Elliott Investment Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Paul Singer's Elliott Investment Management reported 23 stock positions worth $10.9 billion. Its top holding was Triple Flag Precious Met (TFPM) at 23.5% of the portfolio, followed by Suncor Energy (SU, 18.7%) and Phillips 66 (PSX, 17.8%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 1 and reduced 4. The biggest buy was Phillips 66 (PSX, shares +1929%) and the biggest sale Southwest Airlines (LUV, shares −10%).
- Most Recent 13F
- Q2 2026
- Notable People
- Paul Singer
- Location
- WEST PALM BEACH, FL
- CIK
- 0001791786
- Portfolio Value
- $10.9B (Q1 2025)
- SEC Filing
- 0001013594-25-000678 ↗ filed May 15, 2025
Holdings Value
Holdings 23 stocks · $10.9B
| TFPM Triple Flag Precious Met | 23.46% | 133,815,727 | $2.6B | No change |
| SU Suncor Energy Inc. | 18.67% | 52,670,800 | $2.0B | No change |
| PSX Phillips 66 | 17.78% | 15,725,000 | $1.9B | Add +1929.0% |
| LUV Southwest Airlines Co. | 16.60% | 53,978,500 | $1.8B | Reduce -9.5% |
| PINS Pinterest Inc. Class A | 7.95% | 28,000,000 | $868.0M | No change |
| BMRN Biomarin Pharmaceutical Inc. | 2.27% | 3,500,338 | $247.4M | No change |
| ETSY Etsy Inc. | 2.16% | 5,000,000 | $235.9M | No change |
| LBRDK Liberty Broadband-C | 1.86% | 2,384,481 | $202.8M | No change |
| MTCH Match Group Inc. | 1.71% | 6,000,000 | $187.2M | Reduce -50.2% |
| CCI Crown Castle Inc. | 1.17% | 1,225,000 | $127.7M | No change |
| EQIX Equinix Inc. | 1.12% | 150,000 | $122.3M | New |
| SDRL Seadrill Limited | 0.85% | 3,703,746 | $92.6M | No change |
| WDC Western Digital Corp. | 0.83% | 2,250,000 | $91.0M | No change |
| ST Sensata Technologies Holdplc | 0.72% | 3,250,000 | $78.9M | No change |
| ETWO E2OPEN Parent Holdings Inc. | 0.50% | 27,250,000 | $54.5M | No change |
| UNIT Uniti Group LLC Com SHS | 0.47% | 10,120,963 | $51.0M | No change |
| OR Osisko Gold Royalties Ltd. | 0.42% | 2,180,151 | $46.0M | New |
| HDB HDFC Bank Ltd.-ADR | 0.41% | 670,215 | $44.5M | No change |
| RIG Transocean Ltd. | 0.34% | 11,870,319 | $37.6M | No change |
| SNDK Sandisk Corp. | 0.33% | 749,997 | $35.7M | No change |
| CRMD Cormedix Inc. | 0.14% | 2,444,561 | $15.1M | Reduce -14.8% |
| ARM Arm Holdings PLC-ADR | 0.14% | 139,551 | $14.9M | Reduce -7.0% |
| HWM Howmet Aerospace Inc. | 0.12% | 100,000 | $13.0M | No change |
Options reported separately and not counted above: XLI puts ($1.6B), IWD puts ($1.0B), QQQ puts ($756.1M), CSCO puts ($123.4M), IWM puts ($99.7M), GDX puts ($91.9M), TXN calls ($89.8M), XME puts ($75.6M), XOP puts ($73.4M), MAR puts ($47.6M), HLT puts ($45.5M).
Other holdings (7): bonds, preferreds, convertibles and warrants · $157.2M (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 | $61.4M | No change |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 41,500,000 | $38.1M | No change |
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | 16,000,000 | $32.8M | New |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 15,000,000 | $16.0M | No change |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 4,500,000 | $4.3M | Reduce -62.5% |
| WOLF Wolfspeed Inc. (wolf 1.875 12/01/29) | NOTE 1.875%12/0 · principal | 12,500,000 | $2.8M | No change |
| WOLF Wolfspeed Inc. (wolf 0.25 02/15/28) | NOTE 0.250% 2/1 · principal | 7,500,000 | $1.8M | No change |
Total filed on the 13F, all lines: $11.1B.
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 7,200,000 | $4.2Bbefore exit |
| XLI SS Industrial Select Sector | put | Add +316.7% | 12,500,000 | $1.6B |
| IWD iShares Russell 1000 Value E | put | New | 5,500,000 | $1.0B |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -23.7% | 1,612,500 | $756.1M |
| XLE SS Energy Select Sector | put | Sold out | 6,006,000 | $514.5Mbefore exit |
| XLF SS Financial Select Sector | put | Sold out | 7,000,000 | $338.3Mbefore exit |
| OIH Vaneck Oil Services ETF | put | Sold out | 975,000 | $264.4Mbefore exit |
| NVDA Nvidia Corp. | put | Sold out | 1,450,000 | $194.7Mbefore exit |
| CSCO Cisco Systems Inc. | put | New | 2,000,000 | $123.4M |
| IWM iShares Russell 2000 ETF | put | New | 500,000 | $99.7M |
| GDX Vaneck Gold Miners ETF | put | New | 2,000,000 | $91.9M |
| XME SS SPDR S&P Metals Mining | put | Reduce -50.0% | 1,350,000 | $75.6M |
| XOP SS SPDR S&P Og Exp & Prod | put | Add +41.4% | 557,200 | $73.4M |
| ICLR Icon PLC | call | Sold out | 16,400 | $3.4Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| STRATEGY INC (MSTR 0.625 03/15/30) | NOTE 0.625% 3/1 · principal | New | 16,000,000 | $32.8M |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | NOTE 2/1 · principal | Sold out | 15,000,000 | $31.0Mbefore exit |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | Sold out | 18,000,000 | $16.7Mbefore exit |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Sold out | 10,000,000 | $12.9Mbefore exit |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | Sold out | 12,500,000 | $11.3Mbefore exit |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | Reduce -62.5% | 4,500,000 | $4.3M |
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 |