"Tracking John Paulsons Paulson & Company Portfolio  Q3 2021 Update"
"John Paulsons 13F portfolio value decreased from $4.35B to $3.51B this quarter.Paulson & Company increased Perpetua Resources and Didi Global while dropping Dish Network.The top three positions are at 55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory  filed on 11/15/2021. Please visit our  to get an idea of his investment philosophy and our  for the funds moves during Q2 2021.This quarter, Paulsons 13F portfolio value decreased ~19% from $4.35B to $3.51B. There are 38 13F securities in the portfolio although only 30 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, Brightsphere Investment Group, Novagold, and Perpetua Resources and they add up to ~63% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . Last July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note 1: In August, Paulson called a bubble in crypto (GBTC) (ETHE) saying I would describe cryptocurrencies as a limited supply of nothing. But, he is not shorting crypto because of its volatility.Note 2: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Dish Network (DISH) and Discovery Inc. (DISCK): DISH is a 3.21% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. Q2 2020 saw a ~27% selling at prices between $18.70 and $37.30. The stake was disposed this quarter at prices between ~$39 and ~$46. The stock is currently at $30.55. The very small 0.60% of the portfolio stake in DISCK established last quarter was sold this quarter.New Stakes:Cloudera Inc. : Cloudera is a ~2% of the portfolio merger-arbitrage stake. Cloudera was acquired in a $16 per share all-cash PE deal announced in June. The transaction closed in October.Stake Decreases:Horizon Pharmaceuticals (HZNP): HZNP is currently the second-largest position at 19.25% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. Q2 2020 saw a ~16% selling at prices between $30 and $57 while in Q4 2020 there was a ~20% stake increase at prices between ~$67 and ~$84. This quarter saw a ~23% reduction at prices between ~$92 and ~$110. The stock is now at ~$106.Occidental Petroleum (OXY): OXY is a 3.16% stake that saw a ~150% increase in Q1 2021 at prices between ~$17.50 and ~$31.25. Last quarter saw another two-thirds increase at prices between ~$23.20 and ~$32.90. There was a ~25% selling this quarter at prices between ~$22 and ~$33. The stock is now at $28.95.Thryv Holdings (THRY) previously Dex Media: The 2.26% THRY stake was established in Q4 2020 at prices between ~$8 and ~$14. Q1 2021 saw a ~12% trimming at $27 per share. The stock currently trades at $38.82. This quarter also saw a ~6% trimming. Paulson & Company has a ~9% ownership stake in the business.Pacira Biosciences (PCRX): The ~2% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $53.29. There was a ~25% reduction in Q2 2020 at prices between $31 and $53. Q4 2020 saw a ~13% stake increase while last quarter saw a similar reduction. There was marginal trimming this quarter.Exxon Mobil (XOM): XOM is a small 1.89% stake built over the two quarters through Q1 2021 at prices between ~$32 and ~$62. Last quarter saw a ~50% stake increase at prices between ~$55 and ~$65. There was a ~25% selling this quarter at prices between ~$53 and ~$63. The stock is now at $59.79.APA Corporation (APA) and Royal Dutch Shell (RDS.A): These two positions purchased last quarter were reduced this quarter. The 1.83% APA stake was purchased at prices between ~$17 and ~$23.50 and it is now at $25.25. This quarter saw a ~25% selling at prices between ~$16 and ~$23. RDS.A is a 1.27% of the portfolio position established last quarter at prices between ~$37.75 and ~$42.35. The stake was reduced by ~50% this quarter at prices between ~$37 and ~$45. It now goes for $41.59.Endo International plc (ENDP): The 1.60% ENDP position saw a ~50% stake increase in Q3 2020 at prices between ~$2.75 and ~$3.65. That was followed with a 25% increase in Q4 2020 at prices between ~$3.35 and ~$7.20. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $5.27. The stake had wavered over the years. Last three quarters have seen only minor adjustments.Note: Their ownership stake in the business is ~7.5%.Kirkland Lake Gold (KL): KL is a 1.54% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $38.12. There was a ~13% trimming this quarter.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now a minutely small 0.41% of the portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. That was followed with a ~70% reduction last quarter at prices between ~$13 and ~$16.15. This quarter saw another similar reduction at prices between ~$13.25 and ~$15. The stock currently trades at $12.09.BP plc (BP), Kansas City Southern (KSU), Newmark Group (NMRK), Total Energies SE (TTE), and Vaneck Vectors Oil Services ETF (OIH): These very small (less than ~1% of the portfolio each) positions were reduced this quarter.Stake Increases:Perpetua Resources (PPTA): The fairly large 3.51% PPTA stake was purchased in Q4 2020 at prices between ~$6 and ~$11 and the stock currently trades at $4.89. There was a ~18% stake increase this quarter at prices between ~$4.75 and ~$7.70.Note: Paulson & Company has a one-third ownership stake in the business.Didi Global (DIDI), : These are the new positions this quarter. DIDI had an IPO in June. Shares started trading at ~$14 and currently goes for $7.81. Paulsons 2.82% of the portfolio position goes back to investments made in the 2016-2018 timeframe. This quarter saw a ~15% stake increase at prices between ~$7.20 and ~$16.40.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Q2 2020 saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at ~$23 and the stake has become the largest position in the portfolio at 20.50%.BrightSphere Investment Group (BSIG): The large (top three) ~15% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $30.24.Note: Paulsons ownership stake in BSIG is ~25%.NovaGold Resources (NG): NG is a 4.36% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while next quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $6.55.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.AngloGold Ashanti (AU): AU is a 2.72% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. H1 2020 had seen a ~45% reduction at prices between $14 and $30. That was followed with a ~14% selling in Q4 2020. The stock is currently at $21.11.Barrick Gold (GOLD) and Seabridge Gold (SA): The 2.34% GOLD stake saw a ~130% stake increase in Q4 2020 at prices between ~$22.50 and ~$29.50. There was a ~50% stake increase last quarter at prices between ~$19.80 and ~$25.30. The stock is now at $18.39. The small 0.91% SA position saw a ~125% increase in Q4 2020 at prices between ~$17 and ~$21. There was a roughly one-third increase last quarter at prices between ~$16.15 and ~$19.75. It currently trades at $18.58.International Tower Hill Mines (THM): THM is a 1.31% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. Q4 2020 saw the purchase of around 2.34M shares at ~$1.40. The stock is now at $0.74.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Tim SA (TIMB): The 1.19% TIMB stake was primarily built in Q1 2021 at prices between ~$11 and ~$14. It currently trades at $12.10.Pretium Resources (PVG): PVG is a very small 0.66% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $13.30.Ballys Corporation (BALY), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7% ownership stake in Overseas Shipholding Group (OSG). As a percentage of the portfolio, the position is minutely small.The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2021:Source: John Vincent. Data constructed from Paulson & Companys 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/25/2021 thru 9/8/2021: 13D - 8/27  Perpetua Resources  PPTA  20.93M shares  33.3% of business.8/30/2021    Crypto Bubble call by John Paulson  "I would describe cryptocurrencies as a limited supply of nothing," -"