Elliott Investment Management L.P. Hedge Fund

Location: West Palm Beach, FL

CIK: 0001791786 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 18, 2026

Total Value: $22.59B (99.7% shares, 0.3% debt)

Holdings (34)

TFPM TRIPLE FLAG PRECIOUS METAL 19.7%

Value $4.445B Shares 133,815,727 Est. Cost $12.36 Unrealized +153.0%

PSX PHILLIPS 66 11.0%

Value $2.484B Shares 19,251,000 Est. Cost $116.23 Unrealized +15.3%

SU SUNCOR ENERGY INC NEW 10.3%

Value $2.336B Shares 52,670,800 Est. Cost $30.49 Unrealized +38.6%

LUV SOUTHWEST AIRLS CO 9.4%

Value $2.113B Shares 51,128,500 Est. Cost $26.84 Unrealized +29.6%

XLP SELECT SECTOR SPDR TR 6.9%

Value $1.554B Shares 20,000,000 Est. Cost — Unrealized —

GDX VANECK ETF TRUST 5.3%

Value $1.201B Shares 14,000,000 Est. Cost — Unrealized —

XLI SELECT SECTOR SPDR TR 5.1%

Value $1.163B Shares 7,500,000 Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 4.1%

Value $921M Shares 1,500,000 Est. Cost — Unrealized —

PINS PINTEREST INC 3.2%

Value $725M Shares 28,000,000 Est. Cost $22.64 Unrealized +27.2%

XLE SELECT SECTOR SPDR TR 3.2%

Value $715M Shares 16,000,000 Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 2.7%

Value $614M Shares 1,000,000 Est. Cost — Unrealized —

IWD ISHARES TR 2.6%

Value $589M Shares 2,800,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 2.5%

