Elliott Investment Management

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Paul Singer's Elliott Investment Management reported 17 stock positions worth $15.9 billion. Its top holding was Triple Flag Precious Met (TFPM) at 29.1% of the portfolio, followed by Phillips 66 (PSX, 22.1%) and Suncor Energy (SU, 21.9%). Compared with Q4 2025, it opened 2 new positions, sold out of 4, added to 3 and reduced 2. The biggest buy was a new position in Norwegian Cruise Line Holdin (NCLH) and the biggest sale Southwest Airlines (LUV, shares −41%).

Most Recent 13F
Q2 2026
Notable People
Paul Singer
Location
WEST PALM BEACH, FL
CIK
0001791786
Portfolio Value
$15.9B (Q1 2026)
SEC Filing
0001013594-26-000613 ↗ filed May 15, 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 Q4 2025 Q1 2026: $15.9B $15.9B Q1 2026 Q2 2026: $14.3B Q2 2026

Holdings 17 stocks · $15.9B
TFPM Triple Flag Precious Met 29.09% 133,248,215 $4.6B Reduce -0.4%
PSX Phillips 66 22.06% 19,251,000 $3.5B No change
SU Suncor Energy Inc. 21.90% 52,670,800 $3.5B No change
LUV Southwest Airlines Co. 7.17% 30,346,000 $1.1B Reduce -40.6%
HPE Hewlett Packard Enterprise 4.11% 27,421,735 $652.9M Add +47.2%
UNIT Uniti Group Inc. 3.48% 59,012,219 $553.5M No change
PINS Pinterest Inc. Class A 3.23% 28,000,000 $513.5M No change
ETSY Etsy Inc. 1.57% 5,000,000 $249.9M No change
NCLH Norwegian Cruise Line Holdin 1.55% 13,186,000 $246.6M New
SDRL Seadrill Limited 1.35% 4,719,085 $214.7M Add +3.5%
PEP Pepsico Inc. 1.25% 1,275,000 $198.0M No change
EQIX Equinix Inc. 0.93% 150,000 $147.0M No change
OR Or Royalties Inc. 0.74% 3,111,000 $118.3M No change
RIG Transocean Ltd. 0.65% 15,626,834 $103.6M New
CCI Crown Castle Inc. 0.63% 1,225,000 $99.6M No change
GLIBK Liberty Capital Corp. Class C filed as GCI LIBERTY INC 0.15% 659,928 $24.6M No change
HDB HDFC Bank Ltd.-ADR 0.12% 797,085 $19.8M Add +267.7%

Options reported separately and not counted above: XLI puts ($1.2B), XLP puts ($749.3M), XLY puts ($468.6M), HYG puts ($397.8M), DLR puts ($270.3M), QQQ puts ($230.9M), IWD puts ($213.7M), GDX calls ($183.5M), GDX puts ($151.4M), IWM puts ($124.0M), XME puts ($97.2M), FTV puts ($41.5M), and 2 more.

Other holdings (2): bonds, preferreds, convertibles and warrants · $37.8M (not counted above)
SecurityClassShares / PrincipalValueChange
WAYFAIR INC (W 3.5 11/15/28) NOTE 3.500%11/1 · principal 15,000,000$26.2MNo change
STRATEGY INC (MSTR 0.625 03/15/30) NOTE 0.625% 3/1 · principal 10,000,000$11.5MReduce -37.5%

Total filed on the 13F, all lines: $15.9B.

Portfolio Sells Q4 2025 → Q1 2026
LUV Southwest Airlines Co. Reduce -40.6% 7.17% −7.37
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −2.11
TFPM Triple Flag Precious Met Reduce -0.4% 29.09% −1.50
BILL Bill Holdings Inc. Sold out 0.00% −1.13
ST Sensata Technologies Holdplc Sold out 0.00% −0.74
FSK FS KKR Capital Corp. Sold out 0.00% −0.03

Portfolio Buys Q4 2025 → Q1 2026
NCLH Norwegian Cruise Line Holdin New 1.55% +1.55
HPE Hewlett Packard Enterprise Add +47.2% 4.11% +1.03
RIG Transocean Ltd. New 0.65% +0.65
SDRL Seadrill Limited Add +3.5% 1.35% +0.27
HDB HDFC Bank Ltd.-ADR Add +267.7% 0.12% +0.07

Options Activity Q4 2025 → Q1 2026
XLP SS Consumer Staples Sel Sect put Reduce -54.3% 9,140,000 $749.3M
XLE SS Energy Select Sector put Sold out 16,000,000 $715.4Mbefore exit
QQQ Invesco QQQ Trust Series 1 call Sold out 1,000,000 $614.3Mbefore exit
NVDA Nvidia Corp. put Sold out 3,000,000 $559.5Mbefore exit
XLY SS Consumer Disc Select Sect put New 4,300,000 $468.6M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 5,000,000 $397.8M
XOP SS SPDR S&P Og Exp & Prod put Sold out 2,398,400 $302.8Mbefore exit
DLR Digital Realty Trust Inc. put Add +50.0% 1,500,000 $270.3M
QQQ Invesco QQQ Trust Series 1 put Reduce -73.3% 400,000 $230.9M
IWD iShares Russell 1000 Value E put Reduce -64.3% 1,000,000 $213.7M
GDX Vaneck Gold Miners ETF call New 2,000,000 $183.5M
GDX Vaneck Gold Miners ETF put Reduce -88.2% 1,650,000 $151.4M
IWM iShares Russell 2000 ETF put New 500,000 $124.0M
IGV iShares Expanded Tech-Softwa call Sold out 1,000,000 $105.7Mbefore exit
FTV Fortive Corp. put New 750,000 $41.5M
IGV iShares Expanded Tech-Softwa put Sold out 300,000 $31.7Mbefore exit
EMR Emerson Electric Co. put New 200,000 $26.2M
WPM Wheaton Precious Metals Corp. call New 100,000 $13.1M

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

Notes & Other Activity Q4 2025 → Q1 2026
STRATEGY INC (MSTR 0.625 03/15/30) NOTE 0.625% 3/1 · principal Reduce -37.5% 10,000,000 $11.5M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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