Paul Singer's Elliott Investment Management has significantly changed its market hedges, increasing its bearish bet against gold miners while establishing a new bullish position on the Nasdaq 100, according to its third-quarter 13F filing released Friday.
Singer Bets Against Gold Miners While Loading Up On QQQ
The 13F filing , which details the firm’s holdings as of Sept. 30, 2025, reveals a complex outlook on the market. Elliott dramatically increased its put position on the VanEck Gold Miners ETF (NYSE: GDX ), adding 7.5 million shares.
This brings its total holding to 11.5 million shares valued at $878.6 million, signaling a strong conviction that the mining sector may face headwinds.
In a seemingly counter-balancing move, the firm initiated a major bullish position by purchasing call options on the Invesco QQQ Trust (NASDAQ: QQQ ), which tracks the Nasdaq 100. This new stake is valued at $750.4 million.
This strategic shift coincides with the firm closing out its largest single position from the previous quarter: a massive $1.33 billion put option on the SPDR S&P 500 ETF (NYSE: SPY ).
The complete exit from this broad market hedge suggests Elliott is moving away from a general bearish stance and instead focusing on specific sector-by-sector opportunities and risks.
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Singer Is Bearish On Consumer Staples, Energy
Furthering this targeted approach, Elliott initiated several other significant new positions.
The firm established a $1.175 billion put position on the Consumer Staples Select Sector SPDR Fund (NYSE: XLP ), the largest new bet in the portfolio. It also opened a new $714.7 million put option on the Energy Select Sector SPDR Fund (NYSE: XLE ).
These moves were part of an active quarter for the firm, which saw its total 13F portfolio value grow from $17.6 billion to $22.7 billion. Elliott also exited positions in a VanEck Semiconductor ETF (NASDAQ: SMH ) put, Liberty Broadband Corp. (NASDAQ: LBRDK ), and Western Digital Corp. (NASDAQ: WDC ).
Summary Of Major Q3 2025 Changes
Here are the most significant changes in the portfolio based on the dollar value change between the second and the third quarter.
| Security / Ticker | Type | Q3 2025 Value ($000) | Change From Q2 2025 |
| Consumer Staples SPDR (XLP) | New Put Option | $1,175,550 | New Position |
| Gold Miners ETF (GDX) | Increased Put Option | $878,600 | Added 7,500,000 shares |
| Invesco QQQ Trust (QQQ) | New Call Option | $750,462 | New Position |
| Energy Sector SPDR (XLE) | New Put Option | $714,720 | New Position |
| S&P 500 ETF (SPY) | Exited Put Option | $0 | Exited $1,334,556 position |
| Semiconductor ETF (SMH) | Exited Put Option | $0 | Exited $278,880 position |
The futures of the S&P 500, Nasdaq 100, and Dow Jones were trading higher on Monday after a mixed close on Friday.
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Billionaire Investor Paul Singer Has Over Half Of Elliott Investment’s Portfolio Invested In These Four StocksDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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GDX VanEck Gold Miners ETF $76.58 0.55% Overview LBRDK Liberty Broadband Corp $47.48 1.00% QQQ Invesco QQQ Trust, Series 1 $612.97 0.68% SMH VanEck Semiconductor ETF $347.35 0.69% SPY SPDR S&P 500 $674.64 0.40% WDC Western Digital Corp $160.09 1.43% XLE SPDR Select Sector Fund - Energy Select Sector $91.75 -0.29% XLP SPDR Select Sector Fund - Consumer Staples $77.15 -0.14% Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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