Value $560M Shares 3,000,000 Est. Cost — Unrealized —

HPE HEWLETT PACKARD ENTERPRISE C 2.0%

Value $448M Shares 18,630,978 Est. Cost $16.47 Unrealized +42.3%

UNIT UNITI GROUP LLC 1.8%

Value $414M Shares 59,012,219 Est. Cost $7.16 Unrealized -11.5%

HYG ISHARES TR 1.4%

Value $306M Shares 3,800,000 Est. Cost $80.65 Unrealized —

XOP SPDR SERIES TRUST 1.3%

Value $303M Shares 2,398,400 Est. Cost — Unrealized —

ETSY ETSY INC 1.2%

Value $277M Shares 5,000,000 Est. Cost $66.66 Unrealized -8.5%

PEP PEPSICO INC 0.8%

Value $183M Shares 1,275,000 Est. Cost $140.43 Unrealized +3.9%

BILL BILL HOLDINGS INC 0.7%

Value $164M Shares 3,000,000 Est. Cost $46.44 Unrealized +10.6%

SDRL SEADRILL LTD 0.7%

Value $158M Shares 4,558,758 Est. Cost $36.02 Unrealized -13.5%

DLR DIGITAL RLTY TR INC 0.7%

Value $155M Shares 1,000,000 Est. Cost — Unrealized —

EQIX EQUINIX INC 0.5%

Value $115M Shares 150,000 Est. Cost $880.48 Unrealized -11.3%

OR OR ROYALTIES INC. 0.5%

Value $110M Shares 3,111,000 Est. Cost $27.37 Unrealized +28.0%

CCI CROWN CASTLE INC 0.5%

Value $109M Shares 1,225,000 Est. Cost $90.81 Unrealized +0.3%

ST SENSATA TECHNOLOGIES HLDG PL 0.5%

Value $108M Shares 3,250,000 Est. Cost $38.52 Unrealized -17.0%

IGV ISHARES TR 0.5%

Value $106M Shares 1,000,000 Est. Cost — Unrealized —

XME SPDR SERIES TRUST 0.4%

Value $93.25M Shares 900,000 Est. Cost — Unrealized —

— WAYFAIR INC 0.2%

Value $34.33M Shares 15,000,000 Est. Cost $1.39 Unrealized —

IGV ISHARES TR 0.1%

Value $31.71M Shares 300,000 Est. Cost — Unrealized —

GLIBK GCI LIBERTY INC 0.1%

Value $24.56M Shares 659,928 Est. Cost $35.22 Unrealized -0.4%

— STRATEGY INC 0.1%

Value $22.71M Shares 16,000,000 Est. Cost $2.05 Unrealized —

HDB HDFC BANK LTD 0.0%

Value $7.92M Shares 216,756 Est. Cost $36.54 Unrealized —

FSK FS KKR CAP CORP 0.0%

Value $3.922M Shares 264,850 Est. Cost $14.70 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TFPM	TRIPLE FLAG PRECIOUS METAL	133,815,727	$4.445B	19.7%	$12.36	+153.0%	COM	89679M104
PSX	PHILLIPS 66	19,251,000	$2.484B	11.0%	$116.23	+15.3%	COM	718546104
SU	SUNCOR ENERGY INC NEW	52,670,800	$2.336B	10.3%	$30.49	+38.6%	COM	867224107
LUV	SOUTHWEST AIRLS CO	51,128,500	$2.113B	9.4%	$26.84	+29.6%	COM	844741108
XLP	SELECT SECTOR SPDR TR	20,000,000	$1.554B	6.9%	—	—	Put	81369Y308
GDX	VANECK ETF TRUST	14,000,000	$1.201B	5.3%	—	—	Put	92189F106
XLI	SELECT SECTOR SPDR TR	7,500,000	$1.163B	5.1%	—	—	Put	81369Y704
QQQ	INVESCO QQQ TR	1,500,000	$921M	4.1%	—	—	Put	46090E103
PINS	PINTEREST INC	28,000,000	$725M	3.2%	$22.64	+27.2%	CL A	72352L106
XLE	SELECT SECTOR SPDR TR	16,000,000	$715M	3.2%	—	—	Put	81369Y506
QQQ	INVESCO QQQ TR	1,000,000	$614M	2.7%	—	—	Call	46090E103
IWD	ISHARES TR	2,800,000	$589M	2.6%	—	—	Put	464287598
NVDA	NVIDIA CORPORATION	3,000,000	$560M	2.5%	—	—	Put	67066G104
HPE	HEWLETT PACKARD ENTERPRISE C	18,630,978	$448M	2.0%	$16.47	+42.3%	COM	42824C109
UNIT	UNITI GROUP LLC	59,012,219	$414M	1.8%	$7.16	-11.5%	COM SHS	912932100
HYG	ISHARES TR	3,800,000	$306M	1.4%	$80.65	—	IBOXX HI YD ETF	464288513
XOP	SPDR SERIES TRUST	2,398,400	$303M	1.3%	—	—	Put	78468R556
ETSY	ETSY INC	5,000,000	$277M	1.2%	$66.66	-8.5%	COM	29786A106
PEP	PEPSICO INC	1,275,000	$183M	0.8%	$140.43	+3.9%	COM	713448108
BILL	BILL HOLDINGS INC	3,000,000	$164M	0.7%	$46.44	+10.6%	COM	090043100
SDRL	SEADRILL LTD	4,558,758	$158M	0.7%	$36.02	-13.5%	COM	G7997W102
DLR	DIGITAL RLTY TR INC	1,000,000	$155M	0.7%	—	—	Put	253868103
EQIX	EQUINIX INC	150,000	$115M	0.5%	$880.48	-11.3%	COM	29444U700
OR	OR ROYALTIES INC.	3,111,000	$110M	0.5%	$27.37	+28.0%	COM SHS	68390D106
CCI	CROWN CASTLE INC	1,225,000	$109M	0.5%	$90.81	+0.3%	COM	22822V101
ST	SENSATA TECHNOLOGIES HLDG PL	3,250,000	$108M	0.5%	$38.52	-17.0%	SHS	G8060N102
IGV	ISHARES TR	1,000,000	$106M	0.5%	—	—	Call	464287515
XME	SPDR SERIES TRUST	900,000	$93.25M	0.4%	—	—	Put	78464A755
—	WAYFAIR INC	15,000,000	$34.33M	0.2%	$1.39	—	NOTE 3.500%11/1	94419LAR2
IGV	ISHARES TR	300,000	$31.71M	0.1%	—	—	Put	464287515
GLIBK	GCI LIBERTY INC	659,928	$24.56M	0.1%	$35.22	-0.4%	COM SER C	36164V800
—	STRATEGY INC	16,000,000	$22.71M	0.1%	$2.05	—	NOTE 0.625% 3/1	594972AJ0
HDB	HDFC BANK LTD	216,756	$7.92M	0.0%	$36.54	—	SPONSORED ADS	40415F101
FSK	FS KKR CAP CORP	264,850	$3.922M	0.0%	$14.70	0.0%	COM	302635206