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Hedge Fund manager and billionaire investor Paul Singer's Elliott Investment Management L.P. has concentrated over half of its $17.59 billion portfolio in four key stocks, signaling a bold strategic pivot toward precious metals and energy sectors, according to the firm's second quarter 13F filing.
The move underscores Singer's activist investment approach, with 52.3% of the portfolio, approximately valued at $9.19 billion, just tied to four stocks.
The largest holding, Triple Flag Precious Metals Corp. (NYSE:TFPM), a royalty and streaming company focused on gold and silver, commands 18% of the portfolio at $3.17 billion, unchanged from the first quarter.
This bet on precious metals is further bolstered by a doubled position in VanEck Gold Miners ETF (NYSE:GDX) puts, now at 1.2%.
On the energy front, Elliott increased its stake in Phillips 66 (NYSE:PSX), a refining giant, by 22% to $2.30 billion, while maintaining a stable $1.97 billion or 11% position in Suncor Energy Inc. (NYSE:SU), a Canadian oil sands leader.
Southwest Airlines Co. (NYSE:LUV), at $1.75 billion or 10%, rounds out the top four, indirectly tied to energy as a major fuel consumer.
| Stocks | Value (as of Q2) | % in Portfolio (as of Q2) | Notes |
| Triple Flag Precious Metals Corp. (NYSE:TFPM) | $3.170 billion | 18% | Largest holding; unchanged from Q1. |
| Phillips 66 (NYSE:PSX) | $2.296 billion | 13% | Increased by 22% from Q1 (added ~3.5M shares). |
| Suncor Energy Inc. (NYSE:SU) | $1.972 billion | 11% | Unchanged shares; slight value decrease due to price changes. |
| Southwest Airlines Co. (NYSE:LUV) | $1.751 billion | 10% | Unchanged from Q1. |
| Four Stocks Combined (Total) | $9.190 billion | ~52.3% (sum of individual %) | Exceeds 50% of Elliott’s portfolio holdings. |
See Also: Hedge Fund Elliott Management’s Q2 Moves Include Positions Tied To S&P 500, Nasdaq, Nvidia
This concentration reflects a broader portfolio shift, with holdings dropping from 41 to 30 in the second quarter, and total value rising 16% from $15.156 billion in the first quarter to $17.593 billion in the second.
Exits from energy-adjacent names like Transocean Ltd. (NYSE:RIG) and Osisko Gold Royalties, alongside new positions like OR Royalties Inc. (NYSE:OR), reinforce the commodity focus.
The strategy aligns with Elliott's history of high-conviction bets amid economic uncertainty, potentially anticipating inflation or commodity price surges.
However, the inclusion of put options for the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, hints at hedging against market volatility.
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were mixed in premarket on Thursday. The SPY was up 0.026% at $646.80, while the QQQ declined 0.044% to $573.24, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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