Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Elliott Investment Management
activist
A
Reliability stable可靠性稳定
leaderboard rank榜单排名 #6WATCH观察
Book持仓规模
$20.1B
long US listed only仅美股多头
Positions持仓数
30
100% resolved已解析
Top-10 concentration前十集中度
88%
% of book占组合%
Turnover换手
LOW
23.0% per quarter每季
Median excess中位超额
+1%
buys vs SPY, since filing买入相对SPY，自申报起 · n 131
Hit rate胜率
53%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Non-AI Tech & Hardware — added HPE (+3.2pp of book this quarter)核心倾向：非AI科技与硬件 — 本季度加仓 HPE（占组合 +3.2pp）
Non-AI Tech & Hardware非AI科技与硬件
+3.2pp
3.2% of book held占组合持有
· 1 names标的
· Semiconductors & Hardware
HPE
Technology (Equal-Weight)信息技术（等权）
+3.2pp
3.2% of book held占组合持有
· 1 names标的
· US Sectors (EW)
HPE
Real Estate (Equal-Weight)房地产（等权）
+1.4pp
2.6% of book held占组合持有
· 3 names标的
· US Sectors (EW)
DLR
Travel & Experiences旅行与体验
+1.2pp
6.9% of book held占组合持有
· 2 names标的
· Consumer Cyclical
NCLH
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+1.2pp
1.2% of book held占组合持有
· 1 names标的
· US Sectors (EW)
NCLH
Industrials (Equal-Weight)工业（等权）
+0.3pp
6.0% of book held占组合持有
· 3 names标的
· US Sectors (EW)
FTV
EMR
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: stable稳定 · 12 scored quarters已评分季度 · 50% positive为正 · recent-4 median近4季中位 +0% vs all-time对全期 -1%
Median excess by quarter各季度中位超额: ▃▃▁▁█▄▅▆▄▃▁▄ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 13 | -3% | 38% | -4% |
| 2023-09-30 | 13 | -2% | 46% | +2% |
| 2023-12-31 | 13 | -14% | 31% | -5% |
| 2024-03-31 | 10 | -12% | 30% | +1% |
| 2024-06-30 | 14 | +20% | 71% | -0% |
| 2024-09-30 | 17 | +1% | 53% | -3% |
| 2024-12-31 | 4 | +7% | 100% | -0% |
| 2025-03-31 | 9 | +15% | 78% | -4% |
| 2025-06-30 | 12 | +5% | 67% | +1% |
| 2025-09-30 | 14 | -2% | 50% | +11% |
| 2025-12-31 | 3 | -12% | 0% | -9% |
| 2026-03-31 | 9 | +2% | 67% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Energy
36.4%
▲ +14.3pp
Basic Materials
23.7%
▲ +3.5pp
Unclassified
19.2%
▼ -15.1pp
Industrials
6.0%
▼ -3.4pp
Communication Services
5.4%
▲ +0.3pp
Technology
3.2%
▼ -1.9pp
Real Estate
2.6%
▲ +0.9pp
Consumer Cyclical
2.5%
▲ +1.2pp
Consumer Defensive
1.0%
▲ +0.2pp
Theme categories主题类别
Energy & Power 17.5%
Consumer Cyclical 6.9%
Semiconductors & Hardware 3.2%
US Sectors (EW) 2.8%
Consumer Defensive 1.0%
Industrials & Defense 0.1%
Rotating into (QoQ)轮入（环比）
Energy +14.3pp
Basic Materials +3.5pp
Consumer Cyclical +1.2pp
Rotating out of (QoQ)轮出（环比）
Industrials -3.4pp
Technology -1.9pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Energy 36% · Basic Materials 24% · Unclassified 19% |
| 2025-12-31 | Unclassified 34% · Energy 22% · Basic Materials 20% |
| 2025-09-30 | Unclassified 37% · Energy 22% · Basic Materials 18% |
| 2025-06-30 | Unclassified 31% · Energy 25% · Basic Materials 18% |
| 2025-03-31 | Unclassified 28% · Energy 27% · Basic Materials 17% |
| 2024-12-31 | Unclassified 46% · Industrials 12% · Basic Materials 12% |
| 2024-09-30 | Unclassified 47% · Basic Materials 11% · Energy 11% |
| 2024-06-30 | Unclassified 44% · Energy 21% · Basic Materials 12% |
| 2024-03-31 | Unclassified 42% · Energy 26% · Basic Materials 12% |
| 2023-12-31 | Unclassified 58% · Energy 13% · Basic Materials 10% |
| 2023-09-30 | Unclassified 43% · Energy 24% · Basic Materials 14% |
| 2023-06-30 | Unclassified 35% · Energy 24% · Basic Materials 18% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。30 positions shown项持仓 · resolved已解析 30/30 (100%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  TFPM |
Triple Flag Precious Metal | 23.0% | $4.6B | hold | -0% | — | 70 · HIGH | Basic Materials | Precious | — |
| 2 |  PSX |
Phillips 66 | 17.5% | $3.5B | hold | +0% | — | 69 · MODERATE | Energy | US Energy Complex, Energy (Equal-Weight) | +19% |
| 3 |  SU |
Suncor Energy Inc New | 17.3% | $3.5B | hold | +0% | — | 68 · MODERATE | Energy | — | — |
