Paul Singer’s portfolio: Elliott Investment Management 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001791786Latest: Q2 2026
Q4 2025 filing in brief
In its Q4 2025 13F, filed February 18, 2026, Elliott Investment Management reported $22.6B across 34 US positions. The largest: TFPM (19.7%), PSX (11.0%), SU (10.3%), LUV (9.3%), PINS (3.2%). In the quarter it opened 2 positions, sold out of 3, added to 6 and trimmed 6; positions opened and sold out came to 1.7% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed Feb 18, 2026
- 2 New
- 6 Added
- 6 Trimmed
- 3 Exited
34 positions at December 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | TFPM | TRIPLE FLAG PRECIOUS METAL | $4.4B | 133.8M | 19.67% | 0.0% | Held |
| 2 | PSX | PHILLIPS 66 | $2.5B | 19.3M | 10.99% | 0.0% | Held |
| 3 | SU | SUNCOR ENERGY INC NEW | $2.3B | 52.7M | 10.34% | 0.0% | Held |
| 4 | LUV | SOUTHWEST AIRLS CO | $2.1B | 51.1M | 9.35% | 0.0% | Held |
| 5 | XLP | SELECT SECTOR SPDR TRput option | $1.6B | 20.0M | 6.88% | +33.3% | Added |
| 6 | GDX | VANECK ETF TRUSTput option | $1.2B | 14.0M | 5.31% | +21.7% | Added |
| 7 | XLI | SELECT SECTOR SPDR TRput option | $1.2B | 7.5M | 5.15% | 0.0% | Held |
| 8 | QQQ | INVESCO QQQ TRput option | $921M | 1.5M | 4.08% | −25.0% | Trimmed |
| 9 | PINS | PINTEREST INC | $725M | 28.0M | 3.21% | 0.0% | Held |
| 10 | XLE | SELECT SECTOR SPDR TRput option | $715M | 16.0M | 3.17% | +100.0% | Added |
| 11 | QQQ | INVESCO QQQ TRcall option | $614M | 1.0M | 2.72% | −20.0% | Trimmed |
| 12 | IWD | ISHARES TRput option | $589M | 2.8M | 2.61% | −44.0% | Trimmed |
| 13 | NVDA | NVIDIA CORPORATIONput option | $560M | 3.0M | 2.48% | −30.7% | Trimmed |
| 14 | HPE | HEWLETT PACKARD ENTERPRISE C | $448M | 18.6M | 1.98% | 0.0% | Held |
| 15 | UNIT | UNITI GROUP LLC | $414M | 59.0M | 1.83% | 0.0% | Held |
| 16 | HYG | ISHARES TR | $306M | 3.8M | 1.36% | 0.0% | Held |
| 17 | XOP | SPDR SERIES TRUSTput option | $303M | 2.4M | 1.34% | −0.1% | Held |
| 18 | ETSY | ETSY INC | $277M | 5.0M | 1.23% | 0.0% | Held |
| 19 | PEP | PEPSICO INC | $183M | 1.3M | 0.81% | 0.0% | Held |
| 20 | BILL | BILL HOLDINGS INC | $164M | 3.0M | 0.72% | 0.0% | Held |
| 21 | — | SEADRILL LTD | $158M | 4.6M | 0.70% | +23.1% | Added |
| 22 | DLR | DIGITAL RLTY TR INCput option | $155M | 1.0M | 0.68% | 0.0% | Held |
| 23 | EQIX | EQUINIX INC | $115M | 150.0K | 0.51% | 0.0% | Held |
| 24 | OR | OR ROYALTIES INC. | $110M | 3.1M | 0.49% | +42.7% | Added |
| 25 | CCI | CROWN CASTLE INC | $109M | 1.2M | 0.48% | 0.0% | Held |
| 26 | — | SENSATA TECHNOLOGIES HLDG PL | $108M | 3.3M | 0.48% | 0.0% | Held |
| 27 | IGV | ISHARES TRcall option | $106M | 1.0M | 0.47% | 0.0% | Held |
| 28 | XME | SPDR SERIES TRUSTput option | $93M | 900.0K | 0.41% | −35.7% | Trimmed |
| 29 | W 3.5 11/15/28 | WAYFAIR INC | $34M | 15.0M | 0.15% | 0.0% | Held |
| 30 | IGV | ISHARES TRput option | $32M | 300.0K | 0.14% | −85.0% | Trimmed |
| 31 | GLIBK | GCI LIBERTY INC | $25M | 659.9K | 0.11% | +38.4% | Added |
| 32 | MSTR 0.625 03/15/30 | STRATEGY INC | $23M | 16.0M | 0.10% | 0.0% | Held |
| 33 | HDB | HDFC BANK LTD | $8M | 216.8K | 0.04% | — | New |
| 34 | FSK | FS KKR CAP CORP | $4M | 264.9K | 0.02% | — | New |
3 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| XLV | SELECT SECTOR SPDR TRput option | $278M | 2.0M |
| WPM | WHEATON PRECIOUS METALS CORPput option | $73M | 650.0K |
| OXLC | OXFORD LANE CAP CORP | $17M | 1.0M |
Every quarter on file (26)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.