Elliott Investment Management L.P. Holdings Report (13F Filings)
Elliott Investment Management L.P.CIK: 0001791786
Momentum followerSector-focusedQuality / disciplined sizing
Total reported value
$20.1B
Reporting period: 2026-03-31 · Number of holdings: 33
Elliott Investment Management L.P. disclosed 33 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $20.1B and a quarterly turnover rate of 50.0%.
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Personality snowflake
- Concentration
- 50.52
- Portfolio Stability
- 50.03
- Momentum/Contrarian
- 100
- Sector conviction
- 94.59
- Diversification
- 64
- Sizing Uniformity
- 82.28
Elliott Investment Management L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.126 — mathematically equivalent to about 8 equally-sized positions, well below its 33 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 1.77), 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.
Recent moves
Add SU
0.0% $1.1B
Add PSX
0.0% $1.0B
Trim QQQ
-84.0% -$1.3B
Trim LUV
-40.6% -$973.0M
Trim GDX
-73.9% -$865.8M
Add TFPM
-0.4% $179.7M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Elliott's rotation out of QQQ, NVDA, and XLE into XLY telegraphs a sharp capital shift from high-multiple growth to cyclical commodities and consumer discretionary — a deliberate bet on inflation stickiness and producer pricing power.
Macro & Fundamentals
Elliott is pricing in a regime where supply-side constraints in energy and materials persist, while consumer spending remains resilient — a reflationary 'no landing' scenario. The opposing thesis is a hard landing where commodity demand collapses and the high-beta cyclicals in this portfolio get crushed by a demand shock.
Blind Spots / Risks
Elliott's 46% Energy and 30% Materials are a single-threaded bet on commodity bullishness. The blind spot is zero portfolio ballast — no Health, Utilities, or long-duration growth to absorb a macro reversal — leaving the fund structurally short volatility in a world where liquidity can vanish from capex-heavy sectors overnight.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 32 holdings (of 33 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TFPM | Triple Flag Precious Met | Stock-Materials | 22.99% | +3.32% | -0.42% | |
| 2 | PSX | Phillips 66 | Stock-Energy | 17.44% | +6.45% | — | |
| 3 | SU | Suncor Energy INC | Stock-Energy | 17.31% | +6.97% | — | |
| 4 | XLI | Ss Industrial Select Sector | ETF-Other | 6.03% | +0.88% | — | |
| 5 | LUV | Southwest Airlines Co | Stock-Industrials | 5.67% | -3.68% | -40.65% | |
| 6 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 3.73% | -3.15% | -54.30% | |
| 7 | HPE | Hewlett Packard Enterprise | Stock-Tech | 3.25% | +1.27% | +47.18% | |
| 8 | UNIT | Uniti Group INC | Stock-Other | 2.75% | +0.92% | — | |
| 9 | PINS | Pinterest Inc- Class A | Stock-Comm Services | 2.55% | -0.66% | — | |
| 10 | XLY | Ss Consumer Disc Select Sect | ETF-Other | 2.33% | +2.33% | NEW | |
| 11 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 1.98% | +0.62% | +31.58% | |
| 12 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 1.67% | -3.64% | -73.93% | |
| 13 | DLR | Digital Realty Trust INC | Stock-Real Estate | 1.34% | +0.66% | +50.00% | |
| 14 | ETSY | Etsy INC | Stock-Consumer Disc | 1.24% | +0.01% | — | |
| 15 | NCLH | Norwegian Cruise Line Holdings Ltd. | Stock-Consumer Disc | 1.23% | +1.23% | NEW | |
| 16 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.15% | -5.65% | -84.00% | |
