Paul Singer

Elliott Investment ManagementActivist and event-driven

Activist and event-driven investor known for campaigns at large companies.

US stock portfolio: $14.3B
Positions: 29
Quarter: Q2 2026; 13F filed with the SEC
In its top 10: 96%
Active share: 99%; different from Russell 3000
Turnover a year: 23%
Median holding: 3.3 yrs

How the picks did

Beat its closest index (mostly the Russell Midcap Value) by 20.4 pts a year over 5 years (17 quarters).

Elliott Investment Management29.6% a year
Russell Midcap Value9.2% a year

How this is measured

Each 13F report is held from the week it was filed to the week of the next, priced weekly without dividends, and compared with the price of an ETF tracking the index it was closest to that quarter. No shorts, cash, bonds or options. Small and delisted companies we do not price are left out, and a quarter counts only when 70% or more of the portfolio is priced. Past results say nothing about future ones.

13F shows US long stock positions only, filed up to 45 days after the quarter.

Largest holdings

Each tile's size is its share of the portfolio at the end of Q2 2026. Green was bought or added to that quarter, red trimmed.

TFPM27.9%

PSX22.8%

Invesco QQQ TR17.9%

SU11.1%

HPE10.2%

Ishares TR10.0%

LUV8.7%

Select Sector SPDR TR6.7%

Select Sector SPDR TR5.8%

Select Sector SPDR TR5.6%

Vaneck ETF Trust4.8%

UNIT4.7%

Ishares TR4.3%

PINS4.1%

What changed in Q2 2026

Bought

Invesco QQQ TR+$2.3B
Ishares TRnew $1.4B
Ishares TRnew $617.6M
Vaneck ETF Trust+$565.9M
Select Sector SPDR TR+$328.4M
HPEHewlett Packard Enterprise+$218.8M

Sold

SUSuncor Energy−$1.2B
Select Sector SPDR TR−$430.7M
Ishares TRall, −$397.8M
LUVSouthwest Airlines−$310.5M
DLRDigital Realty Trustall, −$270.3M
Ishares TRall, −$213.7M

Its bets against Russell 3000

Holds much more than the index

TFPMTriple Flag Precious Metals+27.9 pts
PSXPhillips 66+22.7 pts
SUSuncor Energy+11.1 pts
HPEHewlett Packard Enterprise+10.1 pts
LUVSouthwest Airlines+8.7 pts
UNITUniti+4.7 pts

Holds much less, or none

NVDANVIDIA−6.4 pts
AAPLApple−5.8 pts
GOOGAlphabet−5.2 pts
MSFTMicrosoft−3.8 pts
AMZNAmazon.com−3.2 pts
AVGOBroadcom−2.4 pts

By sector

Energy36%
Basic Materials29%
Technology15%

Every position, Q2 2026

Company	Share of portfolio	Value	Change
TFPMTriple Flag Precious Metals	27.94%	$4B	trimmed
PSXPhillips 66	22.77%	$3.3B
Invesco QQQ TR put options	17.93%	$2.6B	added
SUSuncor Energy	11.06%	$1.6B	trimmed
HPEHewlett Packard Enterprise	10.19%	$1.5B	added
Ishares TR put options	9.98%	$1.4B	new
LUVSouthwest Airlines	8.75%	$1.2B	trimmed
Select Sector SPDR TR put options	6.71%	$958.6M	trimmed
Select Sector SPDR TR put options	5.83%	$832.7M	added
Select Sector SPDR TR put options	5.59%	$799.5M	added
Vaneck ETF Trust put options	4.83%	$690.4M	added
UNITUniti	4.74%	$676.9M
Ishares TR put options	4.32%	$617.6M	new
PINSPinterest	4.12%	$588.8M
ETSYEtsy	2.64%	$376.6M
NCLHNorwegian Cruise Line	2.17%	$310M	added
PEPPepsiCo	1.21%	$172.6M
SDRLSEADRILL	1.17%	$167.9M	trimmed
Vaneck ETF Trust put options	1.15%	$164M	new
EQIXEquinix	1.09%	$156.4M
SNPSSynopsys	0.71%	$101.5M	new
OROR Royalties	0.69%	$98.4M
SPDR Series Trust put options	0.67%	$96.2M
Invesco Exchange Traded FD T put options	0.59%	$84M	new
RIGTransocean	0.53%	$76.4M
Ishares TR put options	0.53%	$75.1M	trimmed
Ishares TR call options	0.48%	$69.2M	new
HDBHDFC Bank	0.14%	$20.6M
QNTQuantinuum	0.09%	$12.3M	new

About these numbers

A 13F lists a manager's US stock positions at the end of a quarter and is filed up to 45 days later. It leaves out shorts, cash, bonds and most non-US holdings, so it is a picture of the stock book, not the whole firm. The filings on SEC EDGAR