Great investors · Paul Singer · Q3 2025
What Paul Singer bought and sold in Q3 2025
Elliott Management 13F portfolio as of Sep 30, 2025: 18 positions worth $13.6 bn. Largest: TFPM, PSX, SU, LUV. Filed with the SEC on Nov 14, 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 Q3 2025
- IncreasedUniti GroupUNIT+2.4 pp
- NewPepsicoPEP+1.3 pp
- NewBILL HoldingsBILL+1.2 pp
Sells in Q3 2025
- Sold outLiberty BroadbandLBRDK−1.7 pp
- Sold outWestern DigitalWDC−1.1 pp
- ReducedSouthwest AirlinesLUV−0.7 pp
6 companies with material moves, out of 6 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 Q3 2025 13F lists 18 lines of US-listed securities worth $13.6 bn; the largest is TFPM at 28.7% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 5:21 PM ET.
Against the previous quarter, it opened 3 positions (PEP, BILL and OXLC), closed 3 (LBRDK, WDC and SNDK), added to 1 (UNIT) and trimmed 1 (LUV). 12 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Triple Flag Precious Metals TFPM | 133.8 M | $3.9 bn | 28.7% | no change |
| 2 | Phillips 66 PSX | 19.3 M | $2.6 bn | 19.2% | no change |
| 3 | Suncor Energy SU | 52.7 M | $2.2 bn | 16.2% | no change |
| 4 | Southwest Airlines LUV | 51.1 M | $1.6 bn | 12.0% | −5.3% |
| 5 | Pinterest PINS | 28.0 M | $901M | 6.61% | no change |
| 6 | Hewlett Packard Enterprise HPE | 18.6 M | $458M | 3.36% | no change |
| 7 | Uniti Group UNIT | 59.0 M | $361M | 2.65% | +870% |
| 8 | ETSY ETSY | 5.0 M | $332M | 2.43% | no change |
| 9 | Ishares Tr HYG | 3.8 M | $309M | 2.26% | no change |
| 10 | Pepsico PEP | 1.3 M | $179M | 1.31% | new |
| 11 | BILL Holdings BILL | 3.0 M | $159M | 1.17% | new |
| 12 | Crown Castle CCI | 1.2 M | $118M | 0.87% | no change |
| 13 | Equinix EQIX | 150,000 | $117M | 0.86% | no change |
| 14 | Seadrill SDRL | 3.7 M | $112M | 0.82% | no change |
| 15 | Sensata Technologies Holding ST | 3.3 M | $99.3M | 0.73% | no change |
| 16 | OR Royalties OR | 2.2 M | $87.4M | 0.64% | no change |
| 17 | Liberty Capital GLIBK | 476,895 | $17.8M | 0.13% | from a spin-off |
| 18 | Oxford Lane Cap OXLC | 1.0 M | $17.3M | 0.13% | new |
Positions it closed (3)
- Liberty Broadband LBRDKwas 1.94% · 2.4 M shares
- Western Digital WDCwas 1.19% · 2.3 M shares
- Sandisk SNDKwas 0.28% · 749,997 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.