Slate Path Capital 13F, Q4 2025
David Greenspan · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1559706
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 51 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| HEWLETT PACKARD ENTERPRISE C | HPE | $586.00M | 7.9% | +39% shares |
| ON SEMICONDUCTOR CORP | ON | $567.50M | 7.7% | new |
| ROCKET COS INC | RKT | $497.34M | 6.7% | +86% shares |
| UNITY SOFTWARE INC | U | $362.23M | 4.9% | -23% shares |
| EQT CORP | EQT | $336.20M | 4.5% | +6% shares |
| AMRIZE LTD | $316.86M | 4.3% | -4% shares | |
| CLEVELAND-CLIFFS INC NEW | CLF | $297.69M | 4.0% | +14% shares |
| NUCOR CORP | NUE | $271.44M | 3.7% | +8% shares |
| FREEPORT-MCMORAN INC | FCX | $261.82M | 3.5% | new |
| HUMANA INC | HUM | $244.09M | 3.3% | new |
| GITLAB INC | GTLB | $224.20M | 3.0% | +89% shares |
| KNIGHT-SWIFT TRANSN HLDGS IN | KNX | $224.06M | 3.0% | new |
| TWILIO INC | TWLO | $222.26M | 3.0% | +244% shares |
| NOKIA CORP | NOK | $217.95M | 2.9% | -9% shares |
| UNITED AIRLS HLDGS INC | UAL | $211.33M | 2.9% | +63% shares |
| DELTA AIR LINES INC DEL | DAL | $203.14M | 2.7% | +69% shares |
| UNION PAC CORP | UNP | $173.54M | 2.3% | -54% shares |
| EXPAND ENERGY CORPORATION | EXE | $172.99M | 2.3% | -3% shares |
| GLOBALFOUNDRIES INC | $169.57M | 2.3% | +175% shares | |
| ARROWHEAD PHARMACEUTICALS IN | ARWR | $167.54M | 2.3% | -49% shares |
| QNITY ELECTRONICS INC | Q | $156.51M | 2.1% | new |
| AMERICAN AIRLS GROUP INC | AAL | $138.50M | 1.9% | -10% shares |
| STMICROELECTRONICS N V | STM | $136.98M | 1.9% | new |
| AERCAP HOLDINGS NV | $134.87M | 1.8% | -8% shares | |
| JAMES HARDIE INDS PLC | $111.31M | 1.5% | +135% shares |
What changed since Q3 2025
Against the Q3 2025 filing, Slate Path Capital opened 15 new positions, added to 11, trimmed 19, left 6 unchanged and exited 15. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
and 7 more
Exited
- SNDKwas $302.23M
- WBDwas $230.55M
- TEVAwas $160.15M
- SEAGATE TECHNOLOGY HLDNGS PLwas $155.53M
- UPSTwas $138.78M
- GEwas $77.25M
- STONECO LTDwas $71.45M
- DOWwas $56.53M
and 7 more
Other quarters
Source: SEC Form 13F-HR, accession 0001172661-26-000952, filed by Slate Path Capital LP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.