事件驱动 / 集中Event-driven / concentrated · famous

Elliott Investment Management

埃利奥特投资管理

研究可用度中Medium research usability

13F-RS 研究可用度13F-RS research usability 70.0 覆盖coverage 75% · 置信confidence B

结论先行Answer first

前五大占80.7%，最值得继续核验的动作是减持SUNCOR ENERGY INC NEWTop five represent 80.7%; reduction in SUNCOR ENERGY INC NEW is the clearest next diligence lead

最大可见非期权证券持仓为TRIPLE FLAG PRECIOUS METAL（17.6%）；季度快照换手代理为9.2%，前十大延续率为100.0%。该机构归入“事件驱动/集中”，13F只能解释公开的美国可报告证券多头。

The largest visible non-option security is TRIPLE FLAG PRECIOUS METAL (17.6%). The quarterly snapshot turnover proxy is 9.2%, and top-ten persistence is 100.0%. The manager is classified as Event-driven/concentrated; 13F covers only visible reportable U.S. long securities.

最重要的可比减持Most material comparable reductionSUNCOR ENERGY INC NEWCOM · CUSIP 867224107股数 -44.1%；上季 17.31% → 本季 6.97%Shares -44.1%; prior 17.31% → current 6.97%减仓影响代理 ≈ 7.63 个百分点Sale-impact proxy ≈ 7.63 pp

最大退出候选Largest apparent exitCROWN CASTLE INCCOM · CUSIP 22822V101本期同一换算后证券未见；上季权重 0.49%No comparable adjusted security this quarter; prior weight 0.49%减仓影响代理 ≈ 0.49 个百分点Sale-impact proxy ≈ 0.49 pp

按上季可见权重 × 股数降幅排序；完整非期权证券变化见下方。Ranked by prior visible weight × share decline; the full non-option security changes appear below.

下一步Next diligence

把减持SUNCOR ENERGY INC NEW作为研究线索，结合公司基本面、估值、催化剂及13D/G核验；不要直接跟单。

Treat the reduction in SUNCOR ENERGY INC NEW as a research lead and verify fundamentals, valuation, catalysts and any 13D/G filings; do not copy mechanically.

可见总值Visible value$22.67bn前期 2026-03-31: $20.11bn（仅作规模对照）Prior 2026-03-31: $20.11bn (scale context only)

经济持仓数Economic positions29按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration80.7%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy9.2%范围变化时不估算not estimated when scope changes

前十大延续Top-ten persistence100.0%范围变化时不估算not estimated when scope changes

最新申报日Latest filing date2026-08-14报告期report date 2026-06-30

CIK · accession · accepted date

本季申报链Current filing chain

先展示 13F-NT 关系通知，再展示解析到的 13F-HR / HR-A。价值单位说明保留检测结果和归一化倍数。

Relationship notices appear before resolved 13F-HR / HR-A filings. Unit notes preserve the detection result and normalization multiplier.

法律申报人Legal filer	CIK	Form	Accession	申报日Filed	解析 / 单位说明Resolution / unit note
Elliott Investment Management L.P.	CIK 0001791786	13F-HR	0001013594-26-000915	2026-08-14	usd_consistent_with_implied_prices

2026-03-31 → 2026-06-30

持仓与季度变化Holdings and quarterly change

前十大可见非期权证券Top visible non-option holdings 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
TRIPLE FLAG PRECIOUS METALCOM · CUSIP 89679M104	—	$3.99bn	17.61%	133,241,535	-0.0%
PHILLIPS 66COM · CUSIP 718546104	—	$3.25bn	14.36%	19,251,000	0.0%
SUNCOR ENERGY INC NEWCOM · CUSIP 867224107	—	$1.58bn	6.97%	29,454,000	-44.1%
HEWLETT PACKARD ENTERPRISE CCOM · CUSIP 42824C109	—	$1.46bn	6.42%	32,271,985	17.7%
SOUTHWEST AIRLS COCOM · CUSIP 844741108	—	$1.25bn	5.51%	24,308,000	-19.9%
UNITI GROUP LLCCOM SHS · CUSIP 912932100	—	$676.9m	2.99%	59,012,219	0.0%
PINTEREST INCCL A · CUSIP 72352L106	—	$588.8m	2.60%	28,000,000	0.0%
ETSY INCCOM · CUSIP 29786A106	—	$376.6m	1.66%	5,000,000	0.0%
NORWEGIAN CRUISE LINE HLDGSSHS · CUSIP G66721104	—	$310.0m	1.37%	14,686,000	11.4%
PEPSICO INCCOM · CUSIP 713448108	—	$172.6m	0.76%	1,275,000	0.0%

