Elliott Investment Management L.P.

WEST PALM BEACH, FL · CIK 0001791786

Portfolio Value: $22.59B

Positions: 32

Period: 2025-12-31

Filed: 2026-02-18

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020

Portfolio Value

$22.59B

Positions

New

Increased

Decreased

Sold Out

168

Elliott Investment Management L.P. Q4 2025 13F Filing Summary

Elliott Investment Management L.P. (WEST PALM BEACH, FL) reported a portfolio value of $22.59B across 32 positions in their Q4 2025 SEC 13F filing (period ending 2025-12-31). Top holdings include TFPM ($4.45B), PSX ($2.48B), SU ($2.34B). The top 10 positions account for 80.9% of the portfolio. This quarter saw 1 new positions, 7 increases, 6 reductions, 168 complete exits. Notable new buy: FSK ($3.92M). Notable exits: XLV, OXLC, WPM.

All Holdings

#	Stock	CUSIP	Value↓	Shares	Weight	Change
1	TFPMTRIPLE FLAG PRECIOUS METAL COM	89679M104	$4.45B	133,815,727	19.67%	-
2	PSXPHILLIPS 66 COM	718546104	$2.48B	19,251,000	10.99%	-
3	SUSUNCOR ENERGY INC NEW COM	867224107	$2.34B	52,670,800	10.34%	-
4	THCHSOUTHWEST AIRLS CO COM	844741108	$2.11B	51,128,500	9.35%	-
5	XLPSELECT SECTOR SPDR TR STATE STREET CON	81369Y308	$1.55B	20,000,000	6.88%	+33.3%
6	QQQINVESCO QQQ TR UNIT SER 1	4.609e+107	$1.54B	2,500,000	6.80%	-23.1%
7	GDXVANECK ETF TRUST GOLD MINERS ETF	92189F106	$1.20B	14,000,000	5.31%	+21.7%
8	XLISELECT SECTOR SPDR TR STATE STREET IND	81369Y704	$1.16B	7,500,000	5.15%	-
9	PINSPINTEREST INC CL A	72352L106	$724.92M	28,000,000	3.21%	-
10	XLESELECT SECTOR SPDR TR STATE STREET ENE	81369Y506	$715.36M	16,000,000	3.17%	+100.0%
11	IWDISHARES TR RUS 1000 VAL ETF	464287598	$588.95M	2,800,000	2.61%	-44.0%
12	NVDANVIDIA CORPORATION COM	67066G104	$559.50M	3,000,000	2.48%	-30.7%
13	HPEHEWLETT PACKARD ENTERPRISE C COM	42824C109	$447.52M	18,630,978	1.98%	-
14	UNITUNITI GROUP LLC COM SHS	912932100	$413.68M	59,012,219	1.83%	-
15	HYGISHARES TR IBOXX HI YD ETF	464288513	$306.39M	3,800,000	1.36%	-
16	XOPSPDR SERIES TRUST STATE STREET SPD	78468R556	$302.82M	2,398,400	1.34%	-0.1%
17	ETSYETSY INC COM	29786A106	$277.20M	5,000,000	1.23%	-
18	PEPPEPSICO INC COM	713448108	$182.99M	1,275,000	0.81%	-
19	BILLBILL HOLDINGS INC COM	90043100	$163.62M	3,000,000	0.72%	-
20	SESEADRILL LTD COM	G7997W102	$157.73M	4,558,758	0.70%	+23.1%
21	DGIIDIGITAL RLTY TR INC COM	253868103	$154.71M	1,000,000	0.68%	-
22	IGVISHARES TR EXPANDED TECH	464287515	$137.40M	1,300,000	0.61%	-56.7%
23	EQIXEQUINIX INC COM	29444U700	$114.92M	150,000	0.51%	-
24	OROR ROYALTIES INC. COM SHS	68390D106	$110.10M	3,111,000	0.49%	+42.7%
25	CCICROWN CASTLE INC COM	22822V101	$108.87M	1,225,000	0.48%	-
26	IESCSENSATA TECHNOLOGIES HLDG PL SHS	G8060N102	$108.19M	3,250,000	0.48%	-
27	XMESPDR SERIES TRUST STATE STREET SPD	78464A755	$93.25M	900,000	0.41%	-35.7%
28	WWAYFAIR INC NOTE 3.500%11/1	94419LAR2	$34.33M	15,000,000	0.15%	-
29	GLIBAGCI LIBERTY INC COM SER C	36164V800	$24.56M	659,928	0.11%	+38.4%
30	MSTRSTRATEGY INC NOTE 0.625% 3/1	594972AJ0	$22.71M	16,000,000	0.10%	-
31	HDBHDFC BANK LTD SPONSORED ADS	40415F101	$7.92M	216,756	0.04%	+0.0%
32	FSKFS KKR CAP CORP COM	302635206	$3.92M	264,850	0.02%	New

Position Changes

Stock	Value	Shares
FSKFS KKR CAP CORP	$3.92M	264,850