Paul Singer, the founder and head of Elliott Investment Management, is one of the world's most successful and influential activist investors working today.
With a net worth of around $6 billion, Singer's moves are closely watched. He has invested heavily in puts on the S&P 500 (^GSPC -3.46%), the Nasdaq-100, and elsewhere, indicating a bearish or protective stance. However, he also has large holdings in several stocks.
Let's take a look at the top five stock holdings of Elliott Management as of the end of 2024 to see what he's bullish on.
1. Triple Flag Precious Metals
Triple Flag Precious Metals (TFPM 3.47%) was the fund's biggest holding at 133.8 million shares, which now has a value of $2.6 billion. Elliott owns roughly two-thirds of the precious metals streaming and royalties company, which helps fund mining companies and acts as a guaranteed buyer. The investment seems to indicate a bullishness on gold and other precious metals.
NYSE: TFPM
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2. Suncor Energy
Suncor Energy (SU -6.01%) has been one of Singer's biggest holdings since 2022, when Elliott pushed the company to add new board members, overhaul its management team, and undergo a strategic review. Elliott now owns 52.7 million shares of the Canadian oil and gas stock, worth $2 billion.
3. Southwest Airlines
Southwest Airlines (LUV -9.77%) is one of Elliott's biggest activist targets. In October, the airline agreed to name six new directors to its board, and its Chairman Gary Kelly retired several months earlier than expected. Elliott now owns 54 million shares, currently worth about $1.8 billion.
4. Pinterest
At Pinterest (PINS -6.89%), the social media company, Elliott struck a deal to add one of its portfolio managers, Marc Steinberg, to the board. It currently owns 28 million shares of Pinterest worth roughly $900 million.
5. NRG Energy
Elliott Management has also battled with NRG Energy (NRG -4.50%), calling for a new CEO and strategic review at the company in 2023 at the diversified utility. The hedge fund finished the year with 4.8 million shares worth around $460 million.
