Elliott Investment Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Paul Singer's Elliott Investment Management reported 18 stock positions worth $13.6 billion. Its top holding was Triple Flag Precious Met (TFPM) at 28.7% of the portfolio, followed by Phillips 66 (PSX, 19.2%) and Suncor Energy (SU, 16.2%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 1 and reduced 1. The biggest buy was Uniti (UNIT, shares +867%) and the biggest sale Southwest Airlines (LUV, shares −5%).
- Most Recent 13F
- Q2 2026
- Notable People
- Paul Singer
- Location
- WEST PALM BEACH, FL
- CIK
- 0001791786
- Portfolio Value
- $13.6B (Q3 2025)
- SEC Filing
- 0001013594-25-001440 ↗ filed Nov 14, 2025
Holdings Value
Holdings 18 stocks · $13.6B
| TFPM Triple Flag Precious Met | 28.72% | 133,815,727 | $3.9B | No change |
| PSX Phillips 66 | 19.20% | 19,251,000 | $2.6B | No change |
| SU Suncor Energy Inc. | 16.15% | 52,670,800 | $2.2B | No change |
| LUV Southwest Airlines Co. | 11.97% | 51,128,500 | $1.6B | Reduce -5.3% |
| PINS Pinterest Inc. Class A | 6.61% | 28,000,000 | $900.8M | No change |
| HPE Hewlett Packard Enterprise | 3.36% | 18,630,978 | $457.6M | No change |
| UNIT Uniti Group Inc. | 2.65% | 59,012,219 | $361.2M | Add +867.0% |
| ETSY Etsy Inc. | 2.43% | 5,000,000 | $331.9M | No change |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 2.26% | 3,800,000 | $308.5M | No change |
| PEP Pepsico Inc. | 1.31% | 1,275,000 | $179.1M | New |
| BILL Bill Holdings Inc. | 1.17% | 3,000,000 | $158.9M | New |
| CCI Crown Castle Inc. | 0.87% | 1,225,000 | $118.2M | No change |
| EQIX Equinix Inc. | 0.86% | 150,000 | $117.5M | No change |
| SDRL Seadrill Limited | 0.82% | 3,703,746 | $111.9M | No change |
| ST Sensata Technologies Holdplc | 0.73% | 3,250,000 | $99.3M | No change |
| OR Or Royalties Inc. | 0.64% | 2,180,151 | $87.4M | No change |
| GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC | 0.13% | 476,895 | $17.8M | No change |
| OXLC Oxford Lane Capital Corp. | 0.13% | 1,019,239 | $17.3M | New |
Options reported separately and not counted above: QQQ puts ($1.2B), XLP puts ($1.2B), XLI puts ($1.2B), IWD puts ($1.0B), GDX puts ($878.6M), NVDA puts ($807.9M), QQQ calls ($750.5M), XLE puts ($714.7M), XOP puts ($317.3M), XLV puts ($278.3M), IGV puts ($230.0M), DLR puts ($172.9M), and 3 more.
Other holdings (2): bonds, preferreds, convertibles and warrants · $67.0M (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 | $35.9M | No change |
| WAYFAIR INC (W 3.5 11/15/28) | NOTE 3.500%11/1 · principal | 15,000,000 | $31.1M | No change |
Total filed on the 13F, all lines: $13.7B.
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 2,160,000 | $1.3Bbefore exit |
| XLP SS Consumer Staples Sel Sect | put | New | 15,000,000 | $1.2B |
| XLI SS Industrial Select Sector | put | Add +114.3% | 7,500,000 | $1.2B |
| GDX Vaneck Gold Miners ETF | put | Add +187.5% | 11,500,000 | $878.6M |
| NVDA Nvidia Corp. | put | Add +67.8% | 4,330,000 | $807.9M |
| QQQ Invesco QQQ Trust Series 1 | call | New | 1,250,000 | $750.5M |
| XLE SS Energy Select Sector | put | New | 8,000,000 | $714.7M |
| PEP Pepsico Inc. | put | Sold out | 4,000,000 | $528.2Mbefore exit |
| XOP SS SPDR S&P Og Exp & Prod | put | New | 2,400,000 | $317.3M |
| SMH Vaneck Semiconductor ETF | put | Sold out | 1,000,000 | $278.9Mbefore exit |
| XLV SS Health Care Select Sector | put | New | 2,000,000 | $278.3M |
| IGV iShares Expanded Tech-Softwa | put | New | 2,000,000 | $230.0M |
| IWM iShares Russell 2000 ETF | put | Sold out | 1,000,000 | $215.8Mbefore exit |
| DLR Digital Realty Trust Inc. | put | Add +33.3% | 1,000,000 | $172.9M |
| XME SS SPDR S&P Metals Mining | put | Reduce -50.9% | 1,400,000 | $130.5M |
| IGV iShares Expanded Tech-Softwa | call | New | 1,000,000 | $115.0M |
| HLT Hilton Worldwide Holdings Inc. | put | Sold out | 320,000 | $85.2Mbefore exit |
| WPM Wheaton Precious Metals Corp. | put | New | 650,000 | $72.7M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |