Notable Investors / Q1 2026
Paul Singer’s Portfolio — Elliott Investment Management L.P.
Founder & Co-CEO, Elliott Investment Management
CIK 0001791786 · Part of the Elliott family · 360 S. ROSEMARY AVE, 18TH FLOOR, WEST PALM BEACH, FL, 33401 · 212-974-6000
About Paul Singer
Paul Singer founded Elliott, the world's most feared activist investor, known for decades-long distressed-debt campaigns (including a 15-year fight with Argentina) and technology-sector activism that has forced strategic changes at dozens of large companies.
Elliott's 13F understates its influence — much of its book is credit, private stakes, and derivatives — but new equity positions in the filing frequently precede public campaigns, which makes each quarter's additions required reading for merger-arb and event-driven desks.
Portfolio data below is from Elliott Investment Management L.P.’s SEC 13F filings. View the full filer page →
Summary
Elliott Investment Management L.P. reported $20.1B in U.S.-listed holdings across 33 positions for Q1 2026.
The portfolio is heavily concentrated: TFPM alone accounts for 23.0% of reported value.
Compared with Q4 2025, the fund opened 7 new positions and exited 7.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 75.3% · $15.1B
- ETP · 19.0% · $3.8B
- Other · 2.8% · $565M
- REIT · 2.6% · $517M
- US DOMESTIC · 0.2% · $38M
- Other · 0.1% · $20M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SELECT SECTOR SPDR TR | NEW | +4.30M | 4.30M | +$469M | $469M |
| NORWEGIAN CRUISE LINE HLDGS | NEW | +13.19M | 13.19M | +$247M | $247M |
| ISHARES TR | NEW | +500.0K | 500.0K | +$124M | $124M |
| TRANSOCEAN LTD | NEW | +15.63M | 15.63M | +$104M | $104M |
| FTVFORTIVE CORP | NEW | +750.0K | 750.0K | +$41M | $41M |
| EMREMERSON ELEC CO | NEW | +200.0K | 200.0K | +$26M | $26M |
| WPMWHEATON PRECIOUS METALS CORP | NEW | +100.0K | 100.0K | +$13M | $13M |
| HDBHDFC BANK LTD | ADDED | +580.3K | 797.1K | +$12M | $20M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | TFPMTRIPLE FLAG PRECIOUS METALhistory → | COM | 22.99% | $4.6B | 133.25M |
| 2 | PSXPHILLIPS 66history → | COM | 17.44% | $3.5B | 19.25M |
| 3 | SUSUNCOR ENERGY INC NEWhistory → | COM | 17.31% | $3.5B | 52.67M |
| 4 | LUVSOUTHWEST AIRLS COhistory → | COM | 5.67% | $1.1B | 30.35M |
| 5 | HPEHEWLETT PACKARD ENTERPRISE Chistory → | COM | 3.25% | $653M | 27.42M |
| 6 | UNITUNITI GROUP LLChistory → | COM SHS | 2.75% | $554M | 59.01M |
| 7 | PINSPINTEREST INChistory → | CL A | 2.55% | $514M | 28.00M |
| 8 | ETSYETSY INChistory → | COM | 1.24% | $250M | 5.00M |
| 9 | NORWEGIAN CRUISE LINE HLDGS | SHS | 1.23% | $247M | 13.19M |
| 10 | SEADRILL LTD | COM | 1.07% | $215M | 4.72M |
| 11 | PEPPEPSICO INChistory → | COM | 0.98% | $198M | 1.27M |
| 12 | EQIXEQUINIX INChistory → | COM | 0.73% | $147M | 150.0K |
| 13 | OROR ROYALTIES INC.history → | COM SHS | 0.59% | $118M | 3.11M |
| 14 | TRANSOCEAN LTD | REGISTERED SHS | 0.52% | $104M | 15.63M |
| 15 | 8CWCROWN CASTLE INChistory → | COM | 0.50% | $100M | 1.23M |
| 16 | WAYFAIR INC | NOTE 3.500%11/1 | 0.13% | $26M | 15.00M |
| 17 | GLIBKUSDGCI LIBERTY INChistory → | COM SER C | 0.12% | $25M | 659.9K |
| 18 | HDBHDFC BANK LTDhistory → | SPONSORED ADS | 0.10% | $20M | 797.1K |
| 19 | STRATEGY INC | NOTE 0.625% 3/1 | 0.06% | $12M | 10.00M |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $20.1B | 33 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $22.6B | 34 | Feb 18, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025REVEALED | $23.2B | 36 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $17.6B | 30 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $15.2B | 41 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $16.7B | 45 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $19.3B | 59 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $17.3B | 54 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $16.1B | 55 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $18.7B | 60 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $12.9B | 62 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $11.4B | 64 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $13.5B | 54 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $12.3B | 58 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $9.7B | 41 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $8.7B | 42 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $10.0B | 45 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $11.3B | 44 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $13.9B | 46 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021REVEALED | $13.0B | 50 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $13.4B | 61 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $10.3B | 54 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $9.5B | 47 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $9.2B | 44 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $5.4B | 51 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.