Rubric Capital Management LP's Q3 2025 13F: 16 new positions, 9 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 69 reported positions · accession 0001104659-25-112706
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | TALEN ENERGY CORP (TLN) | 21.1% | 20.6% | −0.5 pts | −903K sh | −20% |
| Exited | VISTRA CORP (VST) | 4.4% | — | −4.4 pts | −1.42M sh | −100% |
| New | EOS ENERGY ENTERPRISES INC (EOSE) | — | 1.6% | +1.6 pts | +10.3M sh | new |
| Exited | ADAPTIVE BIOTECHNOLOGIES COR (ADPT) | 1.2% | — | −1.2 pts | −6.26M sh | −100% |
| New | LIBERTY LATIN AMERICA LTD (LILAK) | — | 1.2% | +1.2 pts | +10.26M sh | new |
| New | BAXTER INTL INC (BAX) | — | 1.2% | +1.2 pts | +3.77M sh | new |
| Reduced | INDIVIOR PLC (INDV) | 1.1% | 0.4% | −0.7 pts | −3.52M sh | −76% |
| New | ENOVIS CORPORATION (ENOV) | — | 1.1% | +1.1 pts | +2.75M sh | new |
| New | NEWELL BRANDS INC (NWL) | — | 0.9% | +0.9 pts | +13M sh | new |
| New | TELEPHONE & DATA SYS INC (TDS) | — | 0.8% | +0.8 pts | +1.6M sh | new |
| New | MANNKIND CORP (MNKD) | — | 0.8% | +0.8 pts | +11.41M sh | new |
| Exited | MR COOPER GROUP INC (COOP) | 0.8% | — | −0.8 pts | −338K sh | −100% |
| Exited | PG&E CORP (PCG) | 0.8% | — | −0.8 pts | −3.6M sh | −100% |
| Increased | ECOVYST INC (ECVT) | 0.6% | 1.2% | +0.6 pts | +5.69M sh | +121% |
| Increased | CIMPRESS PLC (CMPR) | 0.4% | 1.0% | +0.6 pts | +619K sh | +110% |
| Increased | GEO GROUP INC NEW (GEO) | 0.5% | 0.8% | +0.3 pts | +1.74M sh | +139% |
| Increased | VIATRIS INC (VTRS) | 1.7% | 2.0% | +0.3 pts | +3.39M sh | +28% |
| Increased | ARS PHARMACEUTICALS INC (SPRY) | 0.4% | 0.6% | +0.2 pts | +3.21M sh | +248% |
| Exited | INTEGRAL AD SCIENCE HLDNG CO (IAS) | 0.4% | — | −0.4 pts | −2.97M sh | −100% |
| Reduced | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 7.0% | 6.7% | −0.3 pts | −1.35M sh | −5% |
| New | ACADIA HEALTHCARE COMPANY IN (ACHC) | — | 0.4% | +0.4 pts | +1.1M sh | new |
| Reduced | ALIGHT INC (ALIT) | 1.8% | 0.5% | −1.3 pts | −8.23M sh | −42% |
| New | TETRA TECHNOLOGIES INC DEL (TTI) | — | 0.3% | +0.3 pts | +4.53M sh | new |
| New | DAY ONE BIOPHARMACEUTICALS I (DAWN) | — | 0.3% | +0.3 pts | +3.38M sh | new |
| Increased | LIBERTY GLOBAL LTD (LBTYA) | 0.9% | 1.2% | +0.3 pts | +2.06M sh | +36% |
| Increased | CORECIVIC INC (CXW) | 0.3% | 0.5% | +0.3 pts | +1.15M sh | +141% |
| Exited | CONSTELLATION ENERGY CORP (CEG) | 0.3% | — | −0.3 pts | −54,507 sh | −100% |
| Increased | FLUOR CORP NEW (FLR) | 3.3% | 2.5% | −0.8 pts | +500K sh | +13% |
| Exited | ZEVRA THERAPEUTICS INC (ZVRA) | 0.3% | — | −0.3 pts | −1.96M sh | −100% |
| New | BUNGE GLOBAL SA (BG) | — | 0.2% | +0.2 pts | +188K sh | new |
| New | PROTHENA CORP PLC (PRTA) | — | 0.2% | +0.2 pts | +1.54M sh | new |
