Paulson & Co. revealed a completely restructured $2.58 billion portfolio in its Q3 2026 13F filing. Every one of the fund’s 8 positions represented a new purchase, erasing all prior holdings. The five largest investments consumed 92.3% of the capital, with 558868105 alone making up 27.9%.

Paulson & Co. deployed $719.5 million into Madrigal Pharmaceuticals Inc. and $671.5 million into Perpetua Resources Corp. Paulson also acquired a $417.9 million stake in Acadian Asset Management Inc. The firm, known for its prescient subprime mortgage bubble call, targets mispriced assets and event-driven opportunities. Madrigal Pharmaceuticals presents a clear biotech catalyst, potentially a drug approval or acquisition target, a common Paulson play. Perpetua Resources suggests a commodity-linked opportunity or a specific mining sector event. Acadian Asset Management points to a bet on financial services consolidation or capital markets shifts.

New acquisitions show a consistent thematic approach. Paulson added $361.2 million to Bausch Health Cos Inc., $207.9 million to International Tower Hill Min, and $162.6 million to Novagold Resources Inc. Bausch Health, with Madrigal Pharmaceuticals, indicates a belief in specific pharmaceutical or biotech events. Perpetua, International Tower Hill Min, and Novagold collectively signal conviction in precious metals or mining sector revaluation. Paulson consistently positions himself for identifiable corporate catalysts and macroeconomic shifts, not broad market bets.