Rubric Capital Management LP

CIK

1687509

Location

NEW YORK, NY

Portfolio Value

Mid $8,179,533,474

Diversification

Diversified

Filing Date

Global Rank

#478 / 7,976 ▲ 71

Top Industry

Utilities - Independent Power Producers 24.2%

3Y Alpha vs SPY

+6.1%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+107.5%

SPY

+76.5%

Annualised alpha

+6.7%

Max drawdown

−26.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

65 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

18.7%

−2.2 pts

Top 5

47.6%

+3.0 pts

Top 10

60.9%

+1.4 pts

HHI

665

Diversified−15

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Healthcare	33.0%	$2,697,743,715	30
Utilities	22.8%	$1,861,479,893	3
Industrials	14.0%	$1,143,741,563	9
Unclassified	11.4%	$932,652,000	1
Energy	6.3%	$512,381,741	3
Financial Services	4.2%	$344,460,849	2
Technology	3.0%	$245,740,367	5
Communication Services	2.1%	$168,650,793	4
Basic Materials	1.7%	$136,145,419	2
Consumer Defensive	1.0%	$83,423,193	2
Consumer Cyclical	0.5%	$40,083,234	3
Real Estate	0.2%	$13,030,707	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

17 positions

Ticker	Company	Δ Shares	Shares	Value
ECVT	Ecovyst Inc.	+5,692,653	10,400,000	$91,104,000
VTRS	Viatris Inc	+3,385,000	15,385,000	$152,311,500
SPRY	ARS Pharmaceuticals, Inc.	+3,205,122	4,500,000	$45,225,000
HRTX	Heron Therapeutics, Inc. /De/	+2,387,225	29,100,728	$36,666,917
LBTYA	Liberty Global Ltd.	+2,058,142	7,750,367	$88,819,205
GEO	Geo Group Inc	+1,739,522	2,986,915	$61,201,888
CXW	CoreCivic, Inc.	+1,146,166	1,961,446	$39,915,426
BGC	BGC Group, Inc.	+994,418	18,000,000	$170,280,000
AMRX	Amneal Pharmaceuticals, Inc.	+624,609	12,334,941	$123,472,759
CMPR	CIMPRESS plc	+619,360	1,180,789	$74,436,938
FLR	Fluor Corp	+500,000	4,500,000	$189,315,000
NFE	New Fortress Energy Inc.	+367,087	24,767,087	$54,735,262
IART	Integra Lifesciences Holdings Corp	+300,000	7,653,934	$109,680,874
SDGR	Schrodinger, Inc.	+268,817	5,268,817	$105,692,469
KNSA	Kiniksa Pharmaceuticals International, plc	+90,194	4,000,000	$155,320,000
PRLB	Proto Labs Inc	+89,167	1,123,338	$56,200,600
ANIP	Ani Pharmaceuticals Inc	+85,745	343,414	$31,456,722
No positions match the current search.

Trimmed

Positions the filer reduced

8 positions

Ticker	Company	Δ Shares	Shares	Value
ALIT	Alight, Inc. / Delaware	−8,228,370	11,398,583	$37,159,380
TEVA	Teva Pharmaceutical Industries Ltd	−1,350,000	24,650,000	$497,930,000
TLN	Talen Energy Corp	−903,131	3,602,171	$1,532,291,499
CNNE	Cannae Holdings, Inc.	−786,275	1,319,589	$24,161,674
ROIV	Roivant Sciences Ltd.	−370,336	20,000,000	$302,600,000
COLL	Collegium Pharmaceutical, Inc	−331,245	2,826,498	$98,899,165
SUPN	Supernus Pharmaceuticals, Inc.	−99,673	595,366	$28,452,541
FTAI	FTAI Aviation Ltd.	−33,527	3,360,553	$560,741,873
No positions match the current search.