| Increased | LIBERTY GLOBAL LTD (LBTYK) | 0.5% | 0.7% | +0.2 pts | +1.25M sh | +38% |
| New | LIBERTY LATIN AMERICA LTD (LILA) | — | 0.2% | +0.2 pts | +1.74M sh | new |
| Reduced | CANNAE HLDGS INC (CNNE) | 0.7% | 0.3% | −0.4 pts | −786K sh | −37% |
| Reduced | COLLEGIUM PHARMACEUTICAL INC (COLL) | 1.5% | 1.3% | −0.2 pts | −331K sh | −10% |
| New | MOHAWK INDS INC (MHK) | — | 0.1% | +0.1 pts | +85,726 sh | new |
| Increased | BGC GROUP INC (BGC) | 2.8% | 2.3% | −0.5 pts | +994K sh | +6% |
| Increased | ANI PHARMACEUTICALS INC (ANIP) | 0.3% | 0.4% | +0.2 pts | +85,745 sh | +33% |
| Increased | AMNEAL PHARMACEUTICALS INC (AMRX) | 1.5% | 1.7% | +0.1 pts | +625K sh | +5% |
| Reduced | ROIVANT SCIENCES LTD (ROIV) | 3.7% | 4.1% | +0.4 pts | −370K sh | −2% |
| Reduced | FTAI AVIATION LTD (FTAI) | 6.3% | 7.5% | +1.3 pts | −33,527 sh | −1% |
| Increased | SCHRODINGER INC (SDGR) | 1.6% | 1.4% | −0.2 pts | +269K sh | +5% |
| New | GILDAN ACTIVEWEAR INC (GIL) | — | 0.1% | +0.1 pts | +84,252 sh | new |
| Reduced | SUPERNUS PHARMACEUTICALS INC (SUPN) | 0.4% | 0.4% | 0.0 pts | −99,673 sh | −14% |
| Increased | PROTO LABS INC (PRLB) | 0.7% | 0.8% | +0.1 pts | +89,167 sh | +9% |
| Increased | INTEGRA LIFESCIENCES HLDGS C (IART) | 1.5% | 1.5% | 0.0 pts | +300K sh | +4% |
| Increased | KINIKSA PHARMACEUTICALS INTL (KNSA) | 1.7% | 2.1% | +0.3 pts | +90,194 sh | +2% |
| Increased | HERON THERAPEUTICS INC (HRTX) | 0.9% | 0.5% | −0.4 pts | +2.39M sh | +9% |
| Increased | SCPHARMACEUTICALS INC (SCPH) | 0.3% | 0.4% | +0.1 pts | +500K sh | +11% |
| New | TREEHOUSE FOODS INC (THS) | — | 0.0% | 0.0 pts | +70,372 sh | new |
The 50 largest of 53 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 — 56.7% of the equity book
Changes in the top 10 this quarter: MCY entered · VST left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | TALEN ENERGY CORP (TLN) | 21.1% | 20.6% | |
| 2 | FTAI AVIATION LTD (FTAI) | 6.3% | 7.5% | |
| 3 | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 7.0% | 6.7% | |
| 4 | GOLAR LNG LTD (GLNG) | 6.1% | 5.0% | |
| 5 | ROIVANT SCIENCES LTD (ROIV) | 3.7% | 4.1% | |
| 6 | TRANSALTA CORP (TAC) | 2.8% | 2.9% | |
| 7 | ARCUTIS BIOTHERAPEUTICS INC (ARQT) | 2.4% | 2.7% | |
| 8 | FLUOR CORP NEW (FLR) | 3.3% | 2.5% | |
| 9 | MERCURY GENL CORP NEW (MCY) | 2.2% | 2.3% | Entered the top 10 |
| 10 | BGC GROUP INC (BGC) | 2.8% | 2.3% | |
| — | VISTRA CORP (VST) | 4.4% | 0.0% | 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 S&P 500 ETF TR (SPY) | Put | 0 | 1.4M | $933M |
| New | ISHARES TR (IWM) | Put | 0 | 2M | $484M |
| Exited | SPDR SERIES TRUST (XBI) | Put | 2M | 0 | $0 |
| Exited | TESLA INC (TSLA) | Put | 430K | 0 | $0 |
| Exited | HIMS & HERS HEALTH INC (HIMS) | Put | 2M | 0 | $0 |