Paul Singer — Elliott Investment Management L.P. SEC 13F Filing (Q2 2026) — Holdings & Portfolio
Elliott Investment Management L.P.CIK: 0001791786
Momentum followerQuality / disciplined sizingSector-focused
Total reported value
$22.7B
Reporting period: 2026-06-30 · Number of holdings: 29
Elliott Investment Management L.P. disclosed 29 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $22.7B and a quarterly turnover rate of 52.5%.
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Personality snowflake
- Concentration
- 35.59
- Portfolio Stability
- 52.46
- Momentum
- 100
- Sector conviction
- 75.78
- Diversification
- 56
- Sizing Uniformity
- 87.56
Elliott Investment Management L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.089 — mathematically equivalent to about 11 equally-sized positions, well below its 29 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.24), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 59% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim SU
-44.1% -$1.9B
Add QQQ
+770.0% $2.3B
New buy IGV
Trim TFPM
-0.0% -$631.8M
Add HPE
+17.7% $802.9M
Trim PSX
0.0% -$252.8M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Elliott Investment Management's Q2 2026 filing shows an active rotation out of its two legacy resource anchors: Suncor was cut from 17.31% to 6.97% of portfolio weight and Triple Flag Precious Metals trimmed from 22.99% to 17.61%, while capital moved decisively into broad tech beta — QQQ surged from 1.15% to 11.30% — alongside newly established positions in the software ETF (IGV, 6.29%) and aerospace & defense ETF (IHI, 3.03%). The fund also fully exited its high-yield credit sleeve (HYG) and added to HPE and the consumer discretionary ETF (XLY). Across 28 holdings with a turnover ratio near 52%, the pattern reads as deliberate repositioning rather than price-driven drift.
Macro & Fundamentals
The flow pattern — monetizing resource exposure and building software, index, and defense positions — appears to line up with the market's dominant narratives around AI/software capex cycles and expanding defense budgets. Two caveats apply: this is a single institution's one-quarter snapshot, and only about 59% of reported value maps cleanly to sectors, so the evidence base for calling a confirmed capital rotation is thin at best.
Blind Spots / Risks
The real fragility lies beneath the diversification optics: despite 28 holdings and a low HHI of 0.089, Energy plus Materials still command roughly two-thirds of sector weight, and a single name — TFPM at 17.6% — remains the portfolio's anchor. Should commodity prices mean-revert, the high intra-cluster correlations in that resource block would erode effective diversification well below what headline metrics imply, leaving factor concentration as the dominant tail risk.
Produced with AI assistance from this institution's Form 13F data on SEC EDGAR. Historical only; not a personalized investment recommendation — the original filing is linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 28 holdings (of 29 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TFPM | Triple Flag Precious Met | Stock-Materials | 17.61% | -5.38% | -0.01% | |
| 2 | PSX | Phillips 66 | Stock-Energy | 14.36% | -3.08% | — | |
| 3 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 11.30% | +10.15% | +770.00% | |
| 4 | SU | Suncor Energy Inc | Stock-Energy | 6.97% | -10.34% | -44.08% | |
| 5 | HPE | Hewlett Packard Enterprise | Stock-Tech | 6.42% | +3.17% | +17.69% | |
| 6 | IGV | Ishares Expanded Tech-softwa | ETF-Tech | 6.29% | +6.29% | NEW | |
| 7 | LUV | Southwest Airlines Co | Stock-Industrials | 5.51% | -0.16% | -19.90% | |
| 8 | XLI | Ss Industrial Select Sector | ETF-Other | 4.23% | -1.80% | -31.00% | |
| 9 | XLY | Ss Consumer Disc Select Sect | ETF-Other | 3.67% | +1.34% | +65.12% | |
