Discovery Capital Management, LLC is an SEC-registered investment adviser based in South Norwalk, CT that reports managing 7 hedge funds on Form ADV. It reports $6.7 billion in regulatory assets under management. Its private funds, of all types, hold $9.5 billion in gross assets. Its disclosed U.S. stock holdings returned an estimated +33.8% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +99.8% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- $6.7 billionForm ADV Item 5.F
- Gross assets of private funds
- $9.5 billionAll private fund types, Form ADV
- Hedge funds managed
- 715 private funds in total
- Employees
- 36Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 161263
- Latest Form ADV
- 03/31/2026Disciplinary disclosures: yes, see SEC record
Estimated 13F portfolio performance
Estimated by AltMountain, derived from the firm’s public Form 13F filings. Not reported by the firm and not the return of any fund.
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | +38.4% | +14.8% |
| Q1 2026 | -3.3% | -4.6% |
| Q4 2025 | -11.5% | +2.4% |
| Q3 2025 | +25.4% | +7.8% |
| Q2 2025 | +19.4% | +10.4% |
| Q1 2025 | -6.3% | -4.5% |
| Q4 2024 | +14.5% | +2.1% |
| Q3 2024 | +5.0% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Manager of this firm? Report your fund’s actual net return, or email hello@altmountain.com to correct or remove this estimate. Removal requests from the firm are honored.
13F holdings as of Jun 30, 2026
The 50 largest of 113 share positions ($2,407,934,157) reported by Discovery Capital Management, LLC / Ct on Form 13F for the quarter ended Jun 30, 2026, filed Aug 14, 2026. Shown as filed with the SEC. Original filing on SEC.gov ↗
Share of the reported 13F portfolio, ten largest positions
- Sandisk Corp19.60%
- Credicorp LTD4.40%
- America Movil Sab De CV4.30%
- Amc Entmt Hldgs Inc4.09%
- Compass Inc3.85%
- T1 Energy Inc2.94%
- Ramaco Res Inc2.92%
- JBS N.V.2.68%
- Grupo Televisa S A B2.49%
- Chevron Corporation2.45%
| Stock | Value | % of 13F portfolio | Shares | Shares vs prior quarter |
|---|---|---|---|---|
| Sandisk Corp | $471,996,790 | 19.60% | 207,587 | +13.00% |
| Credicorp LTD | $105,913,167 | 4.40% | 271,865 | +93.22% |
| America Movil Sab De CV | $103,649,861 | 4.30% | 3,988,067 | -10.26% |
| Amc Entmt Hldgs Inc | $98,418,769 | 4.09% | 51,799,352 | New |
| Compass Inc | $92,801,708 | 3.85% | 7,526,497 | +23.95% |
| T1 Energy Inc | $70,769,148 | 2.94% | 7,465,100 | New |
| Ramaco Res Inc | $70,269,293 | 2.92% | 5,311,360 | -3.63% |
| JBS N.V. | $64,420,155 | 2.68% | 5,436,300 | +61.54% |
| Grupo Televisa S A B | $59,938,788 | 2.49% | 22,117,634 | -1.21% |
| Chevron Corporation | $58,900,495 | 2.45% | 355,336 | New |
