Skip to content
Disclosery

Elliott Investment Management L.P.

Follow

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

Elliott Investment Management L.P. reported $22,594,232,626 across 34 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-18. Its ten largest share positions make up 94.13% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001013594-26-000272

Period
2025-12-31
Reported value
$22.6B
Holdings
34
Top 10 weight
94.13%
New
2
Sold out
3

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

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ORadded+930,849$32.9M
SDRLadded+855,012$29.6M
HDBnew+216,756$7.92M
GLIBKadded+183,033$6.81M
FSKnew+264,850$3.92M

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
OXLCexited-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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001013594-26-000272, largest first. % of portfolio is the value over $14,588,687,642, 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; 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; 2025Q4: 133,815,727 shares 133,815,727$4.45B30.47%0Timeline
PSXPHILLIPS 66Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 19,251,000 shares 19,251,000$2.48B17.03%0Timeline
SUSUNCOR ENERGY INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 52,670,800 shares 52,670,800$2.34B16.02%0Timeline
LUVSOUTHWEST AIRLS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 51,128,500 shares 51,128,500$2.11B14.48%0Timeline
PINSPINTEREST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 28,000,000 shares 28,000,000$725M4.97%0Timeline
HPEHEWLETT PACKARD ENTERPRISE CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 18,630,978 shares; 2025Q3: 18,630,978 shares; 2025Q4: 18,630,978 shares 18,630,978$448M3.07%0Timeline
UNITUNITI GROUP LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 59,012,219 shares; 2025Q4: 59,012,219 shares 59,012,219$414M2.84%0Timeline
HYGISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,800,000 shares; 2025Q3: 3,800,000 shares; 2025Q4: 3,800,000 shares 3,800,000$306M2.1%0Timeline
ETSYETSY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,000,000 shares 5,000,000$277M1.9%0Timeline
PEPPEPSICO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,275,000 shares; 2025Q4: 1,275,000 shares 1,275,000$183M1.25%0Timeline
BILLBILL HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,000,000 shares; 2025Q4: 3,000,000 shares 3,000,000$164M1.12%0Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,558,758 shares 4,558,758$158M1.08%+855,0122026-10-08, 13D/A: 3,108,641 shares, 4.9% of the class, 13D/A filed 2026-10-08 Timeline
EQIXEQUINIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 150,000 shares; 2025Q2: 150,000 shares; 2025Q3: 150,000 shares; 2025Q4: 150,000 shares 150,000$115M0.79%0Timeline
OROR ROYALTIES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,180,151 shares; 2025Q3: 2,180,151 shares; 2025Q4: 3,111,000 shares 3,111,000$110M0.75%+930,849Timeline
CCICROWN CASTLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,225,000 shares 1,225,000$109M0.75%0Timeline
STSENSATA TECHNOLOGIES HLDG PLQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,250,000 shares 3,250,000$108M0.74%0Timeline
GLIBKLIBERTY CAP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 476,895 shares; 2025Q4: 659,928 shares 659,928$24.6M0.17%+183,033Timeline
HDBHDFC BANK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 633,724 shares; 2024Q4: 670,215 shares; 2025Q1: 670,215 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 216,756 shares 216,756$7.92M0.05%newTimeline
FSKFS KKR CAP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 264,850 shares 264,850$3.92M0.03%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
XLPSELECT SECTOR SPDR TR STATE STREET CONput20,000,000$1.55B+5,000,000
GDXVANECK ETF TRUST GOLD MINERS ETFput14,000,000$1.2B+2,500,000
XLISELECT SECTOR SPDR TR INDLput7,500,000$1.16B0
QQQINVESCO QQQ TR COMput1,500,000$921M-500,000
XLESELECT SECTOR SPDR TR SHSput16,000,000$715M+8,000,000
QQQINVESCO QQQ TR COMcall1,000,000$614M-250,000
IWDISHARES TR ETFput2,800,000$589M-2,200,000
NVDANVIDIA CORPORATION COMput3,000,000$560M-1,330,000
XOPSPDR SERIES TRUST S&P OILGAS EXPput2,398,400$303M-1,600
DLRDIGITAL RLTY TR INC REITput1,000,000$155M0
IGVISHARES TR SHScall1,000,000$106M0
XMESPDR SERIES TRUST SHSput900,000$93.2M-500,000
IGVISHARES TR SHSput300,000$31.7M-1,700,000

Principal amounts

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

SecurityTypeAmountValueChange
WAYFAIR INCWAYFAIR INC Convertible bondprincipal15,000,000$34.3M0
STRATEGY INCSTRATEGY INC NOTE 0.625% 3/1principal16,000,000$22.7M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
XLVSELECT SECTOR SPDR TR2,000,000$278Mput
WPMWHEATON PRECIOUS METALS CORP650,000$72.7Mput
OXLCOXFORD LANE CAP CORP1,019,239$17.3Mshares

How Q4 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 0001013594-26-000272 base2026-02-18acceptance time not in the bulk data set