Rubric Capital Management LP's Q4 2025 13F: 16 new positions, 10 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 13, 2026 · 75 reported positions · accession 0001104659-26-015172
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | VISTRA CORP (VST) | — | 3.9% | +3.9 pts | +2M sh | new |
| Reduced | ROIVANT SCIENCES LTD (ROIV) | 4.1% | 2.3% | −1.7 pts | −11M sh | −55% |
| New | CONSTELLATION ENERGY CORP (CEG) | — | 2.8% | +2.8 pts | +670K sh | new |
| Increased | VIATRIS INC (VTRS) | 2.0% | 3.8% | +1.8 pts | +10.12M sh | +66% |
| New | AKAMAI TECHNOLOGIES INC (AKAM) | — | 1.3% | +1.3 pts | +1.2M sh | new |
| Reduced | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 6.7% | 8.0% | +1.3 pts | −3.29M sh | −13% |
| Exited | BAXTER INTL INC (BAX) | 1.2% | — | −1.2 pts | −3.77M sh | −100% |
| New | COMPASS INC (COMP) | — | 0.9% | +0.9 pts | +7M sh | new |
| Reduced | ARCUTIS BIOTHERAPEUTICS INC (ARQT) | 2.7% | 2.9% | +0.2 pts | −2.48M sh | −23% |
| Increased | FTAI AVIATION LTD (FTAI) | 7.5% | 8.7% | +1.2 pts | +339K sh | +10% |
| New | ARCHER DANIELS MIDLAND CO (ADM) | — | 0.8% | +0.8 pts | +1.1M sh | new |
| Reduced | COLLEGIUM PHARMACEUTICAL INC (COLL) | 1.3% | 0.8% | −0.5 pts | −1.33M sh | −47% |
| Reduced | TREVI THERAPEUTICS INC (TRVI) | 1.0% | 0.6% | −0.5 pts | −4.77M sh | −56% |
| New | PRIMO BRANDS CORPORATION (PRMB) | — | 0.7% | +0.7 pts | +3.63M sh | new |
| New | ANDERSONS INC (ANDE) | — | 0.6% | +0.6 pts | +1.01M sh | new |
| New | NURIX THERAPEUTICS INC (NRIX) | — | 0.6% | +0.6 pts | +2.47M sh | new |
| Reduced | EOS ENERGY ENTERPRISES INC (EOSE) | 1.6% | 0.9% | −0.7 pts | −3.8M sh | −37% |
| Increased | BUNGE GLOBAL SA (BG) | 0.2% | 0.7% | +0.5 pts | +488K sh | +259% |
| Exited | ALIGHT INC (ALIT) | 0.5% | — | −0.5 pts | −11.4M sh | −100% |
| Exited | ANI PHARMACEUTICALS INC (ANIP) | 0.4% | — | −0.4 pts | −343K sh | −100% |
| Exited | SCPHARMACEUTICALS INC (SCPH) | 0.4% | — | −0.4 pts | −5.1M sh | −100% |
| Exited | SUPERNUS PHARMACEUTICALS INC (SUPN) | 0.4% | — | −0.4 pts | −595K sh | −100% |
| New | GRAPHIC PACKAGING HLDG CO (GPK) | — | 0.4% | +0.4 pts | +2M sh | new |
| Exited | TETRA TECHNOLOGIES INC DEL (TTI) | 0.3% | — | −0.3 pts | −4.53M sh | −100% |
| Reduced | KINIKSA PHARMACEUTICALS INTL (KNSA) | 2.1% | 1.6% | −0.4 pts | −671K sh | −17% |
| Increased | ZYMEWORKS INC (ZYME) | 1.1% | 1.8% | +0.7 pts | +1.04M sh | +22% |
| Exited | CANNAE HLDGS INC (CNNE) | 0.3% | — | −0.3 pts | −1.32M sh | −100% |
| Increased | BGC GROUP INC (BGC) | 2.3% | 2.2% | 0.0 pts | +3M sh | +17% |
| Exited | DAY ONE BIOPHARMACEUTICALS I (DAWN) | 0.3% | — | −0.3 pts | −3.38M sh | −100% |
| Increased | LIBERTY GLOBAL LTD (LBTYA) | 1.2% | 1.3% | +0.1 pts | +2.27M sh | +29% |
