Introducing Valuation Models! 
Elliott Management is one of the most influential and active investment firms in the world, best known for its aggressive activist campaigns and deep expertise in complex capital structure situations.
Founded in 1977 by Paul Singer, the firm has built a reputation for taking bold positions in both equity and credit markets, often pushing for operational or strategic changes to unlock shareholder value.
The firm manages over $60 billion in assets across public and private markets, with a strong focus on undervalued companies, special situations, and global restructuring opportunities.
As of March 31, 2025, Elliott’s public equity portfolio totals more than $13 billion in reported holdings. Its top positions span energy, industrials, transportation, and precious metals, with large stakes in companies like Triple Flag Precious Metals, Suncor Energy, and Phillips 66.
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Elliot Management holds a total of 31 stocks in its public equity portfolio, with its top 5 holdings making up over 70% of the portfolio.
In the firm’s most recent Q1 filing, Elliot Management added massively to their Phillips 66 position, suggesting they see upside for the stock today. Below, we’ll walk through Elliot Management’s five largest holdings and why they likely caught the firm’s attention.
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Triple Flag Precious Metals (TFPM)
19.1% of portfolio
Value: $2,560.6 million
Shares: 133,815,727
Change: No change
Triple Flag Precious Metals Corp is a precious metals streaming and royalty company. It provides upfront capital to mining companies in exchange for a percentage of future production, primarily in gold and silver. This model offers asset-backed exposure to commodity prices without the operating risk of running mines.
With a position worth over $2.5 billion, Triple Flag is Elliott Management’s largest public equity holding, accounting for more than 19% of its portfolio. Elliott has not made any changes to the position in the most recent quarter, suggesting a long-term commitment to the company’s cash-generating model.
The stake likely reflects Elliott’s interest in hard assets, income-producing structures, and companies with strong downside protection, particularly in a high-inflation or volatile macro environment.
Suncor Energy (SU)
15.2% of portfolio
Value: $2,039.9 million
Shares: 52,670,800
Change: No change
Suncor Energy is a leading Canadian integrated energy company involved in oil sands production, refining, and marketing of petroleum products. Its vertically integrated model and long-life assets provide stable free cash flow, even in volatile energy markets.
Elliott Management’s $1.99 billion stake in Suncor makes it the firm’s second-largest public equity holding, representing 14.5 percent of the portfolio. The position was unchanged last quarter, reflecting Elliott’s ongoing interest in the company’s operational turnaround.
Elliott first took an activist stake in Suncor in 2022, pushing for cost reductions, improved capital allocation, and stronger shareholder returns. This influenced board changes and strategic shifts in the business that helped to unlock value and drive returns for shareholders. This holding reflects Elliott’s broader approach of investing in undervalued, asset-rich businesses where it can act as a catalyst for change.
Phillips 66 (PSX)
14.5% of portfolio
Value: $1,941.7 million
Shares: 15,725,000
Change: +14,950,000 shares (+1,929.03%)
Phillips 66 is a major U.S. energy company that refines oil, transports fuel, supplies and owns branding for gas stations, and produces chemicals. The company has solid infrastructure, generates strong cash flow, and tends to reward shareholders through buybacks and dividends.
Elliott Management increased its stake in Phillips 66 by nearly 2,000% last quarter, making it one of the firm’s most aggressive new bets. In April 2024, Elliott disclosed its initial activist position and called for operational improvements, board refreshment, and better capital efficiency.
The firm’s significant buying activity suggests strong conviction that Phillips 66 is still undervalued and capable of driving substantial shareholder returns through improved execution and governance changes.
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Southwest Airlines (LUV)
13.5% of portfolio
Value: $1,812.6 million
Shares: 53,978,500
Change: No change
Southwest Airlines is one of the largest low-cost carriers in the United States, known for its simplified fleet, customer-friendly policies, and focus on short-haul domestic routes.
While it has long been considered one of the more operationally disciplined airlines, the company has recently faced rising costs, weaker margins, and competitive pressure from both legacy and ultra-low-cost carriers.
Elliott Management disclosed a multibillion-dollar activist stake in June 2024, calling for leadership changes and a renewed focus on profitability and efficiency. With no changes to the position in the most recent quarter, it appears Elliott remains committed to pushing for operational improvements and higher returns.
The size of the stake shows this is a high-conviction bet and fits with Elliott’s playbook of targeting underperforming companies where strategic pressure can unlock significant value.
HELLA GmbH & Co. (HLE)
7.8% of portfolio
Value: $1,039.2 million
Shares: 11,100,510
Change: No change
HELLA is a Germany-based automotive supplier that specializes in lighting systems, electronics, and sensor technology. The company plays an important role in enabling advanced driver-assistance systems and electrification, which are two fast-growing trends in the auto industry.
Elliott has a long history of investing in European industrials, especially where it sees the potential for strategic change. In HELLA’s case, the firm began building its stake around the time of its merger with French supplier Faurecia in 2021.
Elliott has reportedly pushed for asset sales and better capital allocation to unlock shareholder value. The unchanged position signals ongoing interest in how this transformation plays out.
Activist-Led Investing with a Deep Value Mindset
Elliott Management is one of the most influential activist investors in the world, known for taking bold positions and pushing for meaningful change. The firm actively works to unlock that value through operational improvements, corporate governance shifts, or M&A.
Many of Elliott’s positions are concentrated in energy, industrials, and international holdings, including names like Suncor, Phillips 66, and HELLA. These reflect the firm’s interest in hard assets, restructuring potential, and corporate events that can serve as catalysts.
Its strategy combines deep fundamental research, concentrated positions, and direct engagement to improve returns. This approach offers a useful lens for investors interested in finding value tied to specific business improvements, rather than relying solely on market re-rating.
