Elliott Investment Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed April 28, 2025), Paul Singer's Elliott Investment Management reported 22 stock positions worth $9.0 billion. Its top holding was Triple Flag Precious Met (TFPM) at 22.3% of the portfolio, followed by Southwest Airlines (LUV, 22.2%) and Suncor Energy (SU, 20.8%). Compared with Q3 2024, it sold out of 3, added to 2 and reduced 2. The biggest buy was Cormedix (CRMD, shares +85%) and the biggest sale NRG Energy (NRG, shares −50%).
- Most Recent 13F
- Q2 2026
- Notable People
- Paul Singer
- Location
- WEST PALM BEACH, FL
- CIK
- 0001791786
- Portfolio Value
- $9.0B (Q4 2024)
- SEC Filing
- 0001013594-25-000512 ↗ filed Apr 28, 2025
Holdings Value
Holdings 22 stocks · $9.0B
| TFPM Triple Flag Precious Met | 22.25% | 133,815,727 | $2.0B | No change |
| LUV Southwest Airlines Co. | 22.18% | 59,666,500 | $2.0B | Reduce -2.4% |
| SU Suncor Energy Inc. | 20.78% | 52,670,800 | $1.9B | No change |
| PINS Pinterest Inc. Class A | 8.98% | 28,000,000 | $812.0M | No change |
| NRG NRG Energy Inc. | 4.79% | 4,800,000 | $433.1M | Reduce -50.4% |
| MTCH Match Group Inc. | 4.36% | 12,054,832 | $394.3M | No change |
| ETSY Etsy Inc. | 2.92% | 5,000,000 | $264.4M | No change |
| BMRN Biomarin Pharmaceutical Inc. | 2.54% | 3,500,338 | $230.1M | No change |
| LBRDK Liberty Broadband-C | 1.97% | 2,384,481 | $178.3M | No change |
| SDRL Seadrill Limited | 1.59% | 3,703,746 | $144.2M | No change |
| WDC Western Digital Corp. | 1.48% | 2,250,000 | $134.2M | No change |
| CCI Crown Castle Inc. | 1.23% | 1,225,000 | $111.2M | No change |
| ST Sensata Technologies Holdplc | 0.98% | 3,250,000 | $89.0M | No change |
| PSX Phillips 66 | 0.98% | 775,000 | $88.3M | No change |
| ETWO E2OPEN Parent Holdings Inc. | 0.80% | 27,250,000 | $72.5M | No change |
| UNIT Uniti Group LLC Com SHS | 0.62% | 10,120,963 | $55.7M | No change |
| RIG Transocean Ltd. | 0.49% | 11,870,319 | $44.5M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.47% | 670,215 | $42.8M | Add +5.8% |
| CRMD Cormedix Inc. | 0.26% | 2,870,632 | $23.3M | Add +85.1% |
| ARM Arm Holdings PLC-ADR | 0.20% | 150,000 | $18.5M | No change |
| HWM Howmet Aerospace Inc. | 0.12% | 100,000 | $10.9M | No change |
| BHC Bausch Health Cos Inc. | 0.00% | 11,500 | $93K | No change |
Options reported separately and not counted above: SPY puts ($4.2B), QQQ puts ($1.1B), XLE puts ($514.5M), XLI puts ($395.3M), XLF puts ($338.3M), OIH puts ($264.4M), NVDA puts ($194.7M), XME puts ($153.2M), TXN calls ($93.8M), MAR puts ($55.8M), XOP puts ($52.2M), HLT puts ($49.4M), and 1 more.
Other holdings (10): bonds, preferreds, convertibles and warrants · $215.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BOOKING HOLDINGS INC (BKNG 0.75 05/01/25) | NOTE 0.750% 5/0 · principal | 25,000,000 | $66.1M | No change |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 41,500,000 | $38.6M | No change |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | NOTE 2/1 · principal | 15,000,000 | $31.0M | Add +200.0% |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 15,000,000 | $19.2M | No change |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 18,000,000 | $16.7M | Reduce -55.0% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 10,000,000 | $12.9M | No change |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 12,000,000 | $11.3M | No change |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | 12,500,000 | $11.3M | Reduce -37.5% |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 12,500,000 | $5.2M | New |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | 7,500,000 | $3.6M | New |
Total filed on the 13F, all lines: $9.3B.
