PointState Capital
PointState Capital, managed by Zachary Schreiber, is a New York-based hedge fund known for its global macro investment strategy. Schreiber, who previously co-headed the investment team at Duquesne Capital alongside legendary investor Stanley Druckenmiller, has built a reputation for focusing on broad economic trends and inflection points across various asset classes. The fund typically employs a mix of fundamental and quantitative analysis to drive its investment decisions.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| SPYPUT | $3.32B | 42.00% | $648.67 | $746.85 | +15.1% | 42.0% | |
| PCG | $377.2M | 4.78% | $17.52 | $17.31 | -1.2% | 4.8% | |
| CX | $288.8M | 3.66% | $11.41 | $12.05 | +5.6% | 3.7% | |
| DASH | $274.8M | 3.48% | $150.15 | $194.84 | +29.8% | 3.5% | |
| IWMPUT | $272.8M | 3.45% | $247.41 | $295.99 | +19.6% | 3.5% | |
| NVT | $259.8M | 3.29% | $118.11 | $151.10 | +27.9% | 3.3% | |
| XYZ | $239.4M | 3.03% | $60.18 | $77.61 | +29.0% | 3.0% | |
| EWY | $211.7M | 2.68% | $123.01 | $180.44 | +46.7% | 2.7% | |
| Q | $200.5M | 2.54% | $115.32 | $139.01 | +20.5% | 2.5% | |
| ARMK | $183.7M | 2.33% | $40.45 | $55.86 | +38.1% | 2.3% | |
| RBRK | $178.6M | 2.26% | $48.97 | $87.33 | +78.3% | 2.3% | |
| GRAB | $154.7M | 1.96% | $3.66 | $3.92 | +7.1% | 2.0% | |
| WAB | $150.1M | 1.90% | $249.61 | $258.89 | +3.7% | 1.9% | |
| NTRA | $148.0M | 1.87% | $199.99 | $280.71 | +40.4% | 1.9% | |
| FLUT | $144.4M | 1.83% | $101.95 | $108.68 | +6.6% | 1.8% | |
| CAI | $131.6M | 1.67% | $17.88 | $17.44 | -2.5% | 1.7% | |
| ENTG | $130.4M | 1.65% | $117.16 | $132.67 | +13.2% | 1.6% | |
| GLNG | $127.0M | 1.61% | $54.11 | $50.84 | -6.0% | 1.6% | |
| STUB | $125.6M | 1.59% | $6.24 | $13.64 | +118.6% | 1.6% | |
| COF | $124.4M | 1.58% | $181.65 | $203.59 | +12.1% | 1.6% | |
| EWZ | $93.0M | 1.18% | $38.03 | $34.64 | -8.9% | 1.2% | |
| WAY | $90.8M | 1.15% | $24.11 | $23.75 | -1.5% | 1.1% | |
| WCC | $80.8M | 1.02% | $273.22 | $303.58 | +11.1% | 1.0% | |
| GGAL | $60.6M | 0.77% | $45.83 | $51.48 | +12.3% | 0.8% | |
| RMBS | $60.3M | 0.76% | $86.03 | $104.53 | +21.5% | 0.8% | |
| TEVA | $59.5M | 0.75% | $30.12 | $34.76 | +15.4% | 0.8% | |
| BMA | $55.0M | 0.70% | $76.09 | $91.38 | +20.1% | 0.7% | |
| LYB | $49.7M | 0.63% | $80.56 | $54.62 | -32.2% | 0.6% | |
| META | $41.6M | 0.53% | $571.60 | $616.82 | +7.9% | 0.5% | |
| RKT | $40.2M | 0.51% | $14.25 | $14.52 | +1.9% | 0.5% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| SPYPUT | $3.32B | +15.1% | |
| IWMPUT | $272.8M | +19.6% | |
| EWY | $211.7M | +46.7% | |
| Q | $200.5M | +20.5% | |
| ENTG | $130.4M | +13.2% | |
| EWZ | $93.0M | -8.9% | |
| RMBS | $60.3M | +21.5% | |
| LYB | $49.7M | -32.2% |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| SMH | $497.0M | |
| CEG | $292.4M | |
| AMZN | $290.0M | |
| SCHW | $240.6M | |
| CCC | $150.4M | |
| BAC | $78.0M | |
| GLW | $75.0M | |
| IOT | $61.6M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| DASH | $151.2M | +235.4% | +29.8% | |
| CX | $185.4M | +180.5% | +5.6% | |
| XYZ | $105.5M | +93.4% | +29.0% | |
| PCG | $187.6M | +82.0% | -1.2% | |
| RBRK | $17.9M | +73.6% | +78.3% | |
| CX | $90.2M | +46.1% | +5.6% | |
| WAY | $0.0M | +35.9% | -1.5% | |
| GRAB | $-7.7M | +29.8% | +7.1% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| FCX | $-198.0M | -99.8% | ||
| CRS | $-187.7M | -97.9% | ||
| CRS | $-136.6M | -97.1% | ||
| CPNG | $-171.6M | -90.6% | ||
| COPX | $-48.4M | -90.3% | ||
| ILMN | $-66.5M | -77.0% | ||
| ILMN | $-51.5M | -72.1% | ||
| RKT | $-80.3M | -54.7% | +1.9% |
Quarter Activity
During the quarter, PointState Capital initiated significant new positions in SPY, IWM, and EWY, with SPY being the largest new holding by a substantial margin. The fund also exited several major positions, including SMH, CEG, and AMZN. Notably, there was a considerable shift in the fund's portfolio concentration towards large index funds, reflecting a strategic realignment.
AI Commentary
<p>PointState Capital's current portfolio showcases a significant concentration in the ETF sector, particularly with large positions in the S&P 500 and Russell 2000 indices, represented by SPY and IWM respectively. These two positions alone constitute a substantial portion of the fund's assets under management, with SPY accounting for 42.0% and IWM for 3.5%. The fund also shows a diversified interest in utilities, construction, and technology sectors through holdings in PG&E Corp (PCG), Cemex (CX), and Block Inc (XYZ), highlighting a blend of stable and growth-oriented investments.</p> <p>The recent portfolio adjustments signal a strategic shift towards market indices and electronics, as evidenced by new positions in SPY, IWM, EWY (iShares MSCI South Korea ETF), and Q (Qnity Electronics Inc). The closure of positions in sector-specific ETFs like SMH (semiconductors) and broad market plays such as Amazon (AMZN) suggests a pivot away from certain technology and consumer discretionary sectors. The substantial increases in positions like DoorDash (DASH) and Cemex (CX) indicate a growing confidence in consumer services and construction sectors, respectively. These changes reflect a nuanced approach to risk management and sector rotation based on current market dynamics and future economic expectations.</p>