Great investors · Paul Singer · Q1 2025
What Paul Singer bought and sold in Q1 2025
Elliott Management 13F portfolio as of Mar 31, 2025: 23 positions worth $10.9 bn. Largest: TFPM, SU, PSX, LUV. Filed with the SEC on May 15, 2025.
The 13F is filed by Elliott Management, not by Paul Singer personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedPhillips 66PSX+16.9 pp
- NewEquinixEQIX+1.1 pp
Sells in Q1 2025
- Sold outNRG EnergyNRG−4.0 pp
- ReducedSouthwest AirlinesLUV−1.7 pp
- ReducedMatch GroupMTCH−1.7 pp
5 companies with material moves, out of 5 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Elliott Management's Q1 2025 13F lists 23 lines of US-listed securities worth $10.9 bn; the largest is TFPM at 23.5% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:35 PM ET.
Against the previous quarter, it opened 2 positions (EQIX and Or Royalties), closed 2 (NRG and BHC), added to 1 (PSX) and trimmed 4 (LUV, MTCH, CRMD and ARM). 15 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Triple Flag Precious Metals TFPM | 133.8 M | $2.6 bn | 23.5% | no change |
| 2 | Suncor Energy SU | 52.7 M | $2.0 bn | 18.7% | no change |
| 3 | Phillips 66 PSX | 15.7 M | $1.9 bn | 17.8% | ×20 |
| 4 | Southwest Airlines LUV | 54.0 M | $1.8 bn | 16.6% | −9.5% |
| 5 | Pinterest PINS | 28.0 M | $868M | 7.95% | no change |
| 6 | BioMarin Pharmaceutical BMRN | 3.5 M | $247M | 2.27% | no change |
| 7 | ETSY ETSY | 5.0 M | $236M | 2.16% | no change |
| 8 | Liberty Broadband LBRDK | 2.4 M | $203M | 1.86% | no change |
| 9 | Match Group MTCH | 6.0 M | $187M | 1.71% | −50% |
| 10 | Crown Castle CCI | 1.2 M | $128M | 1.17% | no change |
| 11 | Equinix EQIX | 150,000 | $122M | 1.12% | new |
| 12 | Seadrill SDRL | 3.7 M | $92.6M | 0.85% | no change |
| 13 | Western Digital WDC | 2.3 M | $91.0M | 0.83% | no change |
| 14 | Sensata Technologies Holding ST | 3.3 M | $78.9M | 0.72% | no change |
| 15 | E2open Parent Holdings | 27.3 M | $54.5M | 0.50% | no change |
| 16 | Uniti Group | 10.1 M | $51.0M | 0.47% | no change |
| 17 | Or Royalties | 2.2 M | $46.0M | 0.42% | new |
| 18 | Hdfc Bank HDB | 670,215 | $44.5M | 0.41% | no change |
| 19 | Transocean RIG | 11.9 M | $37.6M | 0.34% | no change |
| 20 | Sandisk SNDK | 749,997 | $35.7M | 0.33% | from a spin-off |
| 21 | Cormedix CRMD | 2.4 M | $15.1M | 0.14% | −15% |
| 22 | ARM Holdings ARM | 139,551 | $14.9M | 0.14% | −7% |
| 23 | Howmet Aerospace HWM | 100,000 | $13.0M | 0.12% | no change |
Positions it closed (2)
- NRG Energy NRGwas 4.79% · 4.8 M shares
- Bausch Health Companies BHCwas 0.00% · 11,500 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Elliott Management's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.