Paul Singer’s Elliott Targets Gold, Consumer Staples With New Puts – Bets Big On Tech

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.
See Also: Druckenmiller Opens Position In Amazon, Closes Microsoft — Here’s More Of Duquesne’s Biggest Q3 Moves
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.
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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