Activist hedge fund Elliott Management, led by Paul Singer, revealed several new investments in the second quarter, including betting against the S&P 500 and one of the most valuable companies in the world.
New Positions: In the second quarter, Elliott Management took seven new positions, with four of them being put options against companies and ETFs, and three being long positions.
A new 13F filing shows the new positions as follows, as reported by 13finfo:
- SPDR S&P 500 ETF Trust SPY Put Options
- NVIDIA Corp. NVDA Put Options
- VanEck Semiconductor ETF SMH Put Options
- Digital Royalty Trust DLR Put Options
- Hewlett Packard Enterprise Co HPE
- iShares iBoxx $ High Yield Corporate Bond ETF HYG
- OR Royalties OR
The hedge fund’s new stakes show bets against the S&P 500 and the semiconductor industry with puts for the SPY, VanEck Semiconductor ETF and Nvidia common stock.
Hewlett Packard Enterprise is a new 18.6 million long bet on the company.
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Changes in Positions: Elliott Management increased its positions in several positions during the second quarter.
Here were the positions that were increased and the percent change from the first quarter:
- SPDR Series Trust Metals & Mining ETF XME Put Options: +111%
- iShares Russell 2000 ETF IWM Put Options: +100%
- VanEck Gold Miners ETF GDX Put Options: +100%
- Hilton Hotels Corp. HLT: Put Options: +60%
- Invesco QQQ Trust QQQ: Put Options: +24%
- Phillips 66 PSX: +22%
The quarter saw Elliott Management increase its bets against sectors such as mining and gold and also increase bets against the Russell 2000 and Nasdaq 100 ETFs.
A position in Phillips 66 was the lone increase among long positions in the quarter.
Here were the positions that were decreased and the percent change from the first quarter:
- Biomarin Pharmaceuticals BMRN: -100%
- Match Group Inc MTCH: -100%
- Cisco Systems CSCO Put Options: -100%
- Texas Instruments TXN Call Options: -100%
- SPDR S&P Oil & Gas Explorer XOP Put Options: -100%
- E2Open Parent Holdings ETWO: -100%
- Marriott International MAR Put Options: -100%
- Osisko Gold Royalties: -100%
- HDFC Bank HDB: -100%
- CoreMedix Inc CRMD: -100%
- Arm Holdings ARM: -100%
- Howmet Aerospace HWM: -100%
- Industrial Select Sector SPDG Fund XLI Put Options: -72%
- iShares Russell 1000 Value ETF IWD Put Options: -9%
The fund exited many positions in the quarter.
Top Holdings: At the end of the second quarter, the company’s four largest positions were long positions in stocks with investments in Triple Flag Precious Metals TFPM, Phillips 66, Suncor Energy and Southwest Airlines LUV each representing 10% or more of the portfolio.
Following the top four positions, which are long, five of the top 10 investments are puts on SPY, QQQ, IWD, XLI and NVDA.
The other top 10 bet is a long position in Pinterest Inc PINS, ranking sixth at 5.7% of the fund.
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