| 10 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 3.53% | -0.20% | +5.31% | |
| 11 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 3.05% | +1.38% | +150.68% | |
| 12 | IHI | Ishares U.s. Medical Devices | ETF-Other | 3.03% | +3.03% | NEW | |
| 13 | UNIT | Uniti Group Inc | Stock-Other | 2.99% | +0.24% | — | |
| 14 | PINS | Pinterest Inc- Class A | Stock-Comm Services | 2.60% | +0.05% | — | |
| 15 | ETSY | Etsy Inc | Stock-Consumer Disc | 1.66% | +0.42% | — | |
| 16 | NCLH | Norwegian Cruise Line Holdings Ltd. | Stock-Consumer Disc | 1.37% | +0.14% | +11.38% | |
| 17 | PEP | Pepsico Inc | Stock-Consumer Staples | 0.76% | -0.22% | — | |
| 18 | SDRL | Seadrill Limited | Stock-Other | 0.74% | -0.33% | -5.92% | |
| 19 | SMH | Vaneck Semiconductor ETF | ETF-Other | 0.72% | +0.72% | NEW | |
| 20 | EQIX | Equinix Inc | Stock-Real Estate | 0.69% | -0.04% | — | |
| 21 | SNPS | Synopsys Inc | Stock-Tech | 0.45% | +0.45% | NEW | |
| 22 | OR | Or Royalties Inc | Stock-Other | 0.43% | -0.16% | — | |
| 23 | XME | Ss Spdr S&p Metals Mining | ETF-Other | 0.42% | -0.06% | — | |
| 24 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.37% | +0.37% | NEW | |
| 25 | RIG | Transocean Ltd. | Stock-Energy | 0.34% | -0.18% | — | |
| 26 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.33% | -0.29% | -50.00% | |
| 27 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 0.09% | -0.01% | — | |
| 28 | ✓ | Stock-Other | 0.05% | +0.05% | NEW |
Portfolio Performance
Performance for Q3 2026
+10.5%
Performance Last 4 Quarters
+38.8%
- Stdev
- +12.8%
- Beta
- +0.56
- Alpha
- +12.4%
- Max Drawdown
- -5.5%
- Annualized Perf
- +25.4%
- Batting Avg vs S&P
- +50%
- Sortino
- +4.73
- Stutzer
- +0.55
- Treynor
- +0.42
- Sterling
- +1.81
- Calmar
- +4.64
- Information Ratio
- +0.3
- Tracking Error
- +12%
- Stdev Down
- +5%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +53.7%
- Worst 12 Months
- +1.8%
- Efficiency Ratio
- +0.81
- Sharpe
- +1.85
- Stdev Sectors
- +12.5%
- Skewness
- +0.08
- Kurtosis
- -0.99
- Upside Potential
- +6.38
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 29 | $22.7B | 52 | ||
| 2026 Q1 | 33 | $20.1B | 50 | ||
| 2025 Q4 | 34 | $22.6B | 18 | ||
| 2025 Q3 | 35 | $22.7B | 100 | ||
| 2025 Q2 | 30 | $17.6B | 0 | ||
| 2025 Q1 | 41 | $15.2B | 79 | ||
| 2024 Q4 | 45 | $16.7B | 100 | ||
| 2024 Q3 | 59 | $19.3B | 0 | ||
| 2024 Q2 | 54 | $17.3B | 0 | ||
| 2024 Q1 | 55 | $16.1B | 0 | ||
| 2023 Q4 | 60 | $18.7B | 0 | ||
| 2023 Q3 | 62 | $12.9B | 0 | ||
| 2023 Q2 | 64 | $11.4B | 0 | ||
| 2023 Q1 | 54 | $13.5B | 0 | ||
| 2022 Q4 | 58 | $12.3B | 0 | ||
| 2022 Q3 | 41 | $9.7B | 0 | ||
| 2022 Q2 | 42 | $8.7B | 0 | ||
| 2022 Q1 | 45 | $10.0B | 0 | ||
| 2021 Q4 | 44 | $11.3B | 0 | ||
| 2021 Q3 | 46 | $13.9B | 0 | ||
| 2021 Q2 | 48 | $12.8B | 0 | ||
| 2021 Q1 | 61 | $13.4B | 48 | ||
| 2020 Q4 | 54 | $10.3B | 70 | ||
| 2020 Q3 | 47 | $9.5B | 47 | ||
| 2020 Q2 | 44 | $9.2B | 100 | ||
| 2020 Q1 | 51 | $5.4B | 0 |
Holding changes this quarter
Elliott Investment Management L.P.'s most significant position changes for 2026-06-30: New buy: Ishares Expanded Tech-softwa (IGV); New buy: Ishares U.s. Medical Devices (IHI); Sold out: Ishr Ibx Usd Hiyld Cb Etf-ui (HYG); Sold out: Digital Realty Trust Inc (DLR); Sold out: Ishares Russell 1000 Value E (IWD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | QQQ | Invesco Qqq Trust Series 1 | +10.2% | +770.00% | Add |
| 2 | IGV | Ishares Expanded Tech-softwa | +6.3% | NEW | New buy |
| 3 | HPE | Hewlett Packard Enterprise | +3.2% | +17.69% | Add |
| 4 | IHI | Ishares U.s. Medical Devices | +3% | NEW | New buy |
| 5 | GDX | Vaneck Gold Miners ETF | +1.4% | +150.68% | Add |
| 6 | XLY | Ss Consumer Disc Select Sect | +1.3% | +65.12% | Add |
| 7 | SMH | Vaneck Semiconductor ETF | +0.7% | NEW | New buy |
| 8 | SNPS | Synopsys Inc | +0.5% | NEW | New buy |
| 9 | ETSY | Etsy Inc | +0.4% | — | Unchanged |