| Avis Budget Group Inc | $52,309,350 | 2.17% | 353,848 | -35.51% |
| Jpmorgan Chase & Co | $49,525,029 | 2.06% | 151,300 | -2.20% |
| Nu Hldgs LTD | $47,929,000 | 1.99% | 3,587,500 | +60.03% |
| Grupo Financiero Galicia S.A | $45,923,988 | 1.91% | 917,929 | +5.61% |
| Genius Sports Limited | $43,820,739 | 1.82% | 7,231,145 | -2.99% |
| Applovin Corp | $42,784,699 | 1.78% | 83,040 | +63.98% |
| Amazon Com Inc | $42,051,518 | 1.75% | 176,435 | +41.83% |
| Cemex SA Euro MTN Be 144a | $37,893,600 | 1.57% | 3,157,800 | -9.12% |
| Geo Group Inc | $37,191,630 | 1.54% | 1,258,600 | -11.73% |
| Capital One Finl Corp | $34,749,390 | 1.44% | 173,210 | -35.56% |
| Primo Brands Corporation | $33,712,536 | 1.40% | 1,379,400 | -1.45% |
| Valero Energy Corp | $31,096,536 | 1.29% | 119,400 | +40.47% |
| Ferrari N V | $30,372,535 | 1.26% | 81,583 | New |
| Take-two Interactive Softwar | $28,747,700 | 1.19% | 115,000 | New |
| Parsons Corp Del | $27,693,354 | 1.15% | 528,600 | +5.91% |
| YPF Sociedad Anonima | $27,508,986 | 1.14% | 604,992 | +12.41% |
| Goldman Sachs Group Inc | $27,306,990 | 1.13% | 27,000 | New |
| Fiserv Inc | $27,036,360 | 1.12% | 551,200 | +78.04% |
| Wolfspeed Inc | $26,459,094 | 1.10% | 548,375 | +29.12% |
| LPL Finl Hldgs Inc | $26,337,080 | 1.09% | 93,500 | New |
| Perpetua Resources Corp | $24,635,892 | 1.02% | 1,186,700 | -9.18% |
| Ulta Beauty Inc | $23,450,960 | 0.97% | 52,000 | +11.59% |
| Banco Bbva Argentina S A | $22,877,026 | 0.95% | 1,166,600 | +15.79% |
| Qxo Inc | $21,468,499 | 0.89% | 1,242,390 | -9.72% |
| Five Below Inc | $18,464,433 | 0.77% | 102,700 | New |
| Warby Parker Inc | $17,829,453 | 0.74% | 587,655 | New |
| On Semiconductor Corp | $15,343,842 | 0.64% | 162,300 | -88.48% |
| Solv Energy Inc | $14,018,385 | 0.58% | 411,700 | New |
| Pinterest Inc | $14,005,328 | 0.58% | 665,969 | -13.84% |
| Rocket Cos Inc | $13,927,725 | 0.58% | 884,300 | Unchanged |
| Nextpower Inc | $13,915,552 | 0.58% | 116,800 | New |
| Adecoagro S A | $13,171,522 | 0.55% | 1,379,217 | +8.24% |
| Churchill Downs Inc | $12,388,248 | 0.51% | 138,200 | -13.73% |
| Zoom Communications Inc | $12,048,876 | 0.50% | 139,600 | New |
| Agnico Eagle Mines LTD | $11,991,549 | 0.50% | 77,300 | +78.52% |
| Groupon Inc | $11,814,687 | 0.49% | 491,051 | New |
| Salesforce Inc | $11,263,854 | 0.47% | 71,900 | +45.25% |
| Halliburton Co | $10,344,565 | 0.43% | 304,700 | New |
| Hyperliquid Strategies Inc | $10,341,180 | 0.43% | 1,314,000 | New |
| Macom Tech Solutions Hldgs I | $10,231,953 | 0.42% | 26,900 | New |
Changes since Mar 31, 2026
Comparing the share counts in the two quarter-end filings: 53 new positions, 17 sold out, 21 increased, 24 reduced and 15 unchanged.
