Paul Singer founded Elliott Investment Management in 1977 in New York. It is one of the oldest hedge funds under continuous management and is also one of the largest activist funds in the world. It is the management affiliate of American hedge funds Elliott Associates and Elliott International Limited. Launched in 1994, Elliott International Limited has consistently outperformed the S&P 500 index by ~5 percentage points annually since its inception, which is a track record mirrored by Elliott Associates. Paul Singer earned a BS in psychology from the University of Rochester and a JD from Harvard Law School. He then spent 4 years working in corporate law firms and the investment bank Donaldson, Lufkin & Jenrette before founding Elliott Investment Management. Elliott Management has 38 clients and discretionary assets under management (AUM) of $97.37 billion, according to the Form ADV dated 13 February 2025. The last reported 13F filing for Q4 2024 included $16.66 billion in managed 13F securities and a top 10 holdings concentration of 82.44%.
Singer has built a reputation on Wall Street for his aggressive tactics that often generate significant shareholder value by exploiting weaknesses in various asset classes. His initial approach to investing was to target companies and even governments while purchasing extremely distressed debt. In February 2025, Singer appeared on a Podcast titled ‘In Good Company with Nicolai Tangen’, where he also discussed what he believes is the reason behind bad investments. While bad luck remains a relevant factor, he believes that these failures result from oversights and inadequate and/or incorrect hedging strategies:
“Sometimes it’s bad luck, but more frequently it’s (that) we missed something. We missed. Or the hedges weren’t, they weren’t the right hedges. The tracking error was much more than we expected. At the beginning of my career, 1977 to like 1987, hedging was much more simple, because we were long a convertible bond and short the stock into which the convertible was convertible. So that’s very straightforward. And tracking error wasn’t really a factor. We’ve become much more sophisticated in hedging, in creating bespoke hedges for different kinds of trades. But even those don’t work out exactly, you know, all the time. But sometimes, you know, the worst trades, and I don’t mind mentioning them, it’s a kind of a form of therapy and a pedagogical exercise. The worst trades are the trades that you misunderstand the risk. You put it into the wrong category.”
That being said, we’re here with a list of billionaire Paul Singer’s 10 stock picks with huge upside potential.
Paul Singer of Elliott Management
Our Methodology
To compile the list of billionaire Paul Singer’s 10 stock picks with huge upside potential, we sifted through Q4 2024 13F filings of Elliott Management from Insider Monkey. From these filings, we checked the upside potential from CNN for the top 20 stock picks and ranked the stocks in ascending order of this upside potential. We have also added Elliott Management’s stake in each stock as well as the broader hedge fund sentiment for it.
Note: All data was sourced on May 8.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
Billionaire Paul Singer’s 10 Stock Picks with Huge Upside Potential
10. Liberty Broadband Corp Series (NASDAQ:LBRDA)
Elliott Management’s Stake: $178.26 million
Number of Hedge Fund Holders: 22
Average Upside Potential as of May 8: 16.48%
Liberty Broadband Corp Series (NASDAQ:LBRDA) engages in communications businesses in the US. It operates in two segments: GCI Holdings and Charter. The GCI Holdings segment provides a range of data, wireless, video, voice, and managed services. The Charter segment offers subscription-based internet, video, and mobile & voice services.
GCI achieved a record revenue of over $1 billion in 2024, which was an increase of 4% year-over-year. This is because GCI’s business data revenue experienced growth due to an upgrade cycle within school and healthcare corporations in rural Alaska. However, within its consumer segment, GCI experienced a decline in subscribers.
Revenue-generating wireless subscribers decreased by 300, and cable modem subscribers declined by 4,900, with ~3,800 of these cable modem losses attributed to the expiration of the Affordable Connectivity Program. Earlier this year, analyst Matthew Harrigan maintained his Buy rating on the stock and labeled it an attractive investment opportunity. However, he lowered the price target from $130 to $115 due to current market conditions.
