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 (NYSE:SPY) Put Options
- NVIDIA Corp. (NASDAQ:NVDA) Put Options
- VanEck Semiconductor ETF (NASDAQ:SMH) Put Options
- Digital Royalty Trust (NYSE:DLR) Put Options
- Hewlett Packard Enterprise Co (NYSE:HPE)
- iShares iBoxx $ High Yield Corporate Bond ETF (NYSE:HYG)
- OR Royalties (NYSE: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 (NYSE:XME) Put Options: +111%
- iShares Russell 2000 ETF (NYSE:IWM) Put Options: +100%
- VanEck Gold Miners ETF (NYSE:GDX) Put Options: +100%
- Hilton Hotels Corp. (NYSE:HLT): Put Options: +60%
- Invesco QQQ Trust (NASDAQ:QQQ): Put Options: +24%
- Phillips 66 (NYSE: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 (NASDAQ:BMRN): -100%
- Match Group Inc (NASDAQ:MTCH): -100%
- Cisco Systems (NASDAQ:CSCO) Put Options: -100%
- Texas Instruments (NASDAQ:TXN) Call Options: -100%
- SPDR S&P Oil & Gas Explorer (NYSE:XOP) Put Options: -100%
- E2Open Parent Holdings (NYSE:ETWO): -100%
- Marriott International (NASDAQ:MAR) Put Options: -100%
- Osisko Gold Royalties: -100%
- HDFC Bank (NYSE:HDB): -100%
- CoreMedix Inc (NASDAQ:CRMD): -100%
- Arm Holdings (NASDAQ:ARM): -100%
- Howmet Aerospace (NYSE:HWM): -100%
- Industrial Select Sector SPDG Fund (NYSE:XLI) Put Options: -72%
- iShares Russell 1000 Value ETF (NYSE: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 (NYSE:TFPM), Phillips 66, Suncor Energy and Southwest Airlines (NYSE: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 (NYSE:PINS), ranking sixth at 5.7% of the fund.
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