新建仓位New positions 2

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
SYNOPSYS INCCOM · CUSIP 871607107	—	$101.5m	0.45%	227,500	—
QUANTINUUM INCCL A COM · CUSIP 74768A104	—	$12.3m	0.05%	150,000	—

增持仓位Added positions 2

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
HEWLETT PACKARD ENTERPRISE CCOM · CUSIP 42824C109	—	$1.46bn	6.42%	32,271,985	17.7%
NORWEGIAN CRUISE LINE HLDGSSHS · CUSIP G66721104	—	$310.0m	1.37%	14,686,000	11.4%

减持仓位Reduced positions 3

用公司行动调整后的股数判断，按上季可见权重 × 股数降幅排序；报告权重变化不是交易量。Classified from corporate-action-adjusted shares and ranked by prior visible weight × share decline; reported weight change is not trading volume.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
SUNCOR ENERGY INC NEWCOM · CUSIP 867224107	—	$1.58bn	6.97%	29,454,000	-44.1%
SOUTHWEST AIRLS COCOM · CUSIP 844741108	—	$1.25bn	5.51%	24,308,000	-19.9%
SEADRILL LTDCOM · CUSIP G7997W102	—	$167.9m	0.74%	4,439,681	-5.9%

退出候选Apparent exits 4

仅表示排除已知公司事件后，本期未见同一可比证券；到期、退市及未知事件仍须核验。Only means the comparable security is absent after known event checks; maturities, delistings and unknown events still require review.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
CROWN CASTLE INCCOM · CUSIP 22822V101	—	$99.6m	0.49%	1,225,000	-100.0%
WAYFAIR INCNOTE 3.500%11/1 · CUSIP 94419LAR2	—	$26.2m	0.13%	15,000,000	-100.0%
GCI LIBERTY INCCOM SER C · CUSIP 36164V800	—	$24.6m	0.12%	659,928	-100.0%
STRATEGY INCNOTE 0.625% 3/1 · CUSIP 594972AJ0	—	$11.5m	0.06%	10,000,000	-100.0%

期权切片Options slice 10

Put/Call 股数是标的股数；13F 没有执行价、到期日、权利金或净方向。Put/call shares are underlying shares; 13F omits strike, expiry, premium and net direction.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
INVESCO QQQ TRUNIT SER 1 · CUSIP 46090E103	PUT	$2.56bn	11.30%	3,480,000	770.0%
ISHARES TREXPANDED TECH · CUSIP 464287515	PUT	$1.43bn	6.29%	15,750,000	—
SELECT SECTOR SPDR TRST STR INDL ETF · CUSIP 81369Y704	PUT	$958.6m	4.23%	5,175,000	-31.0%
SELECT SECTOR SPDR TRST STR DISCR ETF · CUSIP 81369Y407	PUT	$832.7m	3.67%	7,100,000	65.1%
SELECT SECTOR SPDR TRST STR STAPL ETF · CUSIP 81369Y308	PUT	$799.5m	3.53%	9,625,000	5.3%
VANECK ETF TRUSTGOLD MINERS ETF · CUSIP 92189F106	PUT	$690.4m	3.04%	9,150,000	454.6%
ISHARES TRU.S. MED DVC ETF · CUSIP 464288810	PUT	$617.6m	2.72%	12,500,000	—
VANECK ETF TRUSTSEMICONDUCTR ETF · CUSIP 92189F676	PUT	$164.0m	0.72%	250,000	—
SPDR SERIES TRUSTST STR SP METAL · CUSIP 78464A755	PUT	$96.2m	0.42%	900,000	0.0%
INVESCO EXCHANGE TRADED FD TS&P500 EQL WGT · CUSIP 46137V357	PUT	$84.0m	0.37%	395,000	—

13F-RS-v1.0

评分拆解Score breakdown

完整方法Full methodology

维度Dimension	得分Score	比例Ratio
申报完整性Filing integrity	15.0 / 15	100%
实体映射Entity mapping	10.0 / 10	100%
策略适配度Strategy fit	7.5 / 15	50%
集中度信息密度Concentration signal	10.0 / 10	100%
高确信度可识别性Conviction identifiability	10.0 / 15	67%
延续性 / 换手Persistence / turnover	9.4 / 10	94%
申报时滞Filing lag	0.0 / 10	0%
不可见风险Opacity risk	5.8 / 10	58%
独立共识Independent consensus	2.3 / 5	46%

策略分类：事件驱动 / 集中。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Event-driven / concentrated. The score measures public-13F research usability, not future returns.

H（高确信度可识别性）当前以单仓≥2%为有限代理，尚未接入风格基准主动权重，因此该分项覆盖度只有50%。H (conviction identifiability) currently uses positions ≥2% as a limited proxy; style-benchmark active weights are not yet available, so this component has only 50% coverage.