combination of risk management and a judgment that the "easy money" from the FDA approval catalyst has been made. The firm remains a major shareholder, but this reduction provides the liquidity needed to fund other opportunities, such as the addition to International Tower Hill Mines. It is a transition from an aggressive "overweight" to a more balanced "core" position.

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VI. Investment Insights and Risk Warnings

For retail investors, the reference value here is the importance of patience and sector expertise . Paulson’s willingness to hold NovaGold for over a decade and Perpetua for five years illustrates that in the materials and biotech sectors, value realization is a marathon, not a sprint. However, the "imitation risk" is high: Paulson’s portfolio is so concentrated that a single clinical failure or a drop in gold prices could cause massive drawdowns that most individual investors could not withstand.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.