Paul Singer - Elliott Management
Paul Singer founded Elliott Management in 1977 and runs one of the most influential and tenacious activist/distressed funds, known for hard-fought campaigns and even sovereign-debt battles.
Paul Singer - Elliott Management manages a $20B U.S. equity portfolio of 32 positions, based on the latest SEC Form 13F-HR filing (Q1 2026). Below you'll find every holding, the biggest quarter-over-quarter buys and sells, position weights, and an estimated average buy price.
Portfolio Value
$20B
Positions
32
Top 10 Weight
84.04%
Largest Position
22.99%
As of
Q1 2026
Filed
May 15, 2026
Portfolio Composition
Strategy Snapshot
- › Portfolio value fell 11.0% quarter-over-quarter to $20B.
- › Highly concentrated portfolio — the top 10 holdings make up 84.0% of assets.
- › This quarter: 7 new buys, 5 adds, 7 trims, 7 full exits — net seller
- › Biggest new buy: SELECT SECTOR SPDR TR (XLY) ($468M)
- › Biggest exit: SELECT SECTOR SPDR TR (XLE) ($715M position closed)
Changes since Q4 2025
New Buys
Added To / Trimmed
- INVESCO QQQ TR (QQQ)−84.0%
- VANECK ETF TRUST (GDX)−73.9%
- SELECT SECTOR SPDR TR (XLP)−54.3%
- SOUTHWEST AIRLS CO (LUV)−40.6%
- ISHARES TR (IWD)−64.3%
- HEWLETT PACKARD ENTERPRISE C (HPE)++47.2%
- ISHARES TR (HYG)++31.6%
- Digital Realty Trust, Inc. (DLR)++50.0%
- TRIPLE FLAG PRECIOUS METAL (TFPM)−0.4%
- HDFC BANK LTD (HDB)++267.7%
Current Holdings
| # | Security | Value | % of Portfolio | Avg Buy Price | Price | Gain | vs 52W High | This Qtr | Last Activity | First Buy |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | TRIPLE FLAG PRECIOUS METAL TFPM | $4B | 22.99% | ~$15.50 | $30.56 | +97.2% | −26.7% | −0.4% | Sold Q1 2026 | Q2 2024 |
| 2 | PHILLIPS 66 PSX | $3B | 17.44% | ~$123.43 | $167.17 | +35.4% | −12.3% | UNCH | Bought Q2 2025 | Q2 2024 |
| 3 | SUNCOR ENERGY INC NEW SU | $3B | 17.31% | ~$38.10 | $56.28 | +47.7% | −19.9% | UNCH | Bought Q2 2024 | Q2 2024 |
| 4 | SELECT SECTOR SPDR TR XLI | $1B | 6.03% | ~$143.50 | $179.60 | +25.2% | −1.5% | UNCH | Bought Q3 2025 | Q4 2024 |
| 5 | SOUTHWEST AIRLS CO LUV | $1B | 5.67% | ~$29.53 | $46.66 | +58.0% | −15.3% | −40.6% | Sold Q1 2026 | Q2 2024 |
| 6 | SELECT SECTOR SPDR TR XLP | $749M | 3.73% | ~$78.20 | $83.68 | +7.0% | −7.2% | −54.3% | Sold Q1 2026 | Q3 2025 |
| 7 | HEWLETT PACKARD ENTERPRISE C HPE | $652M | 3.25% | ~$21.53 | $48.20 | +123.9% | −25.0% | +47.2% | Bought Q1 2026 | Q2 2025 |
| 8 | UNITI GROUP LLC UNIT | $553M | 2.75% | ~$6.12 | $11.69 | +91.0% | −9.6% | UNCH | Bought Q3 2025 | Q3 2025 |
| 9 | PINTEREST INC PINS | $513M | 2.55% | ~$44.07 | $20.36 | −53.8% | −49.0% | UNCH | Bought Q2 2024 | Q2 2024 |
| 10 | SELECT SECTOR SPDR TR XLY | $468M | 2.33% | ~$108.98 | $115.49 | +6.0% | −7.6% | NEW | Bought Q1 2026 | Q1 2026 |
| 11 | ISHARES TR HYG | $397M | 1.98% | ~$80.39 | $79.73 | −0.8% | −2.0% | +31.6% | Bought Q1 2026 | Q2 2024 |
| 12 | VANECK ETF TRUST GDX | $334M | 1.67% | ~$70.25 | $84.36 | +20.1% | −28.0% | −73.9% | Sold Q1 2026 | Q2 2024 |
| 13 | Digital Realty Trust, Inc. DLR | $270M | 1.34% | ~$176.05 | $187.08 | +6.3% | −10.1% | +50.0% | Bought Q1 2026 | Q2 2025 |
| 14 | ETSY INC ETSY | $249M | 1.24% | ~$58.63 | $72.83 | +24.2% | −4.8% | UNCH | Bought Q3 2024 | Q2 2024 |
| 15 | NORWEGIAN CRUISE LINE HLDGS NCLH | $246M | 1.23% | ~$18.70 | $19.83 | +6.0% | −27.0% | NEW | Bought Q1 2026 | Q1 2026 |
