"Tracking John Paulsons Paulson & Company Portfolio  Q3 2020 Update"
"John Paulsons 13F portfolio value increased from $3.13B to $3.21B this quarter.Paulson & Company's largest three positions are Horizon Therapeutics, Bausch Health, and SPDR Gold ETF.The stake in Endo International plc was increased substantially during the quarter.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 11/16/2020. Please visit our  to get an idea of his investment philosophy and our  for the funds moves during Q2 2020.This quarter, Paulsons 13F portfolio value increased ~3% from $3.13B to $3.21B. There are 31 13F securities in the portfolio although only 24 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 Horizon Therapeutics, Bausch Health, SPDR Gold ETF, Novagold, and BrightSphere Investment Group, and they add up to ~55% 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 . In July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:TD Ameritrade (AMTD): TD Ameritrade was a ~1% of the portfolio merger-arbitrage stake. Charles Schwab (SCHW) bought TD Ameritrade in an all-stock deal (1.0837 shares of Charles Schwab for each TD Ameritrade share held) that closed last month. SCHW currently trades at $46.61.New Stakes:None.Stake Decreases:Horizon Pharmaceuticals (HZNP): HZNP is currently the top position at ~16% 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. The stock is now at $70.15. Last quarter saw a ~16% selling at prices between $30 and $57. This quarter also saw a ~3% trimming. Paulson is starting to harvest gains.Takeda Pharma (TAK): The large 6.28% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $17.55. This quarter saw marginal trimming.Pacira Biosciences (PCRX): The 2.35% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $66.26. There was a ~25% reduction last quarter at prices between $31 and $53. This quarter also saw a ~3% trimming.Tiffany & Co (TIF): TIF is a ~2% merger-arbitrage stake. The position saw a minor ~2% trimming during the quarter. LVMH (LVMHF) is purchasing Tiffany. The deal-price was negotiated down last month from $135 to $131.50 per share cash.Qiagen NV (QGEN): QGEN is a very small 0.65% of the portfolio position. It was a merger-arbitrage stake. Thermo Fisher Scientific (TMO) had an agreement to acquire Qiagen NV for 43 Euros per share but that offer was terminated as Qiagen shareholders rejected the amended offer (the original offer was 39 Euros). Thermo Fisher received a reimbursement payment of $95M cash as per the terms of the acquisition agreement. Qiagen currently trades at $47.21 per share.TIM SA (TIMB) previously Tim Participacoes (TSU): TIMB is a 0.36% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. Recent activity follows. Q3 2019 saw a ~25% selling at prices between $14 and $16.40. Last three quarters have seen another ~75% reduction at prices between ~$10 and ~$20. The stock is currently trading at $12.80.Stake Increases:International Tower Hill Mines (THM): THM is a 2.57% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. The stock is now at $1.47 and has spiked ~250% since the March lows. ~2.34M shares were purchased at an average cost of ~$1.40 this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Endo International plc (ENDP): The ~1.5% ENDP position saw a ~50% stake increase this quarter at prices between ~$2.75 and ~$3.65. 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 $5.20. The stake had wavered over the years.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades just below that range at ~$34. The position was reduced by ~75% last quarter at prices between $12.40 and $28.50. The stake is now at 1.37% of the portfolio. This quarter saw ~7% stake increase.SSR Mining Inc. (SSR): The 0.76% SSR stake saw a ~13% increase during the quarter.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. Last quarter saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $19.68 and the stake has become the second-largest position in the portfolio at ~13%. For investors attempting to follow, BHC is a good option to consider for further research.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$176. The stake is still the third-largest at ~10% of the portfolio.NovaGold Resources (NG): NG is a 8.24% 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 last quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $10.55.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.BrightSphere Investment Group (BSIG): The ~8% 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 $18.22.Note: Paulsons ownership stake in BSIG is ~25%.AngloGold Ashanti (AU): AU is a 5.73% 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. The stock is currently at $22.56. Last two quarters had seen a ~45% reduction at prices between $14 and $30. Paulson is harvesting gains.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 5.31% of the portfolio. 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. The stock currently trades at $17.13. Last quarter saw a ~4% trimming.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. Last two quarters had seen a ~37% reduction at prices between $18.25 and $32.75. DISCA currently trades at $25.49 and the stake is now at 4.22% of the portfolio.Dish Network (DISH): DISH is a 3.28% 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. The stock is currently well below the low end of those ranges at ~$34. Last quarter saw a ~27% selling at prices between $18.70 and $37.30.Kirkland Lake Gold (KL): KL is a 2.28% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $41.20.Pretium Resources (PVG): PVG is a very small 0.96% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $11.67.Barrick Gold (GOLD), Equinox Gold Corp (EQX), Overseas Shipbuilding Group (OSG), and Trilogy Metals (TMQ): These small (less than ~1.50% of the portfolio each) stakes were kept steady this quarter.Note 1: Paulson has a ~7.3% ownership stake in Overseas Shipbuilding Group.Note 2: A regulatory filing in September also show them owning 3.22M shares of Thryv Holdings (THRY) formerly DexMedia Holdings.The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2020:Regulatory filings thru 8/19/2020: Form 4  6/26  BSIG  minor  20M shares. 13D/A  5/21  20M shares  24.9% of business. Form 4  6/26  TMQ  minor  14.3M shares.7/1/2020: Paulson converting to Family Office -  ."