Portfolio Sells Q3 2024 → Q4 2024
Portfolio Buys Q3 2024 → Q4 2024
Options Activity Q3 2024 → Q4 2024
| QQQ Invesco QQQ Trust Series 1 | put | Add +369.4% | 2,112,500 | $1.1B |
| XLE SS Energy Select Sector | put | Reduce -73.4% | 6,006,000 | $514.5M |
| XLI SS Industrial Select Sector | put | New | 3,000,000 | $395.3M |
| IWM iShares Russell 2000 ETF | put | Sold out | 1,250,000 | $276.1Mbefore exit |
| JETS US Global Jets ETF | put | Sold out | 12,800,000 | $265.2Mbefore exit |
| OIH Vaneck Oil Services ETF | put | Reduce -22.6% | 975,000 | $264.4M |
| NVDA Nvidia Corp. | put | New | 1,450,000 | $194.7M |
| XME SS SPDR S&P Metals Mining | put | Reduce -34.1% | 2,700,000 | $153.2M |
| AAL American Airlines Group Inc. | put | Sold out | 11,500,000 | $129.3Mbefore exit |
| ARM Arm Holdings PLC-ADR | call | Sold out | 800,000 | $114.4Mbefore exit |
| QQQ Invesco QQQ Trust Series 1 | call | Sold out | 150,000 | $73.2Mbefore exit |
| XOP SS SPDR S&P Og Exp & Prod | put | New | 394,200 | $52.2M |
| XLE SS Energy Select Sector | call | Sold out | 550,000 | $48.3Mbefore exit |
| ALK Alaska Air Group Inc. | call | Sold out | 1,000,000 | $45.2Mbefore exit |
| EQIX Equinix Inc. | put | Sold out | 50,000 | $44.4Mbefore exit |
| XLB SS Materials Select Sector | put | Sold out | 450,000 | $43.4Mbefore exit |
| AAL American Airlines Group Inc. | call | Sold out | 3,500,000 | $39.3Mbefore exit |
| H Hyatt Hotels Corp. Class A | put | Sold out | 200,000 | $30.4Mbefore exit |
| IQV Iqvia Holdings Inc. | call | Sold out | 42,000 | $10.0Mbefore exit |
| HST Host Hotels & Resorts Inc. | put | Sold out | 500,000 | $8.8Mbefore exit |
| PK Park Hotels & Resorts Inc. | put | Sold out | 500,000 | $7.0Mbefore exit |
| ICLR Icon PLC | call | Reduce -62.0% | 16,400 | $3.4M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | Sold out | 35,000,000 | $31.3Mbefore exit |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | NOTE 2/1 · principal | Add +200.0% | 15,000,000 | $31.0M |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | Sold out | 32,000,000 | $28.3Mbefore exit |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | Reduce -55.0% | 18,000,000 | $16.7M |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | Reduce -37.5% | 12,500,000 | $11.3M |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | New | 12,500,000 | $5.2M |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | New | 7,500,000 | $3.6M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 17 | $14.3B | TFPM, PSX, SU, HPE, LUV |
| Q1 2026 | 17 | $15.9B | TFPM, PSX, SU, LUV, HPE |
| Q4 2025 | 19 | $14.5B | TFPM, PSX, SU, LUV, PINS |
| Q3 2025 | 18 | $13.6B | TFPM, PSX, SU, LUV, PINS |
| Q2 2025Amended | 17 | $12.1B | TFPM, PSX, SU, LUV, PINS |
| Q1 2025 | 23 | $10.9B | TFPM, SU, PSX, LUV, PINS |
| Q4 2024Amended | 22 | $9.0B | TFPM, LUV, SU, PINS, NRG |
| Q3 2024 | 25 | $10.4B | TFPM, SU, LUV, PINS, NRG |
| Q2 2024 | 26 | $10.0B | TFPM, SU, MPC, PINS, NRG |
| Q1 2024 | 29 | $9.5B | SU, TFPM, MPC, PINS, NRG |