WhaleCreep

Rubric Capital Management LP 13F holdings, Q3 2025

Hedge fundSEC filingsCompare with another fundHoldings as of 2025-09-30, filed 2025-11-14

Rubric Capital Management LP disclosed 69 US equity positions worth $7.4bn in its Q3 2025 13F filing. Its largest position is TLN at 20.6% of the reported book, followed by FTAI AVIATION LTD and TEVA. Versus Q2 2025 it opened 15 new positions, added to 19, reduced 9 and exited 9.

$7.4bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
69
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
20.6%
Largest position
The largest single position as a share of the reported equity book.
56.7%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
15
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
39
Quarters on file since Q4 2016
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q2 2025: 15 new, 19 added, 9 reduced, 9 exited

50 of 69
TLN TALEN ENERGY CORPUtilities20.6%$1.5bn3.60m−20%reduced
FTAI AVIATION LTD no ticker–7.5%$561m3.36m−1.0%reduced
TEVA TEVA PHARMACEUTICAL INDS LTDHealthcare6.7%$498m24.65m−5.2%reduced
GLNG GOLAR LNG LTDEnergy5.0%$371m9.18m0.0%held
ROIV ROIVANT SCIENCES LTDHealthcare4.1%$303m20.00m−1.8%reduced
TAC TRANSALTA CORPUtilities2.9%$218m15.95m0.0%held
ARQT ARCUTIS BIOTHERAPEUTICS INCHealthcare2.7%$203m10.75m0.0%held
FLR FLUOR CORPIndustrials2.5%$189m4.50m+13%added
MCY MERCURY GENL CORP NEWFinancial Services2.3%$174m2.05m0.0%held
BGC BGC GROUP INCFinancial Services2.3%$170m18.00m+5.8%added
KINIKSA PHARMACEUTICALS INTL no ticker–2.1%$155m4.00m+2.3%added
VTRS VIATRIS INCHealthcare2.0%$152m15.38m+28%added
QDEL QUIDELORTHO CORPHealthcare1.8%$137m4.64m0.0%held
AMRX AMNEAL PHARMACEUTICALS INCHealthcare1.7%$123m12.33m+5.3%added
EOSE EOS ENERGY ENTERPRISES INCIndustrials1.6%$117m10.30m–new
RENEW ENERGY GLOBAL PLC no ticker–1.5%$111m14.44m0.0%held
IART INTEGRA LIFESCIENCES HLDGS CHealthcare1.5%$110m7.65m+4.1%added
SDGR SCHRODINGER INCHealthcare1.4%$106m5.27m+5.4%added
LILAB LIBERTY LATIN AMERICA LTDCommunication Services1.4%$101m12.00m–new
COLL COLLEGIUM PHARMACEUTICAL INCHealthcare1.3%$98.9m2.83m−10%reduced
ECVT ECOVYST INCBasic Materials1.2%$91.1m10.40m+121%added
LIBERTY GLOBAL LTD no ticker–1.2%$88.8m7.75m+36%added
SSYS STRATASYS LTDTechnology1.2%$87.4m7.80m0.0%held
DK DELEK US HLDGS INC NEWEnergy1.2%$86.7m2.69m0.0%held
BAX BAXTER INTL INCHealthcare1.2%$86.0m3.77m–new
ENOV ENOVIS CORPORATIONHealthcare1.1%$83.4m2.75m–new
ZYME ZYMEWORKS INCHealthcare1.1%$80.5m4.71m0.0%held
TRVI TREVI THERAPEUTICS INCHealthcare1.0%$78.1m8.53m0.0%held
CMPR CIMPRESS PLCIndustrials1.0%$74.4m1.18m+110%added
OPK OPKO HEALTH INCHealthcare1.0%$74.1m47.79m0.0%held
ADEA ADEIA INCTechnology1.0%$72.0m4.28m0.0%held
NWL NEWELL BRANDS INCConsumer Defensive0.9%$68.1m13.00m–new
TDS TELEPHONE & DATA SYS INCCommunication Services0.8%$62.8m1.60m–new
MNKD MANNKIND CORPHealthcare0.8%$61.3m11.41m–new
GEO GEO GROUP INCIndustrials0.8%$61.2m2.99m+139%added
PRLB PROTO LABS INCIndustrials0.8%$56.2m1.12m+8.6%added
NFE NEW FORTRESS ENERGY INCEnergy0.7%$54.7m24.77m+1.5%added
OFIX ORTHOFIX MED INCHealthcare0.7%$54.5m3.72m0.0%held
LIBERTY GLOBAL LTD no ticker–0.7%$53.3m4.54m+38%added
SPRY ARS PHARMACEUTICALS INCHealthcare0.6%$45.2m4.50m+248%added
MATV MATIV HOLDINGS INCBasic Materials0.6%$45.0m3.98m0.0%held
CXW CORECIVIC INCIndustrials0.5%$39.9m1.96m+141%added
ALITEUR ALIGHT INC–0.5%$37.2m11.40m−42%reduced
HRTX HERON THERAPEUTICS INCHealthcare0.5%$36.7m29.10m+8.9%added
MREO MEREO BIOPHARMA GROUP PLCHealthcare0.4%$31.5m15.31m0.0%held
ANIP ANI PHARMACEUTICALS INCHealthcare0.4%$31.5m343,414+33%added
MGTX MEIRAGTX HLDGS PLCHealthcare0.4%$30.7m3.73m0.0%held
SCPH SCPHARMACEUTICALS INC–0.4%$28.9m5.10m+11%added
SUPN SUPERNUS PHARMACEUTICALSHealthcare0.4%$28.5m595,366−14%reduced
INDIVIOR PLC no ticker–0.4%$27.3m1.13m−76%reduced

