Rubric Capital Management LP's Q2 2025 13F: 7 new positions, 9 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 62 reported positions · accession 0001104659-25-078662
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | TALEN ENERGY CORP (TLN) | 21.9% | 21.1% | −0.8 pts | −1.62M sh | −26% |
| New | FLUOR CORP NEW (FLR) | — | 3.3% | +3.3 pts | +4M sh | new |
| New | VIATRIS INC (VTRS) | — | 1.7% | +1.7 pts | +12M sh | new |
| Increased | VISTRA CORP (VST) | 2.0% | 4.4% | +2.5 pts | +479K sh | +51% |
| Reduced | MR COOPER GROUP INC (COOP) | 2.0% | 0.8% | −1.2 pts | −584K sh | −63% |
| Increased | FTAI AVIATION LTD (FTAI) | 5.3% | 6.3% | +1.0 pts | +749K sh | +28% |
| Exited | FLAGSTAR FINANCIAL INC (FLG) | 1.3% | — | −1.3 pts | −6.43M sh | −100% |
| Reduced | ADAPTIVE BIOTECHNOLOGIES COR (ADPT) | 1.7% | 1.2% | −0.6 pts | −6.86M sh | −52% |
| Exited | DOLE PLC (DOLE) | 1.1% | — | −1.1 pts | −4.16M sh | −100% |
| Exited | WALGREENS BOOTS ALLIANCE INC (WBA) | 1.0% | — | −1.0 pts | −5.01M sh | −100% |
| Exited | PEDIATRIX MEDICAL GROUP INC (MD) | 0.8% | — | −0.8 pts | −3.13M sh | −100% |
| New | PG&E CORP (PCG) | — | 0.8% | +0.8 pts | +3.6M sh | new |
| Reduced | QUIDELORTHO CORP (QDEL) | 3.8% | 2.2% | −1.7 pts | −1.5M sh | −24% |
| Exited | PHOTRONICS INC (PLAB) | 0.7% | — | −0.7 pts | −1.86M sh | −100% |
| Increased | TRANSALTA CORP (TAC) | 2.0% | 2.8% | +0.8 pts | +3.95M sh | +33% |
| Exited | SILICON MOTION TECHNOLOGY CO (SIMO) | 0.6% | — | −0.6 pts | −701K sh | −100% |
| New | ECOVYST INC (ECVT) | — | 0.6% | +0.6 pts | +4.71M sh | new |
| Increased | PROTO LABS INC (PRLB) | 0.1% | 0.7% | +0.6 pts | +918K sh | +792% |
| Increased | INTEGRA LIFESCIENCES HLDGS C (IART) | 1.8% | 1.5% | −0.4 pts | +2.71M sh | +58% |
| Increased | ROIVANT SCIENCES LTD (ROIV) | 3.2% | 3.7% | +0.5 pts | +2.6M sh | +15% |
| Exited | PARAGON 28 INC (FNA) | 0.4% | — | −0.4 pts | −1.88M sh | −100% |
| New | CIMPRESS PLC (CMPR) | — | 0.4% | +0.4 pts | +561K sh | new |
| New | SUPERNUS PHARMACEUTICALS INC (SUPN) | — | 0.4% | +0.4 pts | +695K sh | new |
| Increased | TREVI THERAPEUTICS INC (TRVI) | 0.5% | 0.8% | +0.2 pts | +3.99M sh | +88% |
| New | CONSTELLATION ENERGY CORP (CEG) | — | 0.3% | +0.3 pts | +54,507 sh | new |
| Increased | INDIVIOR PLC (INDV) | 0.6% | 1.1% | +0.5 pts | +1.12M sh | +32% |
| Increased | MERCURY GENL CORP NEW (MCY) | 1.8% | 2.2% | +0.4 pts | +233K sh | +13% |
| Increased | KINIKSA PHARMACEUTICALS INTL (KNSA) | 1.3% | 1.7% | +0.4 pts | +527K sh | +16% |
| Increased | STRATASYS LTD (SSYS) | 1.2% | 1.4% | +0.3 pts | +1.21M sh | +18% |
| Increased | GEO GROUP INC NEW (GEO) | 0.4% | 0.5% | +0.1 pts | +572K sh | +85% |
| Increased | ANI PHARMACEUTICALS INC (ANIP) | 0.1% | 0.3% | +0.2 pts | +201K sh | +355% |