| 10 | RSP | Invesco S&p 500 Equal Weight | +0.4% | NEW | New buy |
| 11 | UNIT | Uniti Group Inc | +0.2% | — | Unchanged |
| 12 | NCLH | Norwegian Cruise Line Holdings Ltd. | +0.1% | +11.38% | Add |
| 13 | PINS | Pinterest Inc- Class A | +0.1% | — | Unchanged |
| 14 | ✓ | +0.1% | NEW | New buy | |
| 15 | HDB | Hdfc Bank Ltd-adr | 0% | — | Unchanged |
| 16 | EQIX | Equinix Inc | 0% | — | Unchanged |
| 17 | MSTR 0.625 03-15-30Bond | Strategy Inc | -0.1% | EXIT | Sold out |
| 18 | XME | Ss Spdr S&p Metals Mining | -0.1% | — | Unchanged |
| 19 | WPM | Wheaton Precious Metals CORP | -0.1% | EXIT | Sold out |
| 20 | GLIBK | Liberty Capital Corp-cl C | -0.1% | EXIT | Sold out |
| 21 | W 3.5 11-15-28Bond | Wayfair Inc | -0.1% | EXIT | Sold out |
| 22 | EMR | Emerson Electric Co | -0.1% | EXIT | Sold out |
| 23 | LUV | Southwest Airlines Co | -0.2% | -19.90% | Trim |
| 24 | OR | Or Royalties Inc | -0.2% | — | Unchanged |
| 25 | RIG | Transocean Ltd. | -0.2% | — | Unchanged |
| 26 | XLP | Ss Consumer Staples Sel Sect | -0.2% | +5.31% | Add |
| 27 | FTV | Fortive CORP | -0.2% | EXIT | Sold out |
| 28 | PEP | Pepsico Inc | -0.2% | — | Unchanged |
| 29 | IWM | Ishares Russell 2000 ETF | -0.3% | -50.00% | Trim |
| 30 | SDRL | Seadrill Limited | -0.3% | -5.92% | Trim |
| 31 | CCI | Crown Castle Inc | -0.5% | EXIT | Sold out |
| 32 | IWD | Ishares Russell 1000 Value E | -1.1% | EXIT | Sold out |
| 33 | DLR | Digital Realty Trust Inc | -1.3% | EXIT | Sold out |
| 34 | XLI | Ss Industrial Select Sector | -1.8% | -31.00% | Trim |
| 35 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | -2% | EXIT | Sold out |
| 36 | PSX | Phillips 66 | -3.1% | — | Unchanged |
| 37 | TFPM | Triple Flag Precious Met | -5.4% | -0.01% | Trim |
| 38 | SU | Suncor Energy Inc | -10.3% | -44.08% | Trim |
Filing History
FAQ
What is Elliott Investment Management L.P. and what type of investor is it?
Elliott Investment Management L.P. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $22.7B, spread across 29 disclosed positions.
What are Elliott Investment Management L.P.'s largest equity positions?
Based on the latest 13F filing, Elliott Investment Management L.P.'s top holdings by market value are:
1. Triple Flag Precious Met (TFPM) — $4.0B (17.6%)
2. Phillips 66 (PSX) — $3.3B (14.4%)
3. Invesco Qqq Trust Series 1 (QQQ) — $2.6B (11.3%)
4. Suncor Energy Inc (SU) — $1.6B (7.0%)
5. Hewlett Packard Enterprise (HPE) — $1.5B (6.4%)
What changes did Elliott Investment Management L.P. make in its most recent portfolio filing?
In the latest reported quarter, Elliott Investment Management L.P. made 28 notable position adjustments: 6 new positions were initiated, 6 existing holdings were added to, 6 positions were partially reduced, and 10 were completely exited. The largest of these moves: New buy: Ishares Expanded Tech-softwa (IGV); New buy: Ishares U.s. Medical Devices (IHI); Sold out: Ishr Ibx Usd Hiyld Cb Etf-ui (HYG); Sold out: Digital Realty Trust Inc (DLR); Sold out: Ishares Russell 1000 Value E (IWD)
What sectors does Elliott Investment Management L.P. focus on?
Elliott Investment Management L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 36.8%
• Materials: 29.9%
• Information Technology: 11.7%
• Industrials: 9.4%
• Consumer Discretionary: 5.2%
• Communication Services: 4.4%
Investment Profile
Elliott Investment Management L.P. returned an annualized 25.4% over the trailing 36 months — outperforming the S&P 500 by 12.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.56 (less volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 36.8% of the portfolio concentrated in Energy.
Its turnover score has risen from 0 to 52 over the past 4 quarters — a shift toward more active trading.
It has added to its HPE position for two straight quarters, increasing it by $1.0B to reach $1.5B.
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