Exited since Q2 2025

9 rows
VST VISTRA CORP4.4%$276m
ADPT ADAPTIVE BIOTECHNOLOGIES COR1.2%$72.9m
07WA MR COOPER GROUP INC0.8%$50.4m
PCG PG&E CORP0.8%$50.2m
IAS INTEGRAL AD SCIENCE HLDNG CO0.4%$24.7m
CEG CONSTELLATION ENERGY CORP0.3%$17.6m
ZVRA ZEVRA THERAPEUTICS INC0.3%$17.3m
CHRS COHERUS ONCOLOGY INC0.01%$635k
OVID OVID THERAPEUTICS INC0.0%$158k

Sector mix

  • Healthcare33.8%
  • Utilities23.5%
  • Unclassified14.7%
  • Industrials7.5%
  • Energy7.2%
  • Financial Services4.6%
  • Technology2.8%
  • Communication Services2.2%
  • Basic Materials1.8%
  • Consumer Defensive1.1%
  • Consumer Cyclical0.5%
  • Real Estate0.2%

Book over time

Every quarter on file (39)
QuarterPositionsEquity book
Q2 202686$10.9bn
Q1 202681$8.2bn
Q4 202575$8.4bn
Q3 202569$7.4bn
Q2 202563$6.2bn
Q1 202565$5.6bn
Q4 202467$5.5bn
Q3 202464$6.1bn
Q2 202467$3.8bn
Q1 202468$3.4bn
Q4 202357$2.7bn
Q3 202359$2.4bn
Q2 202361$2.3bn
Q1 202370$2.5bn
Q4 202294$2.3bn
Q3 202287$2.0bn
Q2 202297$2.0bn
Q1 202270$2.1bn
Q4 202168$2.1bn
Q3 202155$1.7bn
Q2 202156$1.6bn
Q1 202158$1.7bn
Q4 202059$1.3bn
Q3 202064$1.1bn
Q2 202051$858m
Q1 202049$612m
Q4 201944$859m
Q3 201956$890m
Q2 201952$937m
Q1 201959$1.1bn
Q4 201848$805m
Q3 201852$946m
Q2 201840$1.0bn
Q1 201851$1.1bn
Q4 201748$796m
Q3 201750$630m
Q2 201745$412m
Q1 201731$324m
Q4 201631$197m

