Elliott buys Seadrill, exits PayPal in Q2

Paul Singer’s Elliott Management disclosed in an SEC filing its holdings as of June 30, 2023. The fund’s eight new buys during the second quarter included, by size of position, Seadrill (SDRL), Syneos Health (SYNH), Constellation Brands (STZ), NRG Energy (NRG), and Phillips 66 (PSX). Elliott exited two positions during the quarter, namely Clarivate (CLVT) and PayPal (PYPL). The fund increased its stake in six holdings, including by size of previous position Liberty Broadband Class C (LBRDK), iShares iBoxx High Yield Corporate Bond ETF (HYG), Endeavor Group (EDR), Pinterest (PINS), and E2open (ETWO). Elliott reduced its stake in four holdings, including by size of previous position Howmet Aerospace (HWM), iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), Valaris (VAL), and Bausch Health (BHC). The fund’s top holdings as of June 30, in order of size were Triple Flag Precious Metals (TFPM), Marathon Petroleum (MPC), Howmet, Pinterest, and Peabody Energy (BTU).