| Reduced | QUIDELORTHO CORP (QDEL) | 1.8% | 1.3% | −0.5 pts | −861K sh | −19% |
| New | DARLING INGREDIENTS INC (DAR) | — | 0.3% | +0.3 pts | +681K sh | new |
| Increased | TRANSALTA CORP (TAC) | 2.9% | 2.7% | −0.2 pts | +1.83M sh | +11% |
| Increased | CIMPRESS PLC (CMPR) | 1.0% | 1.2% | +0.2 pts | +344K sh | +29% |
| Reduced | INDIVIOR PLC (INDV) | 0.4% | 0.2% | −0.2 pts | −632K sh | −56% |
| Reduced | MANNKIND CORP (MNKD) | 0.8% | 0.5% | −0.3 pts | −3.94M sh | −35% |
| Increased | PROTHENA CORP PLC (PRTA) | 0.2% | 0.4% | +0.2 pts | +2.14M sh | +139% |
| Increased | ARS PHARMACEUTICALS INC (SPRY) | 0.6% | 0.9% | +0.3 pts | +1.7M sh | +38% |
| Reduced | SCHRODINGER INC (SDGR) | 1.4% | 0.9% | −0.5 pts | −1.1M sh | −21% |
| Increased | MEIRAGTX HLDGS PLC (MGTX) | 0.4% | 0.6% | +0.2 pts | +2.45M sh | +66% |
| Reduced | RENEW ENERGY GLOBAL PLC (RNW) | 1.5% | 0.7% | −0.7 pts | −3.44M sh | −24% |
| Increased | LIBERTY GLOBAL LTD (LBTYK) | 0.7% | 0.8% | +0.1 pts | +1.58M sh | +35% |
| New | EDGEWELL PERS CARE CO (EPC) | — | 0.2% | +0.2 pts | +1.01M sh | new |
| New | CAPRI HOLDINGS LIMITED (CPRI) | — | 0.2% | +0.2 pts | +675K sh | new |
| New | SMURFIT WESTROCK PLC (SW) | — | 0.2% | +0.2 pts | +400K sh | new |
| New | CARTERS INC (CRI) | — | 0.2% | +0.2 pts | +460K sh | new |
| Reduced | FLUOR CORP NEW (FLR) | 2.5% | 2.0% | −0.6 pts | −356K sh | −8% |
| Exited | MOHAWK INDS INC (MHK) | 0.1% | — | −0.1 pts | −85,726 sh | −100% |
| Increased | GILDAN ACTIVEWEAR INC (GIL) | 0.1% | 0.2% | +0.1 pts | +172K sh | +204% |
| New | STUBHUB HLDGS INC (STUB) | — | 0.1% | +0.1 pts | +785K sh | new |
The 50 largest of 63 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 — 55.3% of the equity book
Changes in the top 10 this quarter: VST entered · VTRS entered · CEG entered · FLR left · MCY left · BGC left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | TALEN ENERGY CORP (TLN) | 20.6% | 16.2% | |
| 2 | FTAI AVIATION LTD (FTAI) | 7.5% | 8.7% | |
| 3 | TEVA PHARMACEUTICAL INDS LTD (TEVA) | 6.7% | 8.0% | |
| 4 | GOLAR LNG LTD (GLNG) | 5.0% | 4.1% | |
| 5 | VISTRA CORP (VST) | 0.0% | 3.9% | Entered the top 10 |
| 6 | VIATRIS INC (VTRS) | 2.0% | 3.8% | Entered the top 10 |
| 7 | ARCUTIS BIOTHERAPEUTICS INC (ARQT) | 2.7% | 2.9% | |
| 8 | CONSTELLATION ENERGY CORP (CEG) | 0.0% | 2.8% | Entered the top 10 |
| 9 | TRANSALTA CORP (TAC) | 2.9% | 2.7% | |
| 10 | ROIVANT SCIENCES LTD (ROIV) | 4.1% | 2.3% | |
| — | FLUOR CORP NEW (FLR) | 2.5% | 2.0% | Left the top 10 |
| — | MERCURY GENL CORP NEW (MCY) | 2.3% | 2.3% | Left the top 10 |
| — | BGC GROUP INC (BGC) | 2.3% | 2.2% | 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 |
|---|---|---|---|---|---|
| Exited | SPDR S&P 500 ETF TR (SPY) | Put | 1.4M | 0 | $0 |
| Exited | ISHARES TR (IWM) | Put | 2M | 0 | $0 |