Elliott Nearly Doubled to $22.6B in One Quarter: The Activist Playbook Behind $6.9B in New Campaign Positions

When Elliott Investment Management nearly doubles its 13F book in a single quarter — from $11.7 billion to $22.6 billion — it is not a portfolio rebalance. It is a campaign reload. Paul Singer''s firm, which manages $79.8 billion total and was named the most active activist investor of 2025 by Barclays, just deployed $10.9 billion of net new capital into its US public equity book. The Q4 2025 filing, submitted February 17, reads like an activist war chest: $6.9 billion across 13 entirely new positions, nearly all tied to ongoing or imminent boardroom campaigns.

TL;DR

• 13F AUM surged from $11.7B to $22.6B (+93.4% QoQ) — the largest single-quarter reload in Elliott''s 13F filing history.
• $6.9B in 13 new positions, including three confirmed activist targets: Phillips 66 ($2.5B), Suncor Energy ($2.3B), and Southwest Airlines ($2.1B).
• Gold/precious metals hedge held firm at $5.8B (25.5%) — TFPM shares flat, +$530M pure price appreciation from the 2025 gold rally.
• Top-1 concentration dropped from 33.5% to 19.7% (-13.8pp) as new activist stakes diluted TFPM''s dominance.
• Only 1 exit all quarter: XLV ($278M Healthcare ETF) — almost everything else was additive.
• NVIDIA trimmed 31% — the lone major sell in a portfolio otherwise defined by buying.

Filing Snapshot: A $22.6B Activist War Chest

Elliott''s Q4 2025 13F (report date December 31, 2025; filed February 17, 2026) contains 34 line items across 32 unique holdings, up from 20 unique holdings in Q3. The thematic composition tells the story immediately:

Three themes dominate: energy/oil activist targets (26.5%), gold/precious metals (25.5%), and ETF/index hedges (23.8%). This is not a diversified equity portfolio — it is a concentrated activist playbook with a structural gold hedge and index liquidity buffers.

For context, this $22.6B 13F represents only the US public equity sleeve. Elliott manages $79.8B globally across credit, distressed debt, and international equities. The 13F is specifically where its most aggressive activist campaigns get disclosed.

$6.9 Billion in New Activist Campaign Positions

The three largest new positions — PSX, SU, and LUV — account for $6.9 billion and are all tied to active or recently concluded activist campaigns. This is campaign capital, not passive allocation.

Phillips 66 ($2,484M — NEW, 10.99%)

Elliott first disclosed its Phillips 66 position in November 2023 at roughly $1 billion. By Q4 2025, it has grown to $2.5 billion. The campaign intensified through 2025: Elliott won two board seats in May 2025 after going to a shareholder vote — the first time Elliott has taken a US proxy fight to an actual vote. The push centers on a midstream spin-off of Phillips 66 Partners and broader asset rationalization. The fact that PSX is now the second-largest position signals Elliott is doubling down, not winding down. Other institutional managers also showed interest in energy names this quarter.

Southwest Airlines ($2,113M — NEW, 9.35%)

The Southwest Airlines campaign is arguably Elliott''s most high-profile victory. After disclosing an 11% stake in June 2024, Elliott won five board seats — the most ever conceded in a single US activist settlement. The operational consequences have been dramatic: Southwest abandoned its decades-old "bags fly free" policy, introduced assigned seating and red-eye flights, and announced its first-ever mass layoffs. LUV appearing in Q4 at $2.1B confirms Elliott is still holding through the transformation, not exiting after the governance wins.

Suncor Energy ($2,336M — NEW, 10.34%)

Suncor Energy is a new $2.3B position with no prior 13F history at Elliott. As one of Canada''s largest integrated oil companies, this fits the energy activist thesis. Whether this becomes a full campaign or a conviction long remains to be seen — but the position size ($2.3B from zero) suggests intent.

PepsiCo ($183M — NEW, 0.81%)

The PepsiCo position is smaller but carries outsized signal. Elliott disclosed this stake publicly in September 2025 and asked for an operational review. By December 2025, PepsiCo announced a North America supply chain review — a direct response to Elliott''s pressure. At $183M, this may grow significantly in coming quarters.

Norwegian Cruise Lines — The Shadow Campaign

One critical position does not appear in this 13F: Norwegian Cruise Lines (NCLH). On February 17, 2026 — the same day Elliott filed this Q4 13F — it disclosed a >10% stake in Norwegian via a 13D filing, seeking a board overhaul and new CEO. The absence from the 13F suggests the position is held via derivatives or options, which are not reportable on Form 13F. This is classic Elliott: the 13F shows the visible campaigns, but the next campaign is already in motion.

Concentration Regime Change: From Single-Name to Multi-Campaign

The concentration shift is one of the most significant signals in this filing. In Q3, TFPM alone was 33.5% of the book — classic single-conviction activist posture. By Q4, three new billion-dollar positions pulled the top-1 weight down to 19.7%. The top-5 dropped 11.5 percentage points and top-10 fell 10.3 points.

This is not de-risking. The portfolio got larger and more diversified simultaneously — but diversified across activist campaigns, not passive sector bets. Each of the top five positions is tied to an active or recent campaign. Elliott went from one dominant conviction to five parallel campaign deployments.

AUM Volatility: The Activist Reload Cycle

Elliott''s 13F AUM over the last eight quarters reveals a distinctive pattern: sharp drawdowns followed by explosive reloads. The Q1 2025 trough at $7.0B (a 58% drop from Q4 2024) likely reflects the closure of multiple completed campaigns. The Q4 2025 spike to $22.6B is the mirror image — new campaign capital flowing in.

This volatility is not portfolio mismanagement. It is the natural lifecycle of activist investing: build position → campaign → resolution → exit → redeploy. Elliott is one of the few firms where a 58% quarterly drawdown and a 93% quarterly surge can both be interpreted as business-as-usual.

For broader context on how other major 13F filers performed this quarter, see our Whale Fund Filings overview.

The $5.8 Billion Gold Fortress

Elliott''s gold and precious metals sleeve grew from $4.8B to $5.7B quarter-over-quarter — but the growth mechanism is revealing. Triple Flag Precious Metals (TFPM), the largest single holding, saw zero share change. The entire $530M gain came from gold price appreciation, as gold hit record highs throughout 2025.

But the GDX (Gold Miners ETF) and Osisko Gold Royalties positions tell a different story: Elliott actively added 21.7% more GDX shares and 42.7% more OR shares. This is not passive exposure — Elliott is deliberately building out its precious metals hedge even as activist campaign capital surges. The message: activist campaigns are the offense; gold is the structural defense.

What Elliott Sold: The Trim List

In a quarter defined by buying, the sells are almost as informative:

• NVIDIA (-30.7% shares, -$248M): The most significant trim. Elliott cut nearly a third of its NVIDIA position, reducing exposure by $248M. With NVDA trading near all-time highs, this reads as profit-taking rather than thesis change.
• XLV (EXIT, -$278M): The Healthcare SPDR was the only complete exit. Elliott eliminated a $278M healthcare sector hedge — possibly rotating that capital into the new energy and activist positions.
• XLE (doubled shares, flat value): A counterintuitive move — Elliott doubled its XLE (Energy ETF) shares from 8M to 16M, but price decline left the position value roughly flat. This is a conviction add disguised by mark-to-market.

Cross-Read: How Elliott Compares to Q4 2025 Peers

Several themes from Elliott''s filing echo across the Q4 2025 season:

• Energy reload: Soros Fund also added a major energy position via a $415M XOP bet. Energy was a consensus overweight this quarter.
• Gold as hedge: Elliott''s maintained gold sleeve contrasts with most tech-focused institutional managers who have no precious metals exposure.
• Concentration dilution: Like Appaloosa''s BABA concentration reset and Tiger Global''s mega-cap rebalance, Elliott diluted its top holding — but for campaign-deployment reasons rather than risk management.
• NVIDIA trims: Renaissance slashed NVIDIA 85% and D.E. Shaw rotated away from crowded tech. Elliott''s 31% trim is modest by comparison but directionally aligned.

What did Elliott buy in Q4 2025?

Elliott added 13 new positions totaling $10.43B (46.2% of the Q4 portfolio). The three largest — Phillips 66 ($2.5B), Suncor Energy ($2.3B), and Southwest Airlines ($2.1B) — are all tied to activist campaigns. Other notable new adds include QQQ ($1.5B) for Nasdaq exposure, Uniti Group ($414M) for digital infrastructure, and PepsiCo ($183M) where Elliott is pushing for operational changes.

Does Elliott still own gold positions?

Yes — emphatically. Gold and precious metals remain 25.5% of Elliott''s portfolio ($5.8B). Triple Flag Precious Metals is still the single largest position at $4.4B (19.7% weight), and Elliott actively added shares in both GDX (+21.7%) and Osisko Gold Royalties (+42.7%). The gold thesis is not just intact — it is being reinforced.

Why did Elliott sell NVIDIA in Q4 2025?

Elliott trimmed NVIDIA by 30.7% of shares (-$248M). With NVIDIA trading near record highs, this appears to be profit-taking rather than a thesis reversal. Elliott still holds a position — just a smaller one. The trim freed capital for the much larger activist campaign deployments in PSX, SU, and LUV.

How big is Elliott Investment Management?

Elliott manages $79.8 billion in total assets as of December 31, 2025, making it one of the largest hedge funds globally. The $22.6B 13F represents only the US public equity sleeve. The rest is deployed across credit, distressed debt, international equities, and derivative positions (like the Norwegian Cruise Lines stake disclosed via 13D the same day this 13F was filed). Founded in 1977 by Paul Singer, Elliott was named the world''s most active activist investor in 2025 by Barclays, running a record $19 billion in campaigns averaging over $1 billion each.

Analyst Take

This filing is a statement of intent. Elliott didn''t just add capital — it added campaign capital. The $6.9B across PSX, SU, and LUV represents three parallel activist engagements at billion-dollar-plus scale, something very few firms can execute simultaneously. The maintained gold hedge ($5.8B) provides structural downside protection while the activist book runs hot.

The Norwegian Cruise Lines 13D disclosure on the same day as this 13F filing is the tell: Elliott is already operating beyond what the 13F shows. The visible portfolio doubled; the invisible portfolio (derivatives, options, international) likely expanded as well. When the most active activist in the world nearly doubles their US equity book in 90 days, the question isn''t what they''ve done — it''s what they''re about to do next.

Track Elliott''s full holdings history and future filings on the Elliott Investment Management filer page.