Elliott Investment Management — Paul Singer

The Closelook read

The visible slice of the market's most-watched activist: $14.3B across 17 US names — a gold streamer on top at 27.9%, the Phillips 66 campaign at 22.8% — hedged by an $8.3B puts overlay.

Elliott's filing is the catalogue's clearest lesson in what a 13F is not. The form shows $14.3B of US-listed longs — but Elliott runs a global multi-strategy book spanning credit, non-US equities, swaps and shorts, none of which appears here. What does appear is unusually informative at the margins: the same filing carries an $8.3B puts overlay against $0.07B in calls, which says the visible longs are heavily hedged — though against exactly what, the form does not disclose. The Q2 2026 rotation reads like a campaign ledger: Synopsys entered, Crown Castle left after the campaign there, Suncor was cut 44.1% and Southwest trimmed 19.9% as those activist positions matured, while Hewlett Packard Enterprise — the push that shaped the Juniper deal terms — grew 17.7%. The top of the book is its own story: a precious-metals streamer at 27.9% of the visible slice, ahead of the Phillips 66 refining campaign at 22.8%. The grade is B rather than B+ for a structural reason, not a reputational one: the sworn filing is as reliable as any other, but it represents a smaller, more hedged fraction of the actual record than for a US-equity-centric filer — the less a filing shows of the book, the less a record can be verified from it.