| 17 | SDRL | Seadrill Limited | Stock-Other | 1.07% | +0.37% | +3.52% | |
| 18 | IWD | Ishares Russell 1000 Value E | ETF-Other | 1.06% | -1.55% | -64.29% | |
| 19 | PEP | Pepsico INC | Stock-Consumer Staples | 0.98% | +0.17% | — | |
| 20 | EQIX | Equinix INC | Stock-Real Estate | 0.73% | +0.22% | — | |
| 21 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.62% | +0.62% | NEW | |
| 22 | OR | Or Royalties INC | Stock-Other | 0.59% | +0.10% | — | |
| 23 | RIG | Transocean Ltd. | Stock-Energy | 0.52% | +0.52% | NEW | |
| 24 | CCI | Crown Castle INC | Stock-Real Estate | 0.50% | +0.02% | — | |
| 25 | XME | Ss Spdr S&p Metals Mining | ETF-Other | 0.48% | +0.07% | — | |
| 26 | FTV | Fortive CORP | Stock-Tech | 0.21% | +0.21% | NEW | |
| 27 | W 3.5 11-15-28 | Wayfair INC | Stock-Consumer Disc | 0.13% | -0.02% | — | |
| 28 | EMR | Emerson Electric Co | Stock-Industrials | 0.13% | +0.13% | NEW | |
| 29 | GLIBK | Liberty Capital Corp-cl C | Stock-Other | 0.12% | +0.01% | — | |
| 30 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 0.10% | +0.06% | +267.73% | |
| 31 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.07% | +0.07% | NEW | |
| 32 | MSTR 0.625 03-15-30 | Strategy INC | Stock-Tech | 0.06% | -0.04% | -37.50% |
Portfolio Performance
Performance for Q3 2026
+1.6%
Performance Last 4 Quarters
+39.1%
Based on 87% of reported portfolio value with available pricing
- Stdev
- +12.5%
- Beta
- +0.46
- Alpha
- +12.2%
- Max Drawdown
- -4.3%
- Annualized Perf
- +22%
- Batting Avg vs S&P
- +50%
- Sortino
- +4.17
- Stutzer
- +0.5
- Treynor
- +0.45
- Sterling
- +1.54
- Calmar
- +5.09
- Information Ratio
- +0.18
- Tracking Error
- +13%
- Stdev Down
- +5%
- Winning Months %
- +61.1%
- Losing Months %
- +38.9%
- Best 12 Months
- +55.4%
- Worst 12 Months
- +3%
- Efficiency Ratio
- +0.71
- Sharpe
- +1.66
- Stdev Sectors
- +15.1%
- Skewness
- +0.23
- Kurtosis
- -0.95
- Upside Potential
- +5.9
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 33 | $20.1B | 50 | |
| 2025-12-31 | 34 | $22.6B | 18 | |
| 2025-09-30 | 35 | $22.7B | 100 | |
| 2025-06-30 | 30 | $17.6B | 0 | |
| 2025-03-31 | 41 | $15.2B | 79 | |
| 2024-12-31 | 45 | $16.7B | 100 | |
| 2024-09-30 | 59 | $19.3B | 0 | |
| 2024-06-30 | 54 | $17.3B | 0 | |
| 2024-03-31 | 55 | $16.1B | 0 | |
| 2023-12-31 | 60 | $18.7B | 0 | |
| 2023-09-30 | 62 | $12.9B | 0 | |
| 2023-06-30 | 64 | $11.4B | 0 | |
| 2023-03-31 | 54 | $13.5B | 0 | |
| 2022-12-31 | 58 | $12.3B | 0 | |
| 2022-09-30 | 41 | $9.7B | 0 | |
| 2022-06-30 | 42 | $8.7B | 0 | |
| 2022-03-31 | 45 | $10.0B | 0 | |
| 2021-12-31 | 44 | $11.3B | 0 | |
| 2021-09-30 | 46 | $13.9B | 0 | |
| 2021-06-30 | 48 | $12.8B | 0 | |
| 2021-03-31 | 61 | $13.4B | 48 | |
| 2020-12-31 | 54 | $10.3B | 70 | |
| 2020-09-30 | 47 | $9.5B | 47 | |
| 2020-06-30 | 44 | $9.2B | 100 | |
| 2020-03-31 | 51 | $5.4B | 0 |
Holding changes this quarter
Elliott Investment Management L.P.'s most significant position changes for 2026-03-31: Sold out: Ss Energy Select Sector (XLE); Sold out: Nvidia CORP (NVDA); New buy: Ss Consumer Disc Select Sect (XLY); Sold out: Ss Spdr S&p Og Exp & Prod (XOP); New buy: Norwegian Cruise Line Holdings Ltd. (NCLH).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SU | Suncor Energy INC | +7% | — | Unchanged |
| 2 | PSX | Phillips 66 | +6.5% | — | Unchanged |
| 3 | TFPM | Triple Flag Precious Met | +3.3% | -0.42% | Trim |
| 4 | HPE | Hewlett Packard Enterprise | +1.3% | +47.18% | Add |
| 5 | UNIT | Uniti Group INC | +0.9% | — | Unchanged |
