Elliott Investment Management

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Paul Singer's Elliott Investment Management reported 17 stock positions worth $12.1 billion. Its top holding was Triple Flag Precious Met (TFPM) at 26.2% of the portfolio, followed by Phillips 66 (PSX, 19.0%) and Suncor Energy (SU, 16.3%). Compared with Q1 2025, it opened 2 new positions, sold out of 8 and added to 1. The biggest buy was a new position in Hewlett Packard Enterprise (HPE) and the biggest sale an exit from Biomarin Pharmaceutical (BMRN).

Most Recent 13F: Q2 2026
Notable People: Paul Singer
Location: WEST PALM BEACH, FL
CIK: 0001791786
Portfolio Value: $12.1B (Q2 2025)
SEC Filing: 0001013594-25-001045 ↗ filed Aug 14, 2025

Holdings Value

Holdings 17 stocks · $12.1B


TFPM Triple Flag Precious Met	26.23%	133,815,727	$3.2B	No change
PSX Phillips 66	19.00%	19,251,000	$2.3B	Add +22.4%
SU Suncor Energy Inc.	16.32%	52,670,800	$2.0B	No change
LUV Southwest Airlines Co.	14.49%	53,978,500	$1.8B	No change
PINS Pinterest Inc. Class A	8.31%	28,000,000	$1.0B	No change
HPE Hewlett Packard Enterprise	3.15%	18,630,978	$381.0M	New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	2.54%	3,800,000	$306.5M	New
ETSY Etsy Inc.	2.08%	5,000,000	$250.8M	No change
LBRDK Liberty Broadband-C	1.94%	2,384,481	$234.6M	No change
WDC Western Digital Corp.	1.19%	2,250,000	$144.0M	No change
CCI Crown Castle Inc.	1.04%	1,225,000	$125.8M	No change
EQIX Equinix Inc.	0.99%	150,000	$119.3M	No change
ST Sensata Technologies Holdplc	0.81%	3,250,000	$97.9M	No change
SDRL Seadrill Limited	0.80%	3,703,746	$97.2M	No change
OR Or Royalties Inc.	0.46%	2,180,151	$56.1M	No change
UNIT Uniti Group LLC Com SHS	0.36%	10,120,963	$43.7M	No change
SNDK Sandisk Corp.	0.28%	749,997	$34.0M	No change

Options reported separately and not counted above: SPY puts ($1.3B), QQQ puts ($1.1B), IWD puts ($971.1M), PEP puts ($528.2M), XLI puts ($516.3M), NVDA puts ($407.6M), SMH puts ($278.9M), IWM puts ($215.8M), GDX puts ($208.2M), XME puts ($191.6M), DLR puts ($130.7M), HLT puts ($85.2M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $64.8M (not counted above)

Security	Class	Shares / Principal	Value	Change
STRATEGY INC (MSTR 0.625 03/15/30)	NOTE 0.625% 3/1 · principal	16,000,000	$44.5M	No change
WAYFAIR INC (W 3.5 11/15/28)	NOTE 3.500%11/1 · principal	15,000,000	$20.3M	No change

Total filed on the 13F, all lines: $12.2B.

Portfolio Sells Q1 2025 → Q2 2025


BMRN Biomarin Pharmaceutical Inc.	Sold out	0.00%	−2.27
MTCH Match Group Inc.	Sold out	0.00%	−1.71
ETWO E2OPEN Parent Holdings Inc.	Sold out	0.00%	−0.50
HDB HDFC Bank Ltd.-ADR	Sold out	0.00%	−0.41
RIG Transocean Ltd.	Sold out	0.00%	−0.34
CRMD Cormedix Inc.	Sold out	0.00%	−0.14
ARM Arm Holdings PLC-ADR	Sold out	0.00%	−0.14
HWM Howmet Aerospace Inc.	Sold out	0.00%	−0.12

Portfolio Buys Q1 2025 → Q2 2025


HPE Hewlett Packard Enterprise	New	3.15%	+3.15
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	New	2.54%	+2.54
PSX Phillips 66	Add +22.4%	19.00%	+1.23

Options Activity Q1 2025 → Q2 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	New	2,160,000	$1.3B
QQQ Invesco QQQ Trust Series 1	put	Add +24.0%	2,000,000	$1.1B
IWD iShares Russell 1000 Value E	put	Reduce -9.1%	5,000,000	$971.1M
PEP Pepsico Inc.	put	New	4,000,000	$528.2M
XLI SS Industrial Select Sector	put	Reduce -72.0%	3,500,000	$516.3M
NVDA Nvidia Corp.	put	New	2,580,000	$407.6M
SMH Vaneck Semiconductor ETF	put	New	1,000,000	$278.9M
IWM iShares Russell 2000 ETF	put	Add +100.0%	1,000,000	$215.8M
GDX Vaneck Gold Miners ETF	put	Add +100.0%	4,000,000	$208.2M
XME SS SPDR S&P Metals Mining	put	Add +111.1%	2,850,000	$191.6M
DLR Digital Realty Trust Inc.	put	New	750,000	$130.7M
CSCO Cisco Systems Inc.	put	Sold out	2,000,000	$123.4Mbefore exit
TXN Texas Instruments Inc.	call	Sold out	500,000	$89.8Mbefore exit
HLT Hilton Worldwide Holdings Inc.	put	Add +60.0%	320,000	$85.2M
XOP SS SPDR S&P Og Exp & Prod	put	Sold out	557,200	$73.4Mbefore exit
MAR Marriott International Class A	put	Sold out	200,000	$47.6Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025


BOOKING HOLDINGS INC (BKNG 0.75 05/01/25)	NOTE 0.750% 5/0 · principal	Sold out	25,000,000	$61.4Mbefore exit
RAPID7 INC (RPD 0.25 03/15/27)	NOTE 0.250% 3/1 · principal	Sold out	41,500,000	$38.1Mbefore exit
BLACKLINE INC (BL 0 03/15/26)	NOTE 3/1 · principal	Sold out	4,500,000	$4.3Mbefore exit
WOLF Wolfspeed Inc. (wolf 1.875 12/01/29)	NOTE 1.875%12/0 · principal	Sold out	12,500,000	$2.8Mbefore exit
WOLF Wolfspeed Inc. (wolf 0.25 02/15/28)	NOTE 0.250% 2/1 · principal	Sold out	7,500,000	$1.8Mbefore exit

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