PAULSON & CO. INC. tear sheet

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SPZCOPAULSON & CO. INC. · CIK 1035674Data at close 2026-08-21

13F filer · reported 2026-Q2 · filed 2026-08-14 · Δ vs 2026-Q1 · US-listed long positions only

13F portfolio $2.6BPositions 8Top 10 100.0%Effective N 4.9

Filer13F 2026-Q2

CIK1035674	Reported quarter2026-Q2
Prior quarter2026-Q1	Filed2026-08-14
Reported value$2.6B	Positions8

Authorized signatory: Stuart Merzer · General Counsel — the person who SIGNED this filer's latest 13F, frequently a compliance officer, general counsel or CFO, and not necessarily the portfolio manager.

Owners & officers (ADV Schedule A): PAULSON, JOHN, ALFRED (PRESIDENT, DIRECTOR, PORTFOLIO MANAGER) · BODAK, CHRISTOPHER, ALAN (CHIEF FINANCIAL OFFICER) · FORISH, LINDA, Y. (CHIEF OPERATING OFFICER) · HOINE, ANDREW (DIRECTOR OF RESEARCH) · MERZER, STUART, LESLIE (CHIEF LEGAL OFFICER & CHIEF COMPLIANCE OFFICER)

Reported 2026-Q2 · filed 2026-08-14

Implied return1.14y vs SPY

Cumulative+88.6%	CAGR+74.3%
vs SPY+52.5pp	Vol (ann.)48.3%
Sharpe1.40	Max drawdown−30.2%
Beta1.50	Avg coverage100%
Quarters replayed4

2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returns

Contribution10 of 15 names

Ticker	Avg wt	Return	Contrib.
AAMI	13.4%	+89.1%	+11.85pp
PPTA	24.7%	+45.0%	+9.77pp
MDGL	28.2%	+24.6%	+8.62pp
THM	5.3%	+99.3%	+4.62pp
NG	7.4%	+43.2%	+2.93pp
THRY	1.3%	−84.9%	−2.11pp
TMQ · exited	0.4%	+147.5%	+1.53pp
SOLS · exited	0.5%	—	+1.39pp
BHC	14.1%	−14.0%	−1.25pp
AEM · exited	3.9%	+58.9%	+0.76pp

Carino-linked; contributions sum to the book return — modeled, not actual results.

2025-08-24 → 2026-08-24 · book +38.7% · SPY +20.0% · largest absolute contributors first · HYPOTHETICAL

Top holdings8 of 8 · 100.0% of book

Holding	Weight	Value	Δ shares
MDGL	27.9%	$720M	−3.7%
PPTA	26.1%	$672M	+0.0%
AAMI	16.2%	$418M	−24.5%
BHC	14.0%	$361M	+0.0%
THM	8.1%	$208M	+4.9%
NG	6.3%	$163M	+0.0%
THRY	1.3%	$33M	+0.0%
GOOGL	0.1%	$2M	new

Weights as filed for 2026-Q2 · Δ vs 2026-Q1

Sector split4 sectors

Sector	N	Weight
Health Care	2	42.0%
Materials	3	40.5%
Financials	1	16.2%
Communication Services	2	1.4%

SIC-derived, not GICS

Sector history8 of 52 quarters

Sector	2024-Q2	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4	2026-Q1
Materials	28.2%	33.3%	29.3%	30.0%	35.0%	39.5%	41.9%	49.6%
Health Care	51.9%	42.7%	51.0%	49.6%	42.3%	44.8%	46.1%	36.1%
Financials	14.7%	16.0%	14.3%	13.3%	15.7%	12.6%	11.2%	13.5%
Communication Services	2.8%	2.5%	3.9%	3.1%	2.7%	1.7%	0.8%	0.7%
Unclassified	2.4%	5.6%	1.4%	1.5%	2.0%	0.0%	0.0%	0.0%
Energy	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Industrials	0.0%	0.0%	0.0%	2.4%	2.3%	1.4%	0.0%	0.0%
Real Estate	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Information Technology	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Consumer Discretionary	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Utilities	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Consumer Staples	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Top-10 concentration	97.5%	96.6%	98.6%	96.9%	97.1%	100.0%	100.0%	100.0%

SIC-derived, not GICS · 100% of the latest book classified · share of the filed book, per quarter

Basis & disclosures

As filed · positions and weights exactly as the 13F states them · nothing imputed · absent “—”
13F is US-listed long only · filed up to 45 days after quarter-end · a LOWER bound on what this filer manages, never a total — shorts, options, cash, bonds and non-US listings are outside it
As filed — the holdings and weights are the 13F itself; no return engine produced them
Implied returns are a replication, not a track record · the filed book valued daily and rebalanced to each new filing · no fees, no timing, and nothing a 13F does not carry
Not investment advice · no recommendation, forecast or offer · past ≠ future · this is a filer's public record, not a solicitation
SEC Form 13F · SEC Form ADV · licensed end-of-day prices · spzco.com/methodology