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Hedge fund

Slate Path Capital LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1559706

Reported value
$7.2bn
100% in companies we cover
Positions we cover
39
Largest UNP 8.7%
Copy, a year
+28.0%
S&P 500 +14.1%
Copy Sharpe ratio
0.98
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k$160k 2013201520172019202120232025 $260k$57.0k
CopyS&P 500 $10,000 copying Slate Path Capital LP's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −39.5% (S&P 500 −31.8%); beta 1.28; alpha +10.2% a year (t = 2.17); last 12 months +39.5% against +12.1%.

Reported value by quarter

Slate Path Capital LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $500B $1T $1.5T $2T Reported value, 2013-06-30: $1.3B Reported value, 2013-09-30: $1.5B Reported value, 2013-12-31: $2.1B Reported value, 2014-03-31: $1.3B Reported value, 2014-06-30: $1.2B Reported value, 2014-09-30: $1.3B Reported value, 2014-12-31: $1.3B Reported value, 2015-03-31: $1.6B Reported value, 2015-06-30: $915.6M Reported value, 2015-09-30: $737.9M Reported value, 2015-12-31: $924.3M Reported value, 2016-03-31: $959.1M Reported value, 2016-06-30: $1.3B Reported value, 2016-09-30: $1.1B Reported value, 2016-12-31: $2.1B Reported value, 2017-03-31: $2B Reported value, 2017-06-30: $1.7B Reported value, 2017-09-30: $1.8B Reported value, 2017-12-31: $1B Reported value, 2018-03-31: $1.5B Reported value, 2018-06-30: $1.3B Reported value, 2018-09-30: $737.9M Reported value, 2018-12-31: $875.7M Reported value, 2019-03-31: $1.2B Reported value, 2019-06-30: $1.6B Reported value, 2019-09-30: $1.5B Reported value, 2019-12-31: $1.8B Reported value, 2020-03-31: $1.3B Reported value, 2020-06-30: $1.7B Reported value, 2020-09-30: $1.8B Reported value, 2020-12-31: $1.8B Reported value, 2021-03-31: $1.5B Reported value, 2021-06-30: $1.8B Reported value, 2021-09-30: $2.2B Reported value, 2021-12-31: $1.9B Reported value, 2022-03-31: $2B Reported value, 2022-06-30: $1.6B Reported value, 2022-09-30: $1.5B Reported value, 2022-12-31: $1.9T Reported value, 2023-03-31: $2.1B Reported value, 2023-06-30: $2.7B Reported value, 2023-09-30: $3.6B Reported value, 2023-12-31: $4.5B Reported value, 2024-03-31: $5B Reported value, 2024-06-30: $4.9B Reported value, 2024-09-30: $6B Reported value, 2024-12-31: $5.5B Reported value, 2025-03-31: $5.5B Reported value, 2025-06-30: $5.8B Reported value, 2025-09-30: $6.5B Reported value, 2025-12-31: $7.4B Reported value, 2026-03-31: $6.7B Reported value, 2026-06-30: $7.2B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $7.2B
View chart data
Period Reported value
2013-06-30 $1.3B
2013-09-30 $1.5B
2013-12-31 $2.1B
2014-03-31 $1.3B
2014-06-30 $1.2B
2014-09-30 $1.3B
2014-12-31 $1.3B
2015-03-31 $1.6B
2015-06-30 $915.6M
2015-09-30 $737.9M
2015-12-31 $924.3M
2016-03-31 $959.1M
2016-06-30 $1.3B
2016-09-30 $1.1B
2016-12-31 $2.1B
2017-03-31 $2B
2017-06-30 $1.7B
2017-09-30 $1.8B
2017-12-31 $1B
2018-03-31 $1.5B
2018-06-30 $1.3B
2018-09-30 $737.9M
2018-12-31 $875.7M
2019-03-31 $1.2B
2019-06-30 $1.6B
2019-09-30 $1.5B
2019-12-31 $1.8B
2020-03-31 $1.3B
2020-06-30 $1.7B
2020-09-30 $1.8B
2020-12-31 $1.8B
2021-03-31 $1.5B
2021-06-30 $1.8B
2021-09-30 $2.2B
2021-12-31 $1.9B
2022-03-31 $2B
2022-06-30 $1.6B
2022-09-30 $1.5B
2022-12-31 $1.9T
2023-03-31 $2.1B
2023-06-30 $2.7B
2023-09-30 $3.6B
2023-12-31 $4.5B
2024-03-31 $5B
2024-06-30 $4.9B
2024-09-30 $6B
2024-12-31 $5.5B
2025-03-31 $5.5B
2025-06-30 $5.8B
2025-09-30 $6.5B
2025-12-31 $7.4B
2026-03-31 $6.7B
2026-06-30 $7.2B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
UNPUnion Pacific Corporation8.67%$626.3m2.30M+214.2% Added
UUnity Software Inc.6.36%$459.4m16.08M+41.6% Added
UALUnited Airlines Holdings6.26%$452.2m3.33M+6.8% Added
HUMHumana5.94%$429.0m1.08M+134.9% Added
