Elliott Management’s largest holdings
In the previous part, we discussed that Paul Singer increased his firm’s position in NXP Semiconductor (NXPI) in 3Q17. It also remained the firm’s largest holding in the same quarter.
NXP Semiconductor, the PowerShares QQQ ETF (QQQ) put option, Arconic (ARNC), Hess (HES), and the SPDR S&P Oil & Gas Explor & Prodtn ETF (XOP) put option were Elliott Management’s top five holdings in 3Q17. These stocks represented nearly 11.0%, 9.2%, 7.5%, 5.8%, and 4.9%, respectively, of the firm’s holdings in 3Q17.
The PowerShares QQQ ETF (QQQ) tracks the performance of the major technology stocks (COMP-INDEX). The QQQ ETF returned nearly 26.6% on a year-to-date basis as of November 20, 2017. The technology sector (XLK) and major technology stocks have already shown a strong rally so far this year. The put option on this ETF indicates that if the ETF shows some pullback, then it could be profitable for put option investors.
Elliott Management held nearly 21.1 million shares of Hess in 3Q17. According to the institutional ownership report, Paul Singer’s Elliott Management was the fourth largest investor in Hess in 3Q17. BlackRock (BLK) was the first largest investor in Hess in 3Q17 with 27.9 million shares.
Hess works as an independent oil (USO) and natural gas (UNG) exploration and production company. Hedge fund manager Leon Cooperman also has an optimistic view on Hess. He believes Hess’s production level could surge over the next year.
In the next part of this series, we’ll analyze Elliott Management’s top sells in 3Q17.