| 6 | XLI | Ss Industrial Select Sector | +0.9% | — | Unchanged |
| 7 | DLR | Digital Realty Trust INC | +0.7% | +50.00% | Add |
| 8 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | +0.6% | +31.58% | Add |
| 9 | SDRL | Seadrill Limited | +0.4% | +3.52% | Add |
| 10 | EQIX | Equinix INC | +0.2% | — | Unchanged |
| 11 | PEP | Pepsico INC | +0.2% | — | Unchanged |
| 12 | OR | Or Royalties INC | +0.1% | — | Unchanged |
| 13 | XME | Ss Spdr S&p Metals Mining | +0.1% | — | Unchanged |
| 14 | HDB | Hdfc Bank Ltd-adr | +0.1% | +267.73% | Add |
| 15 | CCI | Crown Castle INC | 0% | — | Unchanged |
| 16 | ETSY | Etsy INC | 0% | — | Unchanged |
| 17 | GLIBK | Liberty Capital Corp-cl C | 0% | — | Unchanged |
| 18 | W 3.5 11-15-28 | Wayfair INC | 0% | — | Unchanged |
| 19 | MSTR 0.625 03-15-30 | Strategy INC | 0% | -37.50% | Trim |
| 20 | PINS | Pinterest Inc- Class A | -0.7% | — | Unchanged |
| 21 | IWD | Ishares Russell 1000 Value E | -1.6% | -64.29% | Trim |
| 22 | XLP | Ss Consumer Staples Sel Sect | -3.2% | -54.30% | Trim |
| 23 | GDX | Vaneck Gold Miners ETF | -3.6% | -73.93% | Trim |
| 24 | LUV | Southwest Airlines Co | -3.7% | -40.65% | Trim |
| 25 | QQQ | Invesco Qqq Trust Series 1 | -5.7% | -84.00% | Trim |
| 26 | XLE | Ss Energy Select Sector | — | EXIT | Sold out |
| 27 | NVDA | Nvidia CORP | — | EXIT | Sold out |
| 28 | XLY | Ss Consumer Disc Select Sect | — | NEW | New buy |
| 29 | XOP | Ss Spdr S&p Og Exp & Prod | — | EXIT | Sold out |
| 30 | NCLH | Norwegian Cruise Line Holdings Ltd. | — | NEW | New buy |
| 31 | BILL | Bill Holdings INC | — | EXIT | Sold out |
| 32 | IGV | Ishares Expanded Tech-softwa | — | EXIT | Sold out |
| 33 | IWM | Ishares Russell 2000 ETF | — | NEW | New buy |
| 34 | ST | Sensata Technologies Holding plc | — | EXIT | Sold out |
| 35 | RIG | Transocean Ltd. | — | NEW | New buy |
| 36 | FTV | Fortive CORP | — | NEW | New buy |
| 37 | EMR | Emerson Electric Co | — | NEW | New buy |
| 38 | WPM | Wheaton Precious Metals CORP | — | NEW | New buy |
| 39 | FSK | Fs Kkr Capital CORP | — | EXIT | Sold out |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-18 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-11-14 | Amendment | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-04-28 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-05-15 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-17 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
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 (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $20.1B, spread across 33 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) — $4.6B (23.0%)
2. Phillips 66 (PSX) — $3.5B (17.4%)
3. Suncor Energy INC (SU) — $3.5B (17.3%)
4. Ss Industrial Select Sector (XLI) — $1.2B (6.0%)
5. Southwest Airlines Co (LUV) — $1.1B (5.7%)
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 26 notable position adjustments: 7 new positions were initiated, 5 existing holdings were added to, 7 positions were partially reduced, and 7 were completely exited. The largest of these moves: Sold out: Ss Energy Select Sector (XLE); Sold out: Nvidia CORP (NVDA); New buy: Ss Consumer Disc Select Sect (XLY); Sold out: Ss Spdr S&p Og Exp & Prod (XOP); New buy: Norwegian Cruise Line Holdings Ltd. (NCLH)
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: 46.1%
• Materials: 30.2%
• Industrials: 7.6%
• Information Technology: 4.6%
• Consumer Discretionary: 3.4%
• Real Estate: 3.4%
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