Paul Singer (Elliott Mgmt) disclosed 11 option positions for the 2025Q1 quarter — 1 long-call and 10 long-puts — totaling $4.08B of underlying-share notional value. The largest exposures are a put on XLI, a put on IWD, a put on QQQ. 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 |
|---|---|---|---|---|
| PUT | XLISELECT SECTOR SPDR TR | 13M | $1.64B | 10.8% |
| PUT | IWDISHARES TR | 5.5M | $1.03B | 6.8% |
| PUT | QQQINVESCO QQQ TR | 1.6M | $756.1M | 5.0% |
| PUT | CSCOCISCO SYS INC | 2.0M | $123.4M | 0.8% |
| PUT | IWMISHARES TR | 500K | $99.7M | 0.7% |
| PUT | GDXVANECK ETF TRUST | 2.0M | $91.9M | 0.6% |
| CALL | TXNTEXAS INSTRS INC | 500K | $89.8M | 0.6% |
| PUT | XMESPDR SER TR | 1.4M | $75.6M | 0.5% |
| PUT | XOPSPDR SER TR | 557K | $73.4M | 0.5% |
| PUT | MARMARRIOTT INTL INC NEW | 200K | $47.6M | 0.3% |
| PUT | HLTHILTON WORLDWIDE HLDGS INC | 200K | $45.5M | 0.3% |
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.