What Paul Singer's Portfolio Reveals About His 2024 Investment Thesis

Paul Singer, founder and chief of Elliott Investment Management, commands significant attention in the investment world with a $6 billion net worth. Beyond his well-documented bearish positions through put options on major indices, Singer’s substantial equity stakes tell a different story—one of strategic conviction in specific sectors and companies. Here’s what his top five holdings reveal about where this celebrated activist sees opportunity.

1. Triple Flag Precious Metals: A Bullish Bet on Hard Assets

Elliott’s most substantial position is Triple Flag Precious Metals (NYSE: TFPM), where Singer controls approximately two-thirds of the company through 133.8 million shares valued at $2.6 billion. The precious metals streaming and royalties model—which finances mining operations and guarantees purchase agreements—suggests Singer’s confidence in gold and commodity prices. This holding represents one of Elliott’s core convictions heading into 2025.

2. Suncor Energy: Activist Push Meets Energy Exposure

Suncor Energy (NYSE: SU) exemplifies Singer’s activist playbook. His 52.7 million share stake, worth $2 billion, reflects Elliott’s 2022 campaign that reshaped the Canadian oil and gas firm’s leadership and strategic direction. The sustained holding indicates Singer remains comfortable with management’s execution of the turnaround agenda.

3. Southwest Airlines: Board Restructuring Yields Influence

Elliott’s aggressive intervention at Southwest Airlines (NYSE: LUV) transformed the carrier’s governance. The 54 million shares Singer now holds—currently valued at approximately $1.8 billion—came after Elliott successfully installed six new board members and accelerated the retirement of former Chairman Gary Kelly. This position underscores Singer’s confidence in the airline’s reorganization trajectory.

4. Pinterest: Subtle Board Presence, Significant Stake

At Pinterest (NYSE: PINS), Singer’s approach proved more collaborative. Elliott’s 28 million shares, worth roughly $900 million, accompanied the placement of portfolio manager Marc Steinberg on the board. This structure suggests influence without wholesale governance overhaul—a different activist model for the social media platform.

5. NRG Energy: Ongoing Engagement in Energy Transition

NRG Energy (NYSE: NRG) represents Elliott’s persistent activist presence in the utility sector. Singer’s 4.8 million shares, valued near $460 million, reflect an earlier campaign calling for leadership changes and strategic review. The retained position signals ongoing monitoring of management’s execution.

The Broader Pattern

Paul Singer’s portfolio construction demonstrates a sophisticated strategy: hedges on broad market indices paired with concentrated stakes in companies undergoing governance transformation or operating in commodity-adjacent sectors. The $2.6 billion commitment to Triple Flag Precious Metals, coupled with $2 billion in Suncor Energy, indicates a thoughtful tilt toward alternative assets and energy infrastructure—positioning that diverges from typical index-heavy allocations. For investors studying activist plays and sector rotation, Singer’s moves offer a instructive roadmap.