| Increased | CANNAE HLDGS INC (CNNE) | 0.5% | 0.7% | +0.2 pts | +616K sh | +41% |
| Increased | MEIRAGTX HLDGS PLC (MGTX) | 0.2% | 0.4% | +0.2 pts | +1.95M sh | +110% |
| Increased | ALIGHT INC (ALIT) | 1.9% | 1.8% | −0.1 pts | +1.91M sh | +11% |
| Increased | CORECIVIC INC (CXW) | 0.1% | 0.3% | +0.1 pts | +421K sh | +107% |
| Increased | GOLAR LNG LTD (GLNG) | 6.1% | 6.1% | 0.0 pts | +204K sh | +2% |
| Increased | AMNEAL PHARMACEUTICALS INC (AMRX) | 1.6% | 1.5% | −0.1 pts | +974K sh | +9% |
| Exited | OMNIAB INC (OABI) | 0.1% | — | −0.1 pts | −2.85M sh | −100% |
| Increased | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 7.0% | 7.0% | 0.0 pts | +450K sh | +2% |
| Increased | ZEVRA THERAPEUTICS INC (ZVRA) | 0.2% | 0.3% | +0.1 pts | +741K sh | +61% |
| Increased | ZYMEWORKS INC (ZYME) | 0.9% | 1.0% | 0.0 pts | +372K sh | +9% |
| Increased | COLLEGIUM PHARMACEUTICAL INC (COLL) | 1.6% | 1.5% | −0.1 pts | +158K sh | +5% |
| Increased | ARS PHARMACEUTICALS INC (SPRY) | 0.2% | 0.4% | +0.1 pts | +266K sh | +26% |
| Increased | SCHRODINGER INC (SDGR) | 1.7% | 1.6% | −0.1 pts | +200K sh | +4% |
| Reduced | COHERUS ONCOLOGY INC (CHRS) | 0.1% | 0.0% | −0.1 pts | −4.39M sh | −83% |
| Reduced | LIBERTY GLOBAL LTD (LBTYA) | 1.2% | 0.9% | −0.3 pts | −310K sh | −5% |
| Reduced | ARCUTIS BIOTHERAPEUTICS INC (ARQT) | 3.1% | 2.4% | −0.7 pts | −217K sh | −2% |
| Reduced | BGC GROUP INC (BGC) | 2.8% | 2.8% | 0.0 pts | −221K sh | −1% |
| Reduced | INTEGRAL AD SCIENCE HLDNG CO (IAS) | 0.5% | 0.4% | −0.1 pts | −195K sh | −6% |
| Reduced | OVID THERAPEUTICS INC (OVID) | 0.0% | 0.0% | 0.0 pts | −4.84M sh | −91% |
The 50 largest of 65 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 59.9% of the equity book
Changes in the top 10 this quarter: VST entered · FLR entered · QDEL left · NFE left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | TALEN ENERGY CORP (TLN) | 21.9% | 21.1% | |
| 2 | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 7.0% | 7.0% | |
| 3 | FTAI AVIATION LTD (FTAI) | 5.3% | 6.3% | |
| 4 | GOLAR LNG LTD (GLNG) | 6.1% | 6.1% | |
| 5 | VISTRA CORP (VST) | 2.0% | 4.4% | Entered the top 10 |
| 6 | ROIVANT SCIENCES LTD (ROIV) | 3.2% | 3.7% | |
| 7 | FLUOR CORP NEW (FLR) | 0.0% | 3.3% | Entered the top 10 |
| 8 | BGC GROUP INC (BGC) | 2.8% | 2.8% | |
| 9 | TRANSALTA CORP (TAC) | 2.0% | 2.8% | |
| 10 | ARCUTIS BIOTHERAPEUTICS INC (ARQT) | 3.1% | 2.4% | |
| — | QUIDELORTHO CORP (QDEL) | 3.8% | 2.2% | Left the top 10 |
| — | NEW FORTRESS ENERGY INC (NFE) | 3.6% | 1.3% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| New | SPDR SERIES TRUST (XBI) | Put | 0 | 2M | $166M |
| New | TESLA INC (TSLA) | Put | 0 | 430K | $137M |
| New | HIMS & HERS HEALTH INC (HIMS) | Put | 0 | 2M | $99.7M |