Elliott Management is an American hedge fund management firm. Elliott was founded by Paul Singer, who also acts as CEO of the management company.
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According to 13F filings, Elliott Management made some minor changes in 2Q16. EMC (EMC) was Elliott Management’s top holding and it constituted 15.2% of its portfolio in 2Q16. Allergan (AGN) constituted 8.8% of the fund’s portfolio as of 2Q16. In 1Q16, Elliott Management held 2.5 million shares of AGN. In 2Q16, it bought another 0.23 million shares of Allergan.
According to an institutional ownership report, Elliott Management owned 0.7% of Allergan shares. Elliott Management holds about 2.7 million shares worth $692.8 million. The largest investor in Allergan (AGN) is the Vanguard Group with 24.4 million shares.
In 2Q16, the firm’s sector allocation heavily tilted towards the technology (XLK), energy (XLE), and material (XLB) sectors. These three sectors constitute 39.6%, 13.8%, and 12.7% of its portfolio, respectively. Taking a position in the technology, energy, and material sectors indicate that the firm is making an investment in the cyclical sector. The cyclical sector has a higher correlation with the business cycle. This indicates that the firm is more optimistic about the recovery of the business cycle in the United States (QQQ) (SPY).
In the next part of this series, we will analyze Elliott Management’s largest sale in 2Q16.