STMStmicroelectronics N.V.5.43%$392.4m5.24M−14.5% Reduced
RIVNRivian Automotive, Inc. / DE5.28%$381.3m21.98MNew
HPEHewlett Packard Enterprise4.86%$351.0m7.78M−66.5% Reduced
FDXFFedEx Freight4.70%$339.3m2.25MNew
DALDelta Air Lines3.91%$282.4m3.02M+1.6% Added
NUENucor3.88%$280.4m1.26M−38.3% Reduced
FCXFreeport-McMoRan3.85%$278.2m4.42M+27.5% Added
CLFCleveland-cliffs Inc.3.69%$266.8m28.41M+47.6% Added
KNXKnight-swift Transportation Holdings Inc.3.68%$265.6m3.41M−26.1% Reduced
WOLFWolfspeed, Inc.2.96%$214.1m4.44M0.0%
CSXCSX Corporation2.64%$190.6m4.01MNew
IPInternational Paper2.56%$185.2m4.86M+43.9% Added
RIGTransocean Ltd.2.52%$182.2m37.27M+24.0% Added
APTVAptiv2.25%$162.7m2.65MNew
JHXJames Hardie Industries plc2.18%$157.6m6.02M+12.2% Added
AALAmerican Airlines Group Inc.2.07%$149.6m8.28M+27.9% Added
RBLXRoblox Corp2.07%$149.3m2.75MNew
TXNTexas Instruments2.04%$147.7m495.5K−81.4% Reduced
AKAMAkamai Technologies1.96%$141.5m1.20MNew
ENPHEnphase Energy, Inc.1.76%$127.4m2.59M+184.3% Added
ONON Semiconductor Corp1.66%$120.0m1.27M−83.7% Reduced
KMXCarmax Inc1.34%$96.7m1.83MNew
SKYDSkydance Corporation1.02%$74.1m7.51M0.0%
FIGRFigure Technology Solutions, Inc.0.85%$61.5m2.00M0.0%
GDSGDS Holdings Ltd0.62%$45.1m1.50MNew
COINCoinbase0.53%$38.5m263.4K0.0%
CRCLCircle Internet Group, Inc.0.49%$35.5m567.3KNew
SNAPSnap Inc0.45%$32.4m7.29M0.0%
WHRWhirlpool Corp0.36%$26.1m662.3K0.0%
PURRHyperliquid Strategies Inc0.30%$21.4m2.72MNew
XPOXPO, Inc.0.29%$20.7m100.6K0.0%
GEVGE Vernova0.22%$15.9m13.5K−88.4% Reduced
UNHUnitedHealth Group0.16%$11.8m28.3KNew
NAMSNewamsterdam Pharma Co N.V.0.15%$10.8m319.0K0.0%
TVRDTvardi Therapeutics, Inc.0.02%$1.3m704.1K0.0%
CompanyBought (value)Shares
UNPUnion Pacific Corporation$427.0m1.57M
RIVNRivian Automotive, Inc. / DE$381.3m21.98M
FDXFFedEx Freight$339.3m2.25M
HUMHumana$246.4m620.2K
CSXCSX Corporation$190.6m4.01M
APTVAptiv$162.7m2.65M
RBLXRoblox Corp$149.3m2.75M
AKAMAkamai Technologies$141.5m1.20M
UUnity Software Inc.$135.1m4.73M
KMXCarmax Inc$96.7m1.83M
CLFCleveland-cliffs Inc.$86.1m9.17M
ENPHEnphase Energy, Inc.$82.6m1.68M
FCXFreeport-McMoRan$60.0m954.4K
IPInternational Paper$56.5m1.48M
GDSGDS Holdings Ltd$45.1m1.50M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
HPEHewlett Packard Enterprise−$698.0m−15.47M
TXNTexas Instruments−$648.2m−2.17M
ONON Semiconductor Corp−$617.3m−6.53M
RKTRocket Companies, Inc.−$329.9m−23.15M
QQnity Electronics, Inc.−$287.3m−2.49M
EQTEQT Corporation−$247.3m−3.89M
GFSGlobalfoundries Inc.−$224.3m−5.04M
AMRZAmrize Ltd−$210.2m−3.75M
NUENucor−$174.3m−782.7K
AERAercap Holdings N.V.−$133.7m−974.5K
GEVGE Vernova−$121.1m−103.0K
SAIASaia Inc−$108.2m−308.0K
KNXKnight-swift Transportation Holdings Inc.−$94.0m−1.21M
TWLOTwilio Inc−$93.5m−742.8K
STMStmicroelectronics N.V.−$66.3m−885.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
RKTRocket Companies, Inc.$329.9m23.15M
QQnity Electronics, Inc.$287.3m2.49M
EQTEQT Corporation$247.3m3.89M
GFSGlobalfoundries Inc.$224.3m5.04M
AMRZAmrize Ltd$210.2m3.75M
AERAercap Holdings N.V.$133.7m974.5K
SAIASaia Inc$108.2m308.0K
TWLOTwilio Inc$93.5m742.8K
SEDGSolaredge Technologies, Inc.$37.6m736.7K
TET1 Energy Inc.$27.6m6.29M
EXEExpand Energy$14.7m133.6K
STUBStubhub Holdings, Inc.$9.1m1.46M
SWSmurfit Westrock$7.4m186.7K
LABStandard Biotools Inc.$1.5m1.61M
  • Industrials32.4%
  • Technology27.7%
  • Materials16.2%
  • Consumer Discretionary9.2%
  • Health Care6.3%
  • Communication Services3.5%
  • Energy2.5%
  • Financials2.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+28.0%+14.1%0.980.78−39.5%1.28
2018 onwardsJanuary 5, 2018 to November 2, 2026+29.7%+13.9%0.970.66−39.5%1.25
Last three yearsNovember 3, 2023 to November 2, 2026+55.1%+21.8%1.711.16−27.8%1.38
Last yearNovember 7, 2025 to November 2, 2026+34.9%+14.2%1.150.84−11.9%1.60

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.