DISCOVERY CAPITAL MANAGEMENT, LLC / CT

Hedge Fund • Global Macro

DISCOVERY CAPITAL MANAGEMENT, LLC / CT is a Global Macro Hedge Fund based in Dallas, TX led by Nicholas Michael Squitieri, reporting $4.3B in AUM as of Q3 2025 with 31% Unknown concentration and 50% concentrated in top 10 holdings.

CFONicholas Michael Squitieri

Portfolio Value: $1.8B
Positions: 86
Top Holding: METC at 9.92%
Last Reported: Q3 2025

Address3500 Oak Lawn Ave, Ste 400, Dallas, TX, 75219, United States

Top Holdings

Largest long holdings in DISCOVERY CAPITAL MANAGEMENT, LLC / CT's portfolio (50.4% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Ramaco Resources METC	Coal Energy	$181.0M	9.92%	+$137.5M Bought	8.27% 5.5M shares	Q4 2024 Held for 11 months
2 Iris Energy IREN	Financial - Capital Markets Financial Services	$158.0M	8.66%	-$36.8M Sold	1.24% 3.4M shares	Q4 2024 Held for 11 months
3 ORBS Eightco Holdings Inc. ORBS	Packaging & Containers Consumer Cyclical	$131.6M	7.22%	+$131.6M New	7.65% 14.4M shares	Q3 2025 Held for 2 months
4 GDLC Grayscale Digital Large Cap Fund GDLC	Unknown Unknown	$101.2M	5.55%	+$101.2M New	— 1.8M shares	Q3 2025 Held for 2 months
5 America Movil S.A.B. de C.V. AMX	Unknown Unknown	$98.3M	5.39%	-$12.8M Sold	— 4.7M shares	Q2 2023 Held for 2y 5m
6 Genius Sports GENI	Internet Content & Information Communication Services	$63.4M	3.48%	-$21.1M Sold	2.15% 5.1M shares	Q4 2023 Held for 1y 11m
7 JPMorgan Chase JPM	Banks - Diversified Financial Services	$53.9M	2.95%	+$1.2M Bought	0.01% 170.8K shares	Q4 2024 Held for 11 months
8 TV Grupo Televisa TV	Unknown Unknown	$48.7M	2.67%	—	— 18.1M shares	Q4 2022 Held for 2y 11m
9 Capital One Financial COF	Financial - Credit Services Financial Services	$43.0M	2.36%	-$8.3M Sold	0.03% 202.3K shares	Q4 2024 Held for 11 months
10 GDS GDS Holdings GDS	Unknown Unknown	$40.9M	2.24%	+$40.9M New	— 1.1M shares	Q3 2025 Held for 2 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in DISCOVERY CAPITAL MANAGEMENT, LLC / CT's latest filing

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GthenC

Market Value

$1.8B

Prior: $1.2B

Q/Q Change

+46.03%

+$574.8M

Net Flows % of MV

+11.85%

Turnover Ratio

36.91%

New Purchases

25 stocks

$463.2M

Added To

22 stocks

+$252.2M

Sold Out Of

22 stocks

$287.1M

Reduced Holdings

20 stocks

-$212.1M

Increased Positions

Position	Shares Δ	Change
1 ORBS Eightco Holdings Inc. ORBS	New	0 → 14.4M +$131.6M
2 GDLC Grayscale Digital Large Cap Fund GDLC	New	0 → 1.8M +$101.2M
3 GDS GDS Holdings GDS	New	0 → 1.1M +$40.9M
4 Solaris Energy Infrastructure SEI	New	0 → 569.2K +$22.8M
5 Cleveland-Cliffs CLF	New	0 → 1.8M +$21.7M

Decreased Positions

Position	Shares Δ	Change
1 Nebius Group N.V. NBIS	Sold	1.8M → 0 −$100.4M
2 Freeport-McMoRan Inc. FCX	Sold	694.8K → 0 −$30.1M
3 YPF YPF YPF	Sold	866.0K → 0 −$27.2M
4 UnitedHealth Group UNH	Sold	84.1K → 0 −$26.2M
5 Meta Platforms, Inc. META	Sold	19.6K → 0 −$14.4M

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GthenC

Analytics

Portfolio insights and performance metrics for DISCOVERY CAPITAL MANAGEMENT, LLC / CT

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GthenA

Sector Allocation

Financial Services

16.10%

Energy

12.20%

Technology

10.30%

Consumer Cyclical

9.40%

Communication Services

5.70%

Industrials

5.00%

ETF

3.80%

Healthcare

3.80%

Basic Materials

2.30%

Utilities

0.30%

Consumer Defensive

0.30%

Market Cap Distribution

Mega Cap (> $200B)

5.12%

Large Cap ($10B - $200B)

27.92%

Mid Cap ($2B - $10B)

27.09%

Small Cap ($300M - $2B)

9.86%

Micro Cap ($50M - $300M)

0.75%

Nano Cap (< $50M)

0.67%

N/A (ETF or Unknown)

28.60%

Portfolio Concentration

Top 10 Holdings %

50.45%

Top 20 Holdings %

68.33%

Top 50 Holdings %

93.93%

Top 100 Holdings %

100.0%