John Paulson Q1 2026 Portfolio: MDGL Trimmed 18%, New Stake in Amicus Therapeutics

John Paulson disclosed a $3.1 billion portfolio spanning nine holdings in his Q1 2026 13F filing. Following top holding PPTA ($910M, 29.2%), the fund trimmed its second-largest position, MDGL ($729M, 23.4%), by 18% from the prior quarter, and fully exited SOLS ($68M), removing it from the portfolio.

Top 5 Holdings — Q1 2026

• PPTA: $910M (29.2%)
• MDGL: $729M (23.4%)
• AAMI: $421M (13.5%)
• BHC: $396M (12.7%)
• NG: $245M (7.9%)

Key Portfolio Moves

Paulson & Co's portfolio this quarter remains concentrated in its top two holdings, PPTA and MDGL, which together account for more than half of total assets. PPTA held its position as the largest holding at $910M (29.2%), followed by MDGL at $729M (23.4%). However, MDGL's weighting fell 18% from the prior quarter, widening the gap between the two positions. AAMI ($421M) and BHC ($396M) ranked third and fourth at 13.5% and 12.7%, respectively, bringing the top four holdings to nearly 79% of the total portfolio.

• Amicus Therapeutics: New buy of $468,504 — a small new bet in the healthcare sector
• SOLS: Fully sold, $68M → $0 — completely exited the portfolio
• MDGL: Position trimmed 18% to $729M — a weighting adjustment to the No. 2 holding, still a core position at 23.4%
• THM: Position increased 42% to $229M — strengthening exposure to gold mining stocks
• THRY: Position increased 94% to $23M — nearly doubling a small position

The most notable changes this quarter were the new addition and the complete exit. Paulson initiated a new $468,504 position in Amicus Therapeutics, while fully removing the $68M SOLS position from the portfolio. Gold-related stocks THM and THRY saw their weightings rise 42% and 94%, respectively, reinforcing the fund's bet on the resources sector. Condensed to nine holdings totaling $3.1 billion, this quarter's portfolio reaffirms Paulson's concentrated strategy centered on healthcare and resource stocks.

Outlook

Paulson's trading this quarter was marked by modest adjustments to core healthcare holdings (PPTA, MDGL) alongside a significant increase in gold-related stocks (THM, THRY). The full exit from SOLS and the small new position in Amicus suggest the portfolio reshuffling remains in an incremental adjustment phase rather than a large-scale overhaul. With concentration in the top four holdings still strong, the key things to watch next quarter will be further changes to the PPTA and MDGL weightings and whether the fund adds to its gold-related positions.