Paul Singer (Elliott Mgmt) disclosed 14 option positions for the 2023Q1 quarter — 2 long-calls and 12 long-puts — totaling $5.35B of underlying-share notional value. The largest exposures are a call on QQQ, a put on XLI, a put on XLE. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| CALL | QQQINVESCO QQQ TR | 8.0M | $2.57B | 19.0% |
| PUT | XLISELECT SECTOR SPDR TR | 6.0M | $607.1M | 4.5% |
| PUT | XLESELECT SECTOR SPDR TR | 7.0M | $579.8M | 4.3% |
| PUT | VNQVANGUARD INDEX FDS | 4.3M | $355.0M | 2.6% |
| PUT | OIHVANECK ETF TRUST | 1.1M | $304.8M | 2.3% |
| PUT | QQQINVESCO QQQ TR | 938K | $300.9M | 2.2% |
| PUT | XLFSELECT SECTOR SPDR TR | 7.5M | $241.1M | 1.8% |
| PUT | MARMARRIOTT INTL INC NEW | 600K | $99.6M | 0.7% |
| PUT | EQIXEQUINIX INC | 100K | $72.1M | 0.5% |
| PUT | IBBISHARES TR | 557K | $71.9M | 0.5% |
| PUT | HHYATT HOTELS CORP | 435K | $48.6M | 0.4% |
| CALL | VNQVANGUARD INDEX FDS | 488K | $40.5M | 0.3% |
| PUT | HSTHOST HOTELS & RESORTS INC | 1.8M | $28.9M | 0.2% |
| PUT | HLTHILTON WORLDWIDE HLDGS INC | 200K | $28.2M | 0.2% |
Notional = value of the underlying shares at the quarter-end snapshot, not the option premium paid. A long PUT is a bearish bet on the underlying; a long CALL is a bullish bet. The reported value is included in the portfolio total but does not reflect actual capital at risk.
Paul Singer runs Elliott Mgmt, an activist overseeing $14.59B in disclosed equity holdings (SEC CIK 0001791786). The latest portfolio (2025Q4) discloses 21 positions across 9 sectors, with the largest positions in TFPM, PSX and SU. On a mark-to-market basis the tracked portfolio has returned 40.6% over the past year. OpenStocks tracks 23 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.