Elliott Investment Management L.P.

Elliott Investment Management's $20.1 billion U.S.-listed 13F for March 2026 is a portfolio that has made a decisive sector bet in energy — and has pulled the corresponding risk from a different cyclical sector in the same quarter. The headline move is the portfolio's massive concentrated trilogy of energy and precious-metals names: Triple Flag Precious Metals at $4.63 billion (23.0%), Phillips 66 at $3.51 billion (17.4%), and Suncor Energy at $3.48 billion (17.3%) together now account for 57.8% of the entire book — a concentration that renders the portfolio essentially an oil-and-gas complex with a precious-metals offramp. The construction is deliberate: Triple Flag provides a stream-focused precious-metals royalty exposure that typically outperforms in a rate-cut and real-rate-softening environment, while Phillips 66 and Suncor give the portfolio exposure to downstream refining and integrated upstream oil sands respectively. All three positions were increased in Q1 — Triple Flag added 567,000 shares worth roughly $180 million, Phillips 66 held at the same share count but appreciated from $2.48 billion to $3.51 billion in value (a mixed price-vs-volume story), and Suncor held flat but grew to $3.48 billion on price. The portfolio simultaneously slashed its airline exposure: Southwest Airlines was reduced from 51.1 million shares to 30.3 million, a 40.6% cut that removed $973 million in one trade. That reduction in LUV — combined with the absence of any Delta or United replacement in this filer's 13F — reads as an explicit sector rotation away from airline exposure at a time when fuel costs are elevated and consumer discretionary pricing power is under pressure. The energy-and-metals thesis was funded by that rotation plus the liquidation of eight other positions, including a complete exit from Nvidia (−$560M), Invesco QQQ (−$1.54B), and XLE (the energy sector ETF, sold entirely after carrying earlier in 2025), plus position reductions in Citigroup, BILL Holdings, and the MSTR convertible. The six ETF sleeves — XLI, XLP, XLY, HYG, IWM, GDX — that remain in the book are being used as macro overlays rather than core allocations, suggesting the portfolio manager is comfortable expressing views at the sector level through ETF vehicles rather than building those views through individual name selection. This is an activist-oriented manager who historically identifies mispriced, instrumented situations; the current portfolio reads as a concentrated energy-and-precious-metals bet dressed as a diversified 33-position 13F.