Why is Paul Singer cutting back on his firm’s largest exposure while shifting capital toward discretionary and data center plays? Elliott Investment Management reported a total portfolio value of $20,114,693,048 across 17 holdings in their latest 13F filing for the period ending March 31, 2026.

The retreat from TFPM

The firm’s primary anchor remains Triple Flag Precious Metal (TFPM), which sits at $4,625,045,543. Despite occupying 22.99% of the total portfolio, the position saw a reduction during the quarter. Keeping nearly a quarter of the book in a single precious metals streamer signals a heavy strategic bias, though the move to trim indicates a recalibration of that specific risk. You can track broader sector movements using the 13F screener to see how other shops are handling similar commodity exposure.

Status quo at PSX, SU, and XLI

The second and third largest holdings—Phillips 66 (PSX) at $3,507,147,180 and Suncor Energy Inc (SU) at $3,482,066,588—remained untouched throughout the reporting period. These two energy-heavy bets command 17.44% and 17.31% of the total AUM, respectively, showing no change in the firm's outlook on midstream and upstream oil. Likewise, the SS Industrial Select Sector (XLI) position was held steady at $1,212,975,000, representing 6.03% of the total allocated capital.

Trimming LUV, XLP, and sector ETFs

Beyond the precious metals trim, the portfolio saw downward adjustments in consumer-facing and index-based positions. Southwest Airlines Co (LUV) was reduced to $1,140,099,220, now accounting for 5.67% of the book. The SS Consumer Staples Select Sector (XLP) saw a decrease, falling to a $749,297,200 position. The firm also pruned its exposure to broader market instruments, as seen in the reduction of QQQ to $230,872,000 and IWD to $213,670,000. These exits from broad index products suggest a pivot toward more granular, name-specific bets rather than passive tracking.

Expansion into HPE, XLY, and DLR

While shedding some weight, the firm added to its technology and data infrastructure footprint. Hewlett Packard Enterprise (HPE) saw an increase, bringing its total value to $652,911,510, or 3.25% of the portfolio. This matches a broader interest in specific hardware and enterprise tech components. The firm also initiated two new positions this quarter: SS Consumer Discretionary Select Sector (XLY) at $468,614,000 and Digital Realty Trust (DLR) at $270,315,000. Taking on a significant position in DLR ties into a thematic interest in data center real estate, while XLY introduces a new basket of discretionary consumer exposure that was absent in previous quarters.

Managing the HYG position

The high-yield bond market also received attention, with the firm increasing its stake in the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) to $397,800,000. Adding to a high-yield credit vehicle at this point in the cycle shows a specific approach to interest rate and credit risk that diverges from the equity-heavy core.

Steady state for UNIT

Finally, Uniti Group Inc (UNIT) remained unchanged at $553,534,614. At 2.75% of the total portfolio, this holding represents a mid-sized commitment to telecommunications infrastructure. The lack of movement here suggests the firm is comfortable with the current state of that specific equity, maintaining its weight while allocating fresh capital to the newer positions in XLY and DLR.

The current portfolio construction across 17 holdings emphasizes heavy concentration in energy and mining, with deliberate steps to increase technology and discretionary sector exposure through the start of the second quarter. The shift away from broad index products like QQQ and IWD alongside the initiation of the DLR position serves to isolate specific areas of interest rather than relying on broader beta for returns. With the portfolio valued at over $20 billion, the specific weighting of the top three holdings at roughly 57% of the total ensures that any movement in the energy or precious metal sectors will dictate the overall performance of this filing.

This data is for informational purposes only and is not investment advice; 13F filings reflect positions as of the previous quarter and are significantly delayed.