Elliott Investment Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Paul Singer's Elliott Investment Management reported 19 stock positions worth $14.5 billion. Its top holding was Triple Flag Precious Met (TFPM) at 30.6% of the portfolio, followed by Phillips 66 (PSX, 17.1%) and Suncor Energy (SU, 16.1%). Compared with Q3 2025, it opened 2 new positions, sold out of 1 and added to 3. The biggest buy was Seadrill (SDRL, shares +23%) and the biggest sale an exit from Oxford Lane Capital (OXLC).

Most Recent 13F
Q2 2026
Notable People
Paul Singer
Location
WEST PALM BEACH, FL
CIK
0001791786
Portfolio Value
$14.5B (Q4 2025)
SEC Filing
0001013594-26-000272 ↗ filed Feb 18, 2026

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $9.5B Q1 2024 Q2 2024: $10.0B Q2 2024 Q3 2024: $10.4B Q3 2024 Q4 2024: $9.0B Q4 2024 Q1 2025: $10.9B Q1 2025 Q2 2025: $12.1B Q2 2025 Q3 2025: $13.6B Q3 2025 Q4 2025: $14.5B $14.5B Q4 2025 Q1 2026: $15.9B Q1 2026 Q2 2026: $14.3B Q2 2026

Holdings 19 stocks · $14.5B
TFPM Triple Flag Precious Met 30.59% 133,815,727 $4.4B No change
PSX Phillips 66 17.09% 19,251,000 $2.5B No change
SU Suncor Energy Inc. 16.08% 52,670,800 $2.3B No change
LUV Southwest Airlines Co. 14.54% 51,128,500 $2.1B No change
PINS Pinterest Inc. Class A 4.99% 28,000,000 $724.9M No change
HPE Hewlett Packard Enterprise 3.08% 18,630,978 $447.5M No change
UNIT Uniti Group Inc. 2.85% 59,012,219 $413.7M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 2.11% 3,800,000 $306.4M No change
ETSY Etsy Inc. 1.91% 5,000,000 $277.2M No change
PEP Pepsico Inc. 1.26% 1,275,000 $183.0M No change
BILL Bill Holdings Inc. 1.13% 3,000,000 $163.6M No change
SDRL Seadrill Limited 1.09% 4,558,758 $157.7M Add +23.1%
EQIX Equinix Inc. 0.79% 150,000 $114.9M No change
OR Or Royalties Inc. 0.76% 3,111,000 $110.1M Add +42.7%
CCI Crown Castle Inc. 0.75% 1,225,000 $108.9M No change
ST Sensata Technologies Holdplc 0.74% 3,250,000 $108.2M No change
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 0.17% 659,928 $24.6M Add +38.4%
HDB HDFC Bank Ltd.-ADR 0.05% 216,756 $7.9M New
FSK FS KKR Capital Corp. 0.03% 264,850 $3.9M New

Options reported separately and not counted above: XLP puts ($1.6B), GDX puts ($1.2B), XLI puts ($1.2B), QQQ puts ($921.5M), XLE puts ($715.4M), QQQ calls ($614.3M), IWD puts ($589.0M), NVDA puts ($559.5M), XOP puts ($302.8M), DLR puts ($154.7M), IGV calls ($105.7M), XME puts ($93.2M), and 1 more.

Other holdings (2): bonds, preferreds, convertibles and warrants · $57.0M (not counted above)
SecurityClassShares / PrincipalValueChange
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 15,000,000$34.3MNo change
STRATEGY INC (MSTR 0.625 03/15/30) NOTE 0.625% 3/1 · principal 16,000,000$22.7MNo change

Total filed on the 13F, all lines: $14.6B.

Portfolio Sells Q3 2025 → Q4 2025
OXLC Oxford Lane Capital Corp. Sold out 0.00% −0.13

Portfolio Buys Q3 2025 → Q4 2025
SDRL Seadrill Limited Add +23.1% 1.09% +0.26
OR Or Royalties Inc. Add +42.7% 0.76% +0.12
HDB HDFC Bank Ltd.-ADR New 0.05% +0.05
GLIBK Liberty Capital Corp. Class C Add +38.4% 0.17% +0.04
FSK FS KKR Capital Corp. New 0.03% +0.03

Options Activity Q3 2025 → Q4 2025
XLP SS Consumer Staples Sel Sect put Add +33.3% 20,000,000 $1.6B
GDX Vaneck Gold Miners ETF put Add +21.7% 14,000,000 $1.2B
QQQ Invesco QQQ Trust Series 1 put Reduce -25.0% 1,500,000 $921.5M
QQQ Invesco QQQ Trust Series 1 call Reduce -20.0% 1,000,000 $614.3M
IWD iShares Russell 1000 Value E put Reduce -44.0% 2,800,000 $589.0M
NVDA Nvidia Corp. put Reduce -30.7% 3,000,000 $559.5M
XOP SS SPDR S&P Og Exp & Prod put Reduce -0.1% 2,398,400 $302.8M
XLV SS Health Care Select Sector put Sold out 2,000,000 $278.3Mbefore exit
XME SS SPDR S&P Metals Mining put Reduce -35.7% 900,000 $93.2M
WPM Wheaton Precious Metals Corp. put Sold out 650,000 $72.7Mbefore exit
IGV iShares Expanded Tech-Softwa put Reduce -85.0% 300,000 $31.7M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 17$14.3BTFPM, PSX, SU, HPE, LUV
Q1 2026 17$15.9BTFPM, PSX, SU, LUV, HPE
Q4 2025 19$14.5BTFPM, PSX, SU, LUV, PINS
Q3 2025 18$13.6BTFPM, PSX, SU, LUV, PINS
Q2 2025Amended 17$12.1BTFPM, PSX, SU, LUV, PINS
Q1 2025 23$10.9BTFPM, SU, PSX, LUV, PINS
Q4 2024Amended 22$9.0BTFPM, LUV, SU, PINS, NRG
Q3 2024 25$10.4BTFPM, SU, LUV, PINS, NRG
Q2 2024 26$10.0BTFPM, SU, MPC, PINS, NRG
Q1 2024 29$9.5BSU, TFPM, MPC, PINS, NRG