Where Rubric Capital Management LP was early

64 rows
XPER XPERI INCQ1 20172 of 857.9%7.9%19Held at last filing, Q2 2026–
CSTM CONSTELLIUM SEQ1 201711 of 1322.1%4.6%19Exited by Q4 2024+150%
AMKR AMKOR TECHNOLOGY INCQ2 20171 of 1341.9%2.0%2Exited by Q4 2017+8.0%
ERII ENERGY RECOVERY INCQ2 20172 of 821.3%1.3%5Exited by Q3 2018−2.5%
DFIN DONNELLEY FINL SOLUTIONS INCQ2 20173 of 830.8%1.7%4Exited by Q2 2018−25%
PPC PILGRIMS PRIDE CORP NEWQ2 20173 of 1081.5%1.5%4Exited by Q3 2019+16%
RYAM RAYONIER ADVANCED MATLS INCQ2 20173 of 1072.4%5.3%6Exited by Q4 2018+17%
BLDR BUILDERS FIRSTSOURCE INCQ2 20175 of 2081.1%2.9%6Exited by Q4 2018−4.2%
HALO HALOZYME THERAPEUTICS INCQ2 20175 of 1350.9%3.3%4Exited by Q2 2018+53%
DAR DARLING INGREDIENTS INCQ2 20176 of 1690.8%2.3%3Exited by Q1 2026+129%
TSN TYSON FOODS INCQ2 201712 of 1241.9%2.8%4Exited by Q1 2020+45%
EQT EQT CORPQ2 201724 of 2311.5%1.5%4Exited by Q2 2018−19%
TTMI TTM TECHNOLOGIES INCQ3 20173 of 1431.0%3.6%5Exited by Q3 2021−7.0%
BRSL INTERNATIONAL GAME TECHNOLOGQ3 20176 of 1423.2%8.0%8Exited by Q3 2022−24%
PTEN PATTERSON UTI ENERGY INCQ3 20177 of 1432.6%2.6%2Exited by Q1 2018+9.9%
CIEN CIENA CORPQ3 201716 of 1835.3%5.3%3Exited by Q2 2018+18%
ICHR ICHOR HOLDINGSQ4 20171 of 992.0%3.8%4Exited by Q3 2019−3.9%
WSC WILLSCOT MOBIL MINI HLDNG COQ4 20171 of 1774.6%5.8%20Exited by Q1 2023+256%
AIR AAR CORPQ4 20173 of 962.2%3.5%18Exited by Q4 2024+66%
OSG AMBAC FINL GROUP INCQ4 20174 of 870.8%3.0%9Exited by Q1 2021−3.8%
SPB SPECTRUM BRANDS HLDGS INCQ4 20174 of 1470.4%5.9%2Exited by Q2 2018−2.7%
SD SANDRIDGE ENERGY INCQ1 20182 of 770.4%1.7%3Exited by Q4 2018−25%
KLIC KULICKE & SOFFA INDS INCQ1 20184 of 1031.9%4.2%2Exited by Q3 2018−4.8%
8IN SYNEOS HEALTH INCQ1 20185 of 1150.4%3.5%3Exited by Q2 2019+46%
CHRS COHERUS ONCOLOGY INCQ1 20187 of 1050.5%4.6%16Exited by Q3 2025−93%
NTRA NATERA INCQ2 20183 of 1671.1%1.1%4Exited by Q3 2019+47%
CWH CAMPING WORLD HLDGS INCQ2 20184 of 1286.7%6.7%2Exited by Q4 2018−15%
GPRE GREEN PLAINS INCQ3 20184 of 1214.1%4.2%14Exited by Q4 2022+69%
MGY MAGNOLIA OIL & GAS CORPQ3 20184 of 1021.2%1.2%3Exited by Q2 2019−20%
ECHO ECHOSTAR CORPQ3 201813 of 2091.5%2.4%3Exited by Q1 2020+15%
07WA MR COOPER GROUP INCQ4 20181 of 1515.9%5.9%27Exited by Q3 2025+1179%
HGV HILTON GRAND VACATIONS INCQ4 201817 of 1661.6%1.9%4Exited by Q4 2019+21%
TH TARGET HOSPITALITY CORPQ1 20191 of 952.2%2.4%14Held at last filing, Q2 2026+114%
WKC WORLD FUEL SVCS CORPQ1 20194 of 850.5%2.4%4Exited by Q1 2020+50%
SAIC SCIENCE APPLICATNS INTL CP NQ1 20197 of 1214.7%4.7%4Exited by Q2 2020−3.0%
ENS ENERSYSQ1 20198 of 1020.5%2.7%3Exited by Q1 2021+27%
STNG SCORPIO TANKERS INCQ1 20199 of 1390.9%5.4%6Exited by Q3 2023+138%
ZYME ZYMEWORKS INCQ1 201911 of 1070.2%2.1%16Held at last filing, Q2 2026+62%
JBLU JETBLUE AWYS CORPQ1 201913 of 1651.1%2.8%3Exited by Q4 2019+2.4%
INSW INTERNATIONAL SEAWAYS INCQ2 20195 of 1031.2%2.2%4Exited by Q2 2020+26%
CCJ CAMECO CORPQ2 20199 of 1824.8%6.0%7Exited by Q4 2023+269%
QNST QUINSTREET INCQ3 20198 of 882.9%4.2%12Exited by Q1 2023+14%
TBPH THERAVANCE BIOPHARMA INCQ4 20197 of 960.5%3.3%5Exited by Q4 2022−61%
IDCC INTERDIGITAL INCQ1 20204 of 1183.5%3.9%9Exited by Q2 2023+63%
INSM INSMED INCQ1 20208 of 1801.8%3.3%5Exited by Q3 2022+23%
PFSI PENNYMAC FINL SVCS INC NEWQ2 20206 of 1142.0%2.3%6Held at last filing, Q2 2026+108%
RXT RACKSPACE TECHNOLOGY INCQ3 20201 of 803.5%3.6%3Exited by Q2 2021+23%
MREO MEREO BIOPHARMA GROUP PLCQ4 20201 of 670.5%1.6%23Held at last filing, Q2 2026−91%
HY HYSTER YALE MATLS HANDLING IQ1 20211 of 511.1%1.1%3Exited by Q4 2021−42%
OCUL OCULAR THERAPEUTIX INCQ1 20213 of 1200.4%1.9%3Exited by Q4 2021−39%

Concentration and tenure

7.3%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
44.3%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
2
Median completed holding, quarters