Elliott Investment Management L P 13F Portfolio

The biggest add this quarter is not a fresh idea but a deeper commitment: Elliott lifted Hewlett Packard Enterprise by 17.7%, adding about $218.8M. With HPE already more than doubling against its average cost, buying more here reads as a structural cash-flow bet on data-center and enterprise infrastructure, not a short-term trade.

The new position in Synopsys, roughly $101.5M, is small in weight but loud in message. Synopsys is critical IP for the entire semiconductor stack; pairing it with HPE and Pinterest brings Elliott’s tech exposure up to 15.03%, from 11.78%, and tilts the book toward the picks-and-shovels of digital and AI rather than consumer-facing froth.

On the cyclical side, Elliott quietly increased Norwegian Cruise Line by 11.4%. That add, despite the position being slightly underwater versus cost, suggests they see more left in the travel recovery and are willing to underwrite volatility there while monetizing richer gains elsewhere.

The clear funding source this quarter is Suncor. Elliott cut the position by 44.1%, freeing roughly $1.25B while still leaving an 11.06% stake that has nearly doubled versus cost. That looks like classic risk management: keep the core energy thesis alive via Phillips 66 and a resized Suncor, but stop letting one cyclical dominate the outcome.

Southwest Airlines was reduced by 19.9%, a roughly $310.5M trim, even though the stake still carries a 52.1% gain from cost. Elliott appears to be acknowledging that the easy post-pandemic upside is behind them and that airline operating leverage can cut both ways.

Within offshore and services, Seadrill saw a modest 5.9% reduction, while Transocean was left unchanged. That pattern says they are not abandoning offshore exposure, just shaving the more fully valued pieces to fund higher-conviction, structurally advantaged names in tech and data infrastructure.

On paper, this is still an energy-and-minerals fund: energy is 35.57% of the disclosed book, precious-metals royalties another 28% via Triple Flag and Osisko. But under the surface, energy has been coming down from 40.89%, while technology has climbed from 11.78% to 15.03% in a single quarter.

That shift is not a broad tech grab; it’s highly specific. Elliott is swapping some commodity beta for the underlying infrastructure of the digital and AI economy: enterprise hardware and services via HPE, chip design tooling via Synopsys, and a still-modest platform bet in Pinterest.

Consumer cyclicals (Southwest and Norwegian) have edged down from 11.87% to 10.92%, and real-asset proxies (Uniti, Equinix, Etsy) have ticked higher. The result is a barbell: long-duration, royalty-like cash flows and real-asset exposure on one side, and targeted growth in tech and travel on the other, with less raw exposure to commodity swings than a quarter ago.

Taken together, the quarter sketches a manager that is monetizing past wins in classic cyclicals and re-deploying into infrastructure-like growth. The incremental dollar is going into businesses with pricing power and embedded positioning in critical systems — refineries, data centers, chip design, and digital networks — rather than into more volume-sensitive energy or airlines.

Expect Elliott to keep using Suncor and Southwest as liquidity reservoirs if volatility spikes or if better risk/reward appears in their tech and infrastructure basket. Conversely, their willingness to add to HPE at a large gain and initiate Synopsys at scale suggests they are prepared to let winners run when the underlying moat is widening.

The 95.6% top-10 concentration means any new idea will likely be funded by trimming existing champions, not by broadening the book. Future 13F prints are likely to show more of the same: a slow slide of capital from commodity exposure into the “pipes and tolls” of both the physical and digital economy, with event-driven or activist angles layered on top where Elliott sees governance leverage.