New Positions

Positions the filer opened this quarter

15 positions

Ticker	Company	Shares	Value
SPY	Spdr S&P 500 ETF Trust	1,400,000	$932,652,000
EOSE	Eos Energy Enterprises, Inc.	10,300,000	$117,317,000
BAX	Baxter International Inc	3,774,889	$85,954,222
ENOV	Enovis CORP	2,750,000	$83,435,000
NWL	Newell Brands Inc.	13,000,000	$68,120,000
TDS	Telephone & Data Systems Inc /De/	1,600,000	$62,784,000
MNKD	Mannkind Corp	11,414,671	$61,296,783
ACHC	Acadia Healthcare Company, Inc.	1,100,000	$27,236,000
TTI	Tetra Technologies Inc	4,529,783	$26,046,252
DAWN	Day One Biopharmaceuticals, Inc.	3,377,071	$23,808,350
BG	Bunge Global SA	188,347	$15,303,193
PRTA	Prothena Corp Public Ltd Co	1,540,373	$15,034,040
LILA	Liberty Latin America Ltd.	1,743,065	$14,450,008
MHK	Mohawk Industries Inc	85,726	$11,051,795
GIL	Gildan Activewear Inc.	84,252	$4,869,765
No positions match the current search.

Sold Out

Positions the filer fully exited

9 positions

Ticker	Company	Shares	Value
VST	Vistra Corp.	1,424,803	$276,141,069
TSLA	Tesla, Inc.	430,000	$136,593,800
HIMS	Hims & Hers Health, Inc.	2,000,000	$99,700,000
ADPT	Adaptive Biotechnologies Corp	6,256,847	$72,892,267
PCG	PG&E Corp	3,600,000	$50,184,000
CEG	Constellation Energy Corp	54,507	$17,592,679
ZVRA	Zevra Therapeutics, Inc.	1,958,318	$17,252,781
CHRS	Coherus Oncology, Inc.	867,800	$634,361
OVID	Ovid Therapeutics Inc.	478,533	$157,915
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

