Elliott Investment Management has adjusted its US equity book in the first quarter, according to its latest Form 13F filing with the Securities and Exchange Commission, highlighting a mix of consolidation, exits and a fresh position in the travel sector, according to a report by Barron’s.
The activist manager significantly increased its holding in Hewlett Packard Enterprise, raising its position to 27,421,735 shares from 18,630,978 shares in the prior quarter. Based on recent pricing, the stake is valued at approximately $927m. Elliott initially established its position in the enterprise technology group last year as part of a broader push into large-cap technology infrastructure names.
On the divestment side, Elliott fully exited Bill Holdings, selling its remaining 3 million shares. The fund had built the position in 2024 alongside other activist investors targeting improved revenue growth and valuation recovery.
The firm also closed out its investment in Sensata Technologies, disposing of 3,250,000 shares. Elliott had originally disclosed its stake in 2024 and subsequently secured board representation following the departure of former chief executive Jeff Cote.
A new position emerged in the filing: Norwegian Cruise Line Holdings. Elliott disclosed a greater-than-10% economic interest in February, typically indicative of combined exposure through equity and derivative instruments. The 13F shows the fund accumulated 13,186,000 shares during the quarter, a stake valued at more than $445m and representing approximately 2.9% of shares outstanding.
Elsewhere in the portfolio, Elliott left positions unchanged across several large-cap holdings, including PepsiCo, Equinixand Phillips 66.
Best known for its high-profile activist campaigns at companies such as Starbucks and Southwest Airlines, Elliott continues to operate a multi-strategy platform spanning public equities, distressed credit, private credit and real assets.
