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Elliott Investment Management L.P.

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13F filer, CIK 1791786, WEST PALM BEACH, FL

Elliott Investment Management L.P. reported $22,721,159,137 across 35 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 94.2% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001013594-25-001440

Period
2025-09-30
Reported value
$22.7B
Holdings
35
Top 10 weight
94.2%
New
13
Sold out
9

Part of the filer group Elliott Investment Management L.P.

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UNITnew+59,012,219$361M
PEPnew+1,275,000$179M
BILLnew+3,000,000$159M
GLIBKnew+476,895$17.8M
OXLCnew+1,019,239$17.3M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
LBRDKexited-2,384,481-$235M
WDCexited-2,250,000-$144M
LUVreduced-2,850,000-$90.9M
UNITI GROUP INCexited-10,120,963-$43.7M
SNDKexited-749,997-$34M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001013594-25-001440, largest first. % of portfolio is the value over $13,701,828,237, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TFPMTRIPLE FLAG PRECIOUS METALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,815,727 shares; 2024Q4: 133,815,727 shares; 2025Q1: 133,815,727 shares; 2025Q2: 133,815,727 shares; 2025Q3: 133,815,727 shares 133,815,727$3.92B28.58%0Timeline
PSXPHILLIPS 66Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 775,000 shares; 2024Q4: 775,000 shares; 2025Q1: 15,725,000 shares; 2025Q2: 19,251,000 shares; 2025Q3: 19,251,000 shares 19,251,000$2.62B19.11%0Timeline
SUSUNCOR ENERGY INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,670,800 shares; 2024Q4: 52,670,800 shares; 2025Q1: 52,670,800 shares; 2025Q2: 52,670,800 shares; 2025Q3: 52,670,800 shares 52,670,800$2.2B16.07%0Timeline
LUVSOUTHWEST AIRLS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 61,116,500 shares; 2024Q4: 59,666,500 shares; 2025Q1: 53,978,500 shares; 2025Q2: 53,978,500 shares; 2025Q3: 51,128,500 shares 51,128,500$1.63B11.91%-2,850,000Timeline
PINSPINTEREST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,000,000 shares; 2024Q4: 28,000,000 shares; 2025Q1: 28,000,000 shares; 2025Q2: 28,000,000 shares; 2025Q3: 28,000,000 shares 28,000,000$901M6.57%0Timeline
HPEHEWLETT PACKARD ENTERPRISE CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 18,630,978 shares; 2025Q3: 18,630,978 shares 18,630,978$458M3.34%0Timeline
UNITUNITI GROUP LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 59,012,219 shares 59,012,219$361M2.64%newTimeline
ETSYETSY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000,000 shares; 2024Q4: 5,000,000 shares; 2025Q1: 5,000,000 shares; 2025Q2: 5,000,000 shares; 2025Q3: 5,000,000 shares 5,000,000$332M2.42%0Timeline
HYGISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,800,000 shares; 2025Q3: 3,800,000 shares 3,800,000$309M2.25%0Timeline
PEPPEPSICO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,275,000 shares 1,275,000$179M1.31%newTimeline
BILLBILL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000,000 shares 3,000,000$159M1.16%newTimeline
CCICROWN CASTLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,225,000 shares; 2024Q4: 1,225,000 shares; 2025Q1: 1,225,000 shares; 2025Q2: 1,225,000 shares; 2025Q3: 1,225,000 shares 1,225,000$118M0.86%0Timeline
EQIXEQUINIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 150,000 shares; 2025Q2: 150,000 shares; 2025Q3: 150,000 shares 150,000$117M0.86%0Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,703,746 shares; 2024Q4: 3,703,746 shares; 2025Q1: 3,703,746 shares; 2025Q2: 3,703,746 shares; 2025Q3: 3,703,746 shares 3,703,746$112M0.82%02026-10-08, 13D/A: 3,108,641 shares, 4.9% of the class, 13D/A filed 2026-10-08 Timeline
STSENSATA TECHNOLOGIES HLDG PLQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,250,000 shares; 2024Q4: 3,250,000 shares; 2025Q1: 3,250,000 shares; 2025Q2: 3,250,000 shares; 2025Q3: 3,250,000 shares 3,250,000$99.3M0.72%0Timeline
OROR ROYALTIES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,180,151 shares; 2025Q3: 2,180,151 shares 2,180,151$87.4M0.64%0Timeline
GLIBKLIBERTY CAP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 476,895 shares 476,895$17.8M0.13%newTimeline
OXLCOXFORD LANE CAP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,019,239 shares 1,019,239$17.3M0.13%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
QQQINVESCO QQQ TR COMput2,000,000$1.2B0
XLPSELECT SECTOR SPDR TR STATE STREET CONput15,000,000$1.18Bnew
XLISELECT SECTOR SPDR TR INDLput7,500,000$1.16B+4,000,000
IWDISHARES TR ETFput5,000,000$1.02B0
GDXVANECK ETF TRUST GOLD MINERS ETFput11,500,000$879M+7,500,000
NVDANVIDIA CORPORATION COMput4,330,000$808M+1,750,000
QQQINVESCO QQQ TR COMcall1,250,000$750Mnew
XLESELECT SECTOR SPDR TR SHSput8,000,000$715Mnew
XOPSPDR SERIES TRUST S&P OILGAS EXPput2,400,000$317Mnew
XLVSELECT SECTOR SPDR TR SHSput2,000,000$278Mnew
IGVISHARES TR SHSput2,000,000$230Mnew
DLRDIGITAL RLTY TR INC REITput1,000,000$173M+250,000
XMESPDR SERIES TRUST SHSput1,400,000$130M-1,450,000
IGVISHARES TR SHScall1,000,000$115Mnew
WPMWHEATON PRECIOUS METALS CORP Stockput650,000$72.7Mnew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
STRATEGY INCSTRATEGY INC NOTE 0.625% 3/1principal16,000,000$35.9M0
WAYFAIR INCWAYFAIR INC Convertible bondprincipal15,000,000$31.1M0

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SPYSTATE STR SPDR S&P 500 ETF T2,160,000$1.33Bput
PEPPEPSICO INC4,000,000$528Mput
SMHVANECK ETF TRUST1,000,000$279Mput
LBRDKLIBERTY BROADBAND CORP2,384,481$235Mshares
IWMISHARES TR1,000,000$216Mput
WDCWESTERN DIGITAL CORP2,250,000$144Mshares
HLTHILTON WORLDWIDE HLDGS INC320,000$85.2Mput
UNITI GROUP INCUNITI GROUP INC10,120,963$43.7Mshares
SNDKSANDISK CORP749,997$34Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001013594-25-001440 base2025-11-14acceptance time not in the bulk data set