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.
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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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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