Number of positions (a count, not dollars)
- New positions53
- Increased21
- Unchanged15
- Reduced24
- Sold out17
New positions
| Stock | Value | Shares |
|---|---|---|
| Amc Entmt Hldgs Inc | $98,418,769 | 51,799,352 |
| T1 Energy Inc | $70,769,148 | 7,465,100 |
| Chevron Corporation | $58,900,495 | 355,336 |
| Ferrari N V | $30,372,535 | 81,583 |
| Take-two Interactive Softwar | $28,747,700 | 115,000 |
| Goldman Sachs Group Inc | $27,306,990 | 27,000 |
| LPL Finl Hldgs Inc | $26,337,080 | 93,500 |
| Five Below Inc | $18,464,433 | 102,700 |
| Warby Parker Inc | $17,829,453 | 587,655 |
| Solv Energy Inc | $14,018,385 | 411,700 |
| Nextpower Inc | $13,915,552 | 116,800 |
| Zoom Communications Inc | $12,048,876 | 139,600 |
| Groupon Inc | $11,814,687 | 491,051 |
| Halliburton Co | $10,344,565 | 304,700 |
| Hyperliquid Strategies Inc | $10,341,180 | 1,314,000 |
| Macom Tech Solutions Hldgs I | $10,231,953 | 26,900 |
| Pampa Energia SA | $5,354,876 | 65,200 |
| Ishares TR | $5,218,750 | 62,500 |
| Karman Hldgs Inc | $4,992,000 | 100,000 |
| Chubb Limited | $4,978,893 | 14,612 |
Sold out
| Stock | Value at Mar 31, 2026 | Shares held then |
|---|---|---|
| Intercorp Finl Svcs Inc | $53,081,681 | 1,057,404 |
| Vnet Group Inc | $50,409,637 | 6,008,300 |
| Ishares Bitcoin Trust ETF | $24,731,915 | 643,725 |
| Cheniere Energy Inc | $19,125,424 | 67,400 |
| Ross Stores Inc | $15,510,708 | 71,600 |
| Teradyne Inc | $15,415,920 | 52,000 |
| Ishares TR | $14,526,772 | 44,200 |
| Golar LNG LTD | $14,420,315 | 266,500 |
| Cleveland-cliffs Inc New | $12,232,220 | 1,447,600 |
| Medline Inc | $11,125,000 | 250,000 |
| Nvidia Corporation | $9,975,680 | 57,200 |
| Forgent Power Solutions Inc | $8,049,250 | 275,000 |
| Alexandria Real Estate Eq In | $4,642,000 | 100,000 |
| Hdfc Bank LTD | $4,553,040 | 183,000 |
| Infleqtion Inc | $3,881,817 | 395,700 |
| Alliance Laundry Hldgs Inc | $3,111,000 | 150,000 |
| SPDR Series Trust | $584,583 | 3,215 |
Largest increases
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Sandisk Corp | +23,887 | +13.00% | $471,996,790 | 207,587 |
| Credicorp LTD | +131,165 | +93.22% | $105,913,167 | 271,865 |
| JBS N.V. | +2,070,900 | +61.53% | $64,420,155 | 5,436,300 |
| Nu Hldgs LTD | +1,345,800 | +60.03% | $47,929,000 | 3,587,500 |
| Compass Inc | +1,454,200 | +23.95% | $92,801,708 | 7,526,497 |
| Applovin Corp | +32,400 | +63.98% | $42,784,699 | 83,040 |
| Amazon Com Inc | +52,035 | +41.83% | $42,051,518 | 176,435 |
| Fiserv Inc | +241,600 | +78.04% | $27,036,360 | 551,200 |
| Valero Energy Corp | +34,400 | +40.47% | $31,096,536 | 119,400 |
| Wolfspeed Inc | +123,675 | +29.12% | $26,459,094 | 548,375 |
| Agnico Eagle Mines LTD | +34,000 | +78.52% | $11,991,549 | 77,300 |
| Salesforce Inc | +22,400 | +45.25% | $11,263,854 | 71,900 |
| Banco Bbva Argentina S A | +159,100 | +15.79% | $22,877,026 | 1,166,600 |
| YPF Sociedad Anonima | +66,800 | +12.41% | $27,508,986 | 604,992 |
| Grupo Financiero Galicia S.A | +48,800 | +5.61% | $45,923,988 | 917,929 |
| Ulta Beauty Inc | +5,400 | +11.59% | $23,450,960 | 52,000 |
| Parsons Corp Del | +29,500 | +5.91% | $27,693,354 | 528,600 |
| James Riv Group Holdings Inc | +239,800 | +29.27% | $4,660,282 | 1,059,155 |
| Adecoagro S A | +105,000 | +8.24% | $13,171,522 | 1,379,217 |
| Ishares TR | +6,580 | +11.61% | $5,192,390 | 63,237 |
Largest reductions
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Micron Technology Inc | -274,552 | -99.46% | $1,729,126 | 1,498 |
| Lam Research Corp | -293,448 | -98.47% | $1,979,451 | 4,568 |
| On Semiconductor Corp | -1,247,000 | -88.48% | $15,343,842 | 162,300 |