| 16 | INVESCO QQQ TR QQQ | $230M | 1.15% | ~$545.81 | $722.51 | +32.4% | −3.5% | −84.0% | Sold Q1 2026 | Q2 2024 |
| 17 | SEADRILL 2021 LTD SDRL | $214M | 1.07% | ~$48.23 | $40.21 | −16.6% | −27.5% | +3.5% | Bought Q1 2026 | Q2 2024 |
| 18 | ISHARES TR IWD | $213M | 1.06% | ~$188.16 | $240.38 | +27.8% | −2.1% | −64.3% | Sold Q1 2026 | Q1 2025 |
| 19 | PEPSICO INC PEP | $197M | 0.98% | ~$140.44 | $141.59 | +0.8% | −17.4% | UNCH | Bought Q3 2025 | Q3 2025 |
| 20 | Equinix, Inc. EQIX | $147M | 0.73% | ~$815.35 | $1088.52 | +33.5% | −3.6% | UNCH | Bought Q1 2025 | Q3 2024 |
| 21 | Ishares Tr IWM | $124M | 0.62% | ~$248.00 | $289.88 | +16.9% | −2.7% | NEW | Bought Q1 2026 | Q2 2024 |
| 22 | OR ROYALTIES INC. OR | $118M | 0.59% | ~$28.61 | $36.06 | +26.1% | −25.0% | UNCH | Bought Q4 2025 | Q2 2025 |
| 23 | TRANSOCEAN LTD RIG | $103M | 0.52% | ~$6.63 | $5.58 | −15.8% | −27.2% | NEW | Bought Q1 2026 | Q2 2024 |
| 24 | Crown Castle, Inc. CCI | $99M | 0.50% | ~$97.70 | $85.77 | −12.2% | −25.9% | UNCH | Bought Q2 2024 | Q2 2024 |
| 25 | SPDR SERIES TRUST XME | $97M | 0.48% | ~$63.48 | $118.39 | +86.5% | −12.7% | UNCH | Sold Q4 2025 | Q2 2024 |
| 26 | FORTIVE CORP FTV | $41M | 0.21% | ~$55.28 | $60.68 | +9.8% | −4.3% | NEW | Bought Q1 2026 | Q1 2026 |
| 27 | WAYFAIR INC W 3.5 11-15-28 | $26M | 0.13% | ~$1.39 | — | — | — | UNCH | Bought Q2 2024 | Q2 2024 |
| 28 | EMERSON ELECTRIC CO EMR | $26M | 0.13% | ~$131.02 | $149.00 | +13.7% | −9.8% | NEW | Bought Q1 2026 | Q1 2026 |
| 29 | GCI LIBERTY INC GLIBK | $24M | 0.12% | ~$37.25 | $20.30 | −45.5% | −50.7% | UNCH | Bought Q4 2025 | Q3 2025 |
| 30 | HDFC BANK LTD HDB | $19M | 0.10% | ~$28.05 | $24.76 | −11.7% | −37.8% | +267.7% | Bought Q1 2026 | Q2 2024 |
| 31 | WHEATON PRECIOUS METALS CORP WPM | $13M | 0.07% | ~$131.01 | $125.85 | −3.9% | −24.1% | NEW | Bought Q1 2026 | Q3 2025 |
| 32 | STRATEGY INC MSTR 0.625 03-15-30 | $11M | 0.06% | ~$2.05 | — | — | — | −37.5% | Sold Q1 2026 | Q1 2025 |
Filing History
| Period | Portfolio Value | QoQ Change | Positions | Filed |
|---|---|---|---|---|
| Q1 2026 | $20B | −11.0% | 32 | May 15, 2026 |
| Q4 2025 | $22B | −0.6% | 32 | Feb 18, 2026 |
| Q3 2025 | $22B | +29.1% | 33 | Nov 14, 2025 |
| Q2 2025 | $17B | +16.1% | 30 | Aug 14, 2025 |
| Q1 2025 | $15B | −9.1% | 41 | May 15, 2025 |
| Q4 2024 | $16B | −13.6% | 45 | Feb 14, 2025 |
| Q3 2024 | $19B | +11.4% | 55 | Nov 14, 2024 |
| Q2 2024 | $17B | — | 54 | Aug 14, 2024 |
Frequently Asked Questions
What stocks does Paul Singer - Elliott Management own?
As of Q1 2026, Paul Singer - Elliott Management held 32 U.S.-listed positions worth $20B. The largest is TRIPLE FLAG PRECIOUS METAL (TFPM) (22.99% of the portfolio). The full holdings list is in the table above.
What is Paul Singer - Elliott Management's largest holding?
TRIPLE FLAG PRECIOUS METAL (TFPM) — about 22.99% of the equity portfolio as of Q1 2026.
What did Paul Singer - Elliott Management buy recently?
Their biggest new position last quarter was SELECT SECTOR SPDR TR (XLY) ($468M).
Do these holdings reflect Paul Singer - Elliott Management's current portfolio?
They reflect the latest 13F filing (Q1 2026), which can lag actual trades by up to 45 days and excludes short positions, cash, and non-U.S. holdings.