Elliott trims Suncor, builds out massive QQQ and software put hedges in Q2 2026

Elliott Investment Management significantly expanded its options-based downside positioning during Q2 2026. The firm escalated its Invesco QQQ Trust (NDQ) put position by 770% to $2.56 billion (up from $230.87 million) and initiated a new $1.43 billion put position in the iShares Expanded Tech-Software Sector ETF (IGV), which now accounts for 6.3% of the $22.67 billion reported portfolio. Other notable put increases included a new $617.63 million put position in the iShares U.S. Medical Devices ETF (IHI), a 455% increase in VanEck Gold Miners ETF (GDX) puts to $690.37 million, and a 65% boost in Consumer Discretionary Select Sector SPDR (XLY) puts to $832.69 million.

On the equity side, Elliott trimmed its position in Suncor Energy (SU) by 44%, reducing the holding to $1.58 billion from $3.48 billion. In contrast, the fund increased its stake in Hewlett Packard Enterprise (HPE) by 18%, bringing the position value to $1.46 billion. It also trimmed its holding in Southwest Airlines (LUV) by 20% to $1.25 billion and established a new equity position in Synopsys (SNPS) valued at $101.48 million.

Several large derivative and equity positions were completely closed during the quarter. Most notably, Elliott exited a $397.80 million put position in the iShares iBoxx $ High Yield Corporate Bond ETF (HYG), a $270.31 million put position in Digital Realty Trust (FQI), a $213.67 million put position in the iShares Russell 1000 Value ETF (IWD), and its $99.60 million common stock position in Crown Castle Inc.

Position changes