Elliott buys PepsiCo, exits Western Digital in Q3

Paul Singer’s Elliott Management disclosed in an SEC filing its holdings as of September 30, 2025. The fund’s three new buys during Q3 included, by size of position, PepsiCo (PEP), Bill Holdings (BILL), and GCI Liberty (GLIBA) Class C (GLIBK). Elliott exited three positions during the quarter, including by size of previous position Liberty Broadband Class C (LBRDK), Western Digital (WDC), and SanDisk (SNDK). The fund increased its stake in Uniti Group (UNIT) and reduced its stake in Southwest Air (LUV). Elliott’s top holdings as of September 30, in order of size, were Triple Flag (TFPM), Phillips 66 (PSX), Suncor (SU), Southwest Air, and Pinterest (PINS).