Billionaire Investor Buys Google And This Gold Miner Stock

John Paulson's Paulson & Co.'s Q2 2025 13F filing indicates a significant increase of over 7.5 million shares in gold miner Perpetua Resources, boosting its stake to nearly $92 million and reinforcing the firm's conviction in the gold sector. The filing also revealed a new, modest position of 9,000 shares in Alphabet, representing a notable foray into a major tech company for the typically gold-focused investor, alongside increased holdings in Bausch Health and reduced exposure to Madrigal Pharmaceuticals.

Analysis

Based on its Q2 2025 13F filing, John Paulson's hedge fund, Paulson & Co., has significantly reinforced its bullish stance on the gold mining sector by adding over 7.5 million shares to its position in Perpetua Resources (PPTA), elevating the total stake to nearly $92 million. This substantial increase aligns with Paulson's well-established investment thesis and signals strong conviction in the miner's prospects. Concurrently, the firm initiated a new position in the technology sector with the purchase of 9,000 shares of Alphabet (GOOGL), a move that, while modest in value, is noteworthy as a strategic allocation outside of Paulson's typical focus on commodities. The filing also revealed other portfolio adjustments, including an increased stake in Bausch Health Companies (BHC) and a reduction in exposure to Madrigal Pharmaceuticals (MDGL), indicating active management and shifting views within the healthcare and biotech industries.

Key Decisions for Investors

• Investors should note Paulson's dual strategy of reinforcing a high-conviction bet on gold miner Perpetua Resources (PPTA) while initiating a tactical, modest position in a mega-cap tech name like Alphabet (GOOGL).
• The divergent moves within the healthcare space, boosting Bausch Health (BHC) while reducing Madrigal Pharmaceuticals (MDGL), suggest a stock-specific approach and warrant further due diligence on the individual fundamentals of these companies.
• Given that 13F filings reflect positions from the end of the prior quarter, these moves should be used as a guide to a manager's strategic thinking rather than as a direct, real-time trading signal.