65 positions · $8,179,533,474 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 65 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TLN	Talen Energy Corp Utilities	Reduced	3,602,171	-5,408,433	$1,532,291,499	−41.5%	18.73%
SPY	Spdr S&P 500 ETF Trust	NEW	1,400,000	NEW	$932,652,000	NEW	11.40%
FTAI	FTAI Aviation Ltd. Industrials	Reduced	3,360,553	-33,527	$560,741,873	+43.6%	6.86%
TEVA	Teva Pharmaceutical Industries Ltd Healthcare	Reduced	24,650,000	-1,350,000	$497,930,000	+14.3%	6.09%
GLNG	Golar Lng Ltd Energy	Held	9,178,978	0	$370,922,500	−1.9%	4.53%
ROIV	Roivant Sciences Ltd. Healthcare	Reduced	20,000,000	-370,336	$302,600,000	+31.8%	3.70%
TAC	Transalta Corp Utilities	Held	15,948,451	0	$218,015,325	+26.7%	2.67%
ARQT	Arcutis Biotherapeutics, Inc. Healthcare	Held	10,749,457	0	$202,627,264	+34.5%	2.48%
FLR	Fluor Corp Industrials	Added	4,500,000	+500,000	$189,315,000	−7.7%	2.31%
MCY	Mercury General Corp Financial Services	Held	2,054,504	0	$174,180,849	+25.9%	2.13%
BGC	BGC Group, Inc. Financial Services	Added	18,000,000	+994,418	$170,280,000	−2.1%	2.08%
KNSA	Kiniksa Pharmaceuticals International, plc Healthcare	Added	4,000,000	+90,194	$155,320,000	+43.6%	1.90%
VTRS	Viatris Inc Healthcare	Added	15,385,000	+3,385,000	$152,311,500	+42.1%	1.86%
QDEL	QuidelOrtho Corp Healthcare	Held	4,637,738	0	$136,581,384	+2.2%	1.67%
AMRX	Amneal Pharmaceuticals, Inc. Healthcare	Added	12,334,941	+624,609	$123,472,759	+30.3%	1.51%
EOSE	Eos Energy Enterprises, Inc. Industrials	NEW	10,300,000	NEW	$117,317,000	NEW	1.43%
RNW	ReNew Energy Global plc Utilities	Held	14,438,061	0	$111,173,069	+11.4%	1.36%
IART	Integra Lifesciences Holdings Corp Healthcare	Added	7,653,934	+300,000	$109,680,874	+21.6%	1.34%
SDGR	Schrodinger, Inc. Healthcare	Added	5,268,817	+268,817	$105,692,469	+5.1%	1.29%
COLL	Collegium Pharmaceutical, Inc Healthcare	Reduced	2,826,498	-331,245	$98,899,165	+5.9%	1.21%
ECVT	Ecovyst Inc. Basic Materials	Added	10,400,000	+5,692,653	$91,104,000	+135.2%	1.11%
LBTYA	Liberty Global Ltd. Communication Services	Added	7,750,367	+2,058,142	$88,819,205	+55.9%	1.09%
SSYS	Stratasys Ltd. Technology	Held	7,803,097	0	$87,394,686	−2.4%	1.07%
DK	Delek US Holdings, Inc. Energy	Held	2,687,449	0	$86,723,979	+52.4%	1.06%
BAX	Baxter International Inc Healthcare	NEW	3,774,889	NEW	$85,954,222	NEW	1.05%
ENOV	Enovis CORP Healthcare	NEW	2,750,000	NEW	$83,435,000	NEW	1.02%
ZYME	Zymeworks Inc. Healthcare	Held	4,710,551	0	$80,456,211	+36.1%	0.98%
TRVI	Trevi Therapeutics, Inc. Healthcare	Held	8,531,860	0	$78,066,519	+67.3%	0.95%
CMPR	CIMPRESS plc Industrials	Added	1,180,789	+619,360	$74,436,938	+182.1%	0.91%
OPK	Opko Health, Inc. Healthcare	Held	47,791,243	0	$74,076,426	+17.4%	0.91%
ADEA	Adeia Inc. Technology	Held	4,284,205	0	$71,974,644	+18.8%	0.88%
NWL	Newell Brands Inc. Consumer Defensive	NEW	13,000,000	NEW	$68,120,000	NEW	0.83%
TDS	Telephone & Data Systems Inc /De/ Communication Services	NEW	1,600,000	NEW	$62,784,000	NEW	0.77%
MNKD	Mannkind Corp Healthcare	NEW	11,414,671	NEW	$61,296,783	NEW	0.75%
GEO	Geo Group Inc Industrials	Added	2,986,915	+1,739,522	$61,201,888	+104.9%	0.75%
PRLB	Proto Labs Inc Industrials	Added	1,123,338	+89,167	$56,200,600	+35.7%	0.69%
NFE	New Fortress Energy Inc. Energy	Added	24,767,087	+367,087	$54,735,262	−32.4%	0.67%
OFIX	Orthofix Medical Inc. Healthcare	Held	3,721,715	0	$54,485,907	+31.3%	0.67%
SPRY	ARS Pharmaceuticals, Inc. Healthcare	Added	4,500,000	+3,205,122	$45,225,000	+100.1%	0.55%
MATV	Mativ Holdings, Inc. Basic Materials	Held	3,982,442	0	$45,041,419	+65.8%	0.55%
CXW	CoreCivic, Inc. Industrials	Added	1,961,446	+1,146,166	$39,915,426	+132.4%	0.49%
ALIT	Alight, Inc. / Delaware Technology	Reduced	11,398,583	-8,228,370	$37,159,380	−66.5%	0.45%
HRTX	Heron Therapeutics, Inc. /De/ Healthcare	Added	29,100,728	+2,387,225	$36,666,917	−33.7%	0.45%
MREO	Mereo BioPharma Group plc Healthcare	Held	15,307,347	0	$31,533,134	−24.0%	0.39%
ANIP	Ani Pharmaceuticals Inc Healthcare	Added	343,414	+85,745	$31,456,722	+87.1%	0.38%
MGTX	MeiraGTx Holdings plc Healthcare	Held	3,726,451	0	$30,668,691	+26.2%	0.37%
SUPN	Supernus Pharmaceuticals, Inc. Healthcare	Reduced	595,366	-99,673	$28,452,541	+29.9%	0.35%
ACHC	Acadia Healthcare Company, Inc. Healthcare	NEW	1,100,000	NEW	$27,236,000	NEW	0.33%
XPER	Xperi Inc. Technology	Held	4,143,744	0	$26,851,461	−18.1%	0.33%
TTI	Tetra Technologies Inc Industrials	NEW	4,529,783	NEW	$26,046,252	NEW	0.32%