| Iren Limited | -1,653,085 | -90.12% | $8,286,276 | 181,200 |
| Echostar Corp | -363,500 | -88.16% | $4,953,200 | 48,800 |
| Avis Budget Group Inc | -194,829 | -35.51% | $52,309,350 | 353,848 |
| Capital One Finl Corp | -95,600 | -35.56% | $34,749,390 | 173,210 |
| America Movil Sab De CV | -456,116 | -10.26% | $103,649,861 | 3,988,067 |
| Geo Group Inc | -167,300 | -11.73% | $37,191,630 | 1,258,600 |
| Cemex SA Euro MTN Be 144a | -316,900 | -9.12% | $37,893,600 | 3,157,800 |
| Stubhub Hldgs Inc | -262,700 | -27.35% | $8,980,776 | 697,807 |
| Ramaco Res Inc | -200,000 | -3.63% | $70,269,293 | 5,311,360 |
| Perpetua Resources Corp | -120,000 | -9.18% | $24,635,892 | 1,186,700 |
| Qxo Inc | -133,700 | -9.72% | $21,468,499 | 1,242,390 |
| Pinterest Inc | -106,955 | -13.84% | $14,005,328 | 665,969 |
| Churchill Downs Inc | -22,000 | -13.73% | $12,388,248 | 138,200 |
| Intuit | -7,500 | -35.21% | $3,601,800 | 13,800 |
| Genius Sports Limited | -223,100 | -2.99% | $43,820,739 | 7,231,145 |
| Jpmorgan Chase & Co | -3,400 | -2.20% | $49,525,029 | 151,300 |
| Ishares TR | -5,400 | -46.35% | $1,122,063 | 6,250 |
Each list shows up to 20 positions, largest first by dollar amount. Changes compare two quarter-end snapshots, with the earlier share count adjusted for stock splits AltMountain detected. They do not show when, or at what price, anything was bought or sold.
From public Form 13F filings, not verified. Form 13F is filed up to 45 days after the quarter ends, so positions may have changed. It lists only certain long positions in U.S.-listed stocks and exchange-traded funds; options are not shown here, and short positions, most bonds, cash, non-U.S. securities and private investments are not reported at all, so a holding may be one side of a hedge. A filing covers the manager as a whole, not any single fund, and filings contain errors. This is not investment advice or a recommendation to buy or sell any security. Disclosures
Large ownership stakes (Schedule 13D and 13G)
| Company | Filing | Percent of class | Shares | Filed | Source |
|---|---|---|---|---|---|
| AMC Entertainment Holdings, Inc. | 13G amendment | 5.8% | 51,799,352 | Aug 14, 2026 | SEC.gov ↗ |
| CoinShares PLC | 13G | 5% | 6,590,380 | May 21, 2026 | SEC.gov ↗ |
| Eightco Holdings Inc. | 13G amendment | 0% | 0 | May 12, 2026 | SEC.gov ↗ |
| OneMedNet Corporation | 13G amendment | 0% | 0 | Nov 14, 2025 | SEC.gov ↗ |
| Ramaco Resources, Inc. | 13G amendment | 9.9% | 5,452,360 | Nov 13, 2025 | SEC.gov ↗ |
A firm files Schedule 13G (passive) or 13D (it may seek to influence the company) when it beneficially owns more than 5% of a class of a public company's shares. Each row is the firm's latest such filing for that company since Nov 13, 2025, exactly as filed, and counts shares held across the firm and its affiliates, not by any single fund. An amendment can report a stake that has fallen below 5%. Holdings may have changed since the filing date. Not verified by AltMountain. Source: U.S. Securities and Exchange Commission, EDGAR.
Hedge funds filing Form D (4)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private funds reported on Form ADV (9)
As reported in the adviser's Form ADV filed Mar 28, 2024. Funds also listed from Form D are shown above.
Fund vehicles: feeder funds and single-deal vehicles (8)
Feeder funds invest through a master fund; single-deal vehicles (SPVs, co-investments, series) hold one investment.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. AltMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures