Paul Singer's Elliott Investment Management fully exited its NVDA ($560M), XLE ($715M), and QQQ ($614M) positions in its Q1 2026 13F filing. At the same time, the fund added five new positions, including XLY ($469M), bringing total assets under management to $19.3B across 20 holdings.
Top 5 Holdings — Q1 2026
- TFPM: $4.6B (23.0%)
- PSX: $3.5B (17.5%)
- SU: $3.5B (17.3%)
- XLI: $1.2B (6.0%)
- LUV: $1.1B (5.7%)
Key Trading Highlights
Elliott's portfolio is concentrated in its top three holdings. Precious metals royalty company TFPM is the largest position at $4.6B (23.0% of the portfolio), followed by refiner PSX at $3.5B (17.5%) and Canadian energy company SU at $3.5B (17.3%). The top three positions alone account for 57.8% of the portfolio, underscoring a concentrated, high-conviction stock-picking approach. Industrial ETF XLI (6.0%) and airline stock LUV (5.7%) round out the top five.
- NVDA: Fully exited $560M — profit-taking on the AI chip rally, complete exit from tech exposure
- XLE: Fully exited $715M — liquidated energy sector ETF, signaling reduced macro bets
- XLY: New position $469M — capital rotated into consumer discretionary, growing interest in consumer-defensive names
- HPE: Increased +47% to $653M — added to enterprise IT infrastructure position
- GDX: Cut -88% to $151M — mostly liquidated gold miners ETF, a signal at odds with the fund's other new buys
The overall trading pattern points to reduced tech and energy exposure. Elliott fully exited NVDA and XLE, and also liquidated its Nasdaq-100-tracking QQQ and energy exploration ETF XOP. In their place, the fund added consumer discretionary ETF XLY, cruise operator NCLH, and small-cap ETF IWM, shifting its center of gravity toward consumer and small-cap names. HPE was increased 47% and data center REIT DLR was increased 50%, while gold miners ETF GDX was cut 88% — an extreme divergence between the fund's biggest adds and cuts.
Outlook
Elliott appears to have stepped back from high-beta tech and energy exposure this quarter by simultaneously exiting NVDA, XLE, and QQQ. At the same time, the fund kept its major existing positions in TFPM, PSX, and SU intact, suggesting a strategy of preserving core, high-conviction bets while rebalancing peripheral exposure. The simultaneous addition of XLY and NCLH alongside the sharp cut to GDX points to mixed signals within the portfolio. Whether Elliott continues to build up HPE and DLR next quarter will be a key indicator of the fund's next directional bet.