| 4 |  XLI |
Select Sector Spdr Tr | 6.0% | $1.2B | hold | +0% | — | 66 · MODERATE | — | — | +4% |
| 5 |  LUV |
Southwest Airls Co | 5.7% | $1.1B | trim | -41% | — | 65 · MODERATE | Industrials | Travel & Experiences, Industrials (Equal-Weight) | +26% |
| 6 |  XLP |
Select Sector Spdr Tr | 3.7% | $749M | trim | -54% | — | 64 · MODERATE | — | — | -0% |
| 7 | HPE |
Hewlett Packard Enterprise C | 3.2% | $653M | add | +47% | 1q | 58 · MODERATE | Technology | Non-AI Tech & Hardware, Technology (Equal-Weight) | +35% |
| 8 |  UNIT |
Uniti Group Llc | 2.8% | $554M | hold | +0% | — | 52 · MODERATE | Communication Services | IT & Telecom | -1% |
| 9 |  PINS |
Pinterest Inc | 2.6% | $514M | hold | +0% | — | 51 · MODERATE | Communication Services | Ads & Search, Social, Networks | +17% |
| 10 |  XLY |
Select Sector Spdr Tr | 2.3% | $469M | new | — | 1q | 54 · MODERATE | — | — | -2% |
| 11 |  HYG |
Ishares Tr | 2.0% | $398M | add | +32% | 1q | 38 · LOW | — | — | +0% |
| 12 |  GDX |
Vaneck Etf Trust | 1.7% | $335M | trim | -74% | — | 32 · LOW | — | — | -19% |
| 13 | DLR |
Digital Rlty Tr Inc | 1.4% | $270M | add | +50% | 1q | 36 · LOW | Real Estate | Real Estate (Equal-Weight) | -7% |
| 14 |  ETSY |
Etsy Inc | 1.2% | $250M | hold | +0% | — | 30 · LOW | Consumer Cyclical | E-Commerce, Marketplaces, Social | +44% |
| 15 | NCLH |
Norwegian Cruise Line Hldgs | 1.2% | $247M | new | — | 1q | 24 · LOW | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | +25% |
| 16 |  QQQ |
Invesco Qqq Tr | 1.1% | $231M | trim | -84% | — | 28 · LOW | — | — | -2% |
| 17 |  SDRL |
Seadrill Ltd | 1.1% | $215M | hold | +4% | — | 26 · LOW | Energy | — | — |
| 18 |  IWD |
Ishares Tr | 1.1% | $214M | trim | -64% | — | 25 · LOW | — | — | +6% |
| 19 |  PEP |
Pepsico Inc | 1.0% | $198M | hold | +0% | — | 24 · LOW | Consumer Defensive | Defensives, Consumer Staples (Equal-Weight) | -9% |
| 20 |  EQIX |
Equinix Inc | 0.7% | $147M | hold | +0% | — | 23 · LOW | Real Estate | Real Estate (Equal-Weight) | -4% |
| 21 |  IWM |
Ishares Tr | 0.6% | $124M | new | — | 1q | 27 · LOW | — | — | +5% |
| 22 |  OR |
Or Royalties Inc. | 0.6% | $118M | hold | +0% | — | 20 · LOW | Basic Materials | — | — |
| 23 |  RIG |
Transocean Ltd | 0.5% | $104M | new | — | 1q | 24 · LOW | Energy | — | — |
| 24 |  CCI |
Crown Castle Inc | 0.5% | $100M | hold | +0% | — | 18 · LOW | Real Estate | Real Estate (Equal-Weight) | -10% |
| 25 |  XME |
Spdr Series Trust | 0.5% | $97M | hold | +0% | — | 17 · LOW | — | — | -16% |
| 26 | FTV |
Fortive Corp | 0.2% | $41M | new | — | 1q | 11 · LOW | Industrials | Industrials (Equal-Weight) | +3% |
| 27 | EMR |
Emerson Elec Co | 0.1% | $26M | new | — | 1q | 10 · LOW | Industrials | Reshoring & Industrial Capex, Robotics & Automation, Industrials (Equal-Weight) | +2% |
| 28 |  GLIBK |
Gci Liberty Inc | 0.1% | $25M | hold | +0% | — | 14 · LOW | Communication Services | — | — |
| 29 |  HDB |
Hdfc Bank Ltd | 0.1% | $20M | add | +268% | 2q | 22 · LOW | — | — | — |
| 30 |  WPM |
Wheaton Precious Metals Corp | 0.1% | $13M | new | — | 1q | 16 · LOW | Basic Materials | Gold, Silver, Precious | -21% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (11)
| HPE add |
3.2% | +35% |
| XLY new |
2.3% | -2% |
| HYG add |
2.0% | +0% |
| DLR add |
1.4% | -7% |
| NCLH new |
1.2% | +25% |
| IWM new |
0.6% | +5% |
| RIG new |
0.5% | — |
| FTV new |
0.2% | +3% |
| EMR new |
0.1% | +2% |
| HDB add |
0.1% | — |
| WPM new |
0.1% | -21% |
Rotated out of轮出 (10)
| LUV trim |
-41% | +26% |
| XLP trim |
-54% | -0% |
| GDX trim |
-74% | -19% |
| QQQ trim |
-84% | -2% |
| IWD trim |
-64% | +6% |
 BILL exit |
-100% | +12% |
 IGV exit |
-100% | +1% |
 NVDA exit |
-100% | -10% |
 XLE exit |
-100% | -3% |
 XOP exit |
-100% | -3% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。