Conventum – Alluvium Global Fund is positive on the company and stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q3 2024 investor letter:
“Liberty Broadband Corporation (NASDAQ:LBRDA) (up 40.7%), has investments in the broadband sector via Charter Communications and GCI Holdings, which represents Liberty’s Alaskan operations. Charter announced pleasing second quarter results. So far it has retained the vast majority of the former Affordable Connectivity Program (ACP) recipients (but this is yet to fully play out), its mobile business is gaining further traction (with a strong reception to its phone upgrade and service plans), and good progress is being made on cost management. Both Liberty and Charter’s share prices rose (by 15.0% and 16.6%) on the release of these results. But there was no cause for any change to our analysis nor valuation – and both still appeared cheap to us. Then, later in the quarter Liberty received a proposal from Charter to consolidate the entities (but excluding GCI). Liberty provided a counter proposal at a higher exchange ratio and that included GCI (which Charter’s initial correspondence suggested may be entertained). Depending on how the value of GCI is accounted, the consideration difference is around 20-25%, which is not insurmountable in our view. The proposed simplified structure makes sense and is likely to be appreciated by investors on both sides. On the day this was announced, it was not surprising that Liberty’s share price was up 28.4%, and Charter’s fell marginally (down 2.5%). In our view, only now after the strong price gains is Liberty’s trading price getting close to fair value. Accordingly, no action was warranted and our Liberty position now stands at 7.1%.”
9. Phillips 66 (NYSE:PSX)
Elliott Management’s Stake: $88.29 million
Number of Hedge Fund Holders: 47
Average Upside Potential as of May 8: 24.59%
Phillips 66 (NYSE:PSX) operates as an energy manufacturing and logistics company. It operates through five segments: Midstream, Chemicals, Refining, Marketing & Specialties (M&S), and Renewable Fuels. The company markets its products through Phillips 66, Conoco & 76, JET, Kendall, Red Line, and other private label brands.
Phillips 66 is investing in expanding its natural gas gathering and processing footprint within the Permian. One instance of this is the Dos Picos II expansion plant, which is expected to be online in Q3 2025. Furthermore, the newly announced Iron Mesa plant is also expected to come online in Q1 2027 and will be serving the Delaware and Midland Basins.
The recent acquisition of EPIC NGL also expands Phillips 66’s takeaway capacity from the Permian Basin. This boosts the company’s Midstream segment’s performance. In Q1 2025, the company’s Midstream segment’s results decreased slightly due to lower volumes caused by refining turnaround activity. The Sweeny Hub within the Midstream segment achieved a record 650,000 barrels per day in fractionation volumes during the quarter.
8. Sensata Technologies Holding (NYSE:ST)
Elliott Management’s Stake: $89.05 million
Number of Hedge Fund Holders: 40
Average Upside Potential as of May 8: 29.09%
Sensata Technologies Holding (NYSE:ST) develops, manufactures, and sells sensors and sensor-rich solutions, electrical protection components & systems, and other products. These are used in mission-critical systems and applications. It operates through two segments: Performance Sensing and Sensing Solutions. It serves automotive, on-road truck & construction, and OEMs.
The company’s Performance Sensing segment, which focuses on automotive and heavy vehicles, is its revenue engine. In 2024, the company’s Performance Sensing segment generated $2.74 billion and held steady despite market contraction. This segment has a focus on automotive and heavy vehicles. The growth in this segment comes from Sensata winning new business in traditional internal combustion engine/ICE vehicles. These vehicles are powered by burning fossil fuels as opposed to EVs.
Earlier this year, TD Cowen analyst Joseph C Giordano maintained a Buy rating on the stock while keeping the $45 price target due to the Performance Segment. Management noted that the company is focusing on three main pillars: returning to growth through innovation & strategic customer partnerships, operational excellence to deliver high-quality products, and free cash flow generation.
7. Western Digital Corp. (NASDAQ:WDC)
Elliott Management’s Stake: $134.17 million
Number of Hedge Fund Holders: 85
Average Upside Potential as of May 8: 30.93%
Western Digital Corp. (NASDAQ:WDC) develops, manufactures, and sells data storage devices and solutions. It offers client devices, such as hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set-top boxes. It also offers external HDD storage products in mobile and desktop form.
In FQ3 2025, the company’s Cloud end market generated $2 billion in revenue, which made up 87% of the company’s total revenue. This was also a 38% improvement year-over-year, which was fueled by the increasing need for mass storage solutions driven by the growth of data due to enterprise workloads and the surge in AI-generated content.
While there was a 6% sequential decrease in near-line bit shipments due to customer deployment plans, the average price per unit in the cloud sector increased by 5% sequentially to $179. Western Digital Corp. (NASDAQ:WDC) has also secured long-term agreements that extend through H1 2026 with two of its largest cloud customers. On April 10, Benchmark upgraded the stock from Hold to Buy with a price target of $55 due to the company’s developments in the flash memory and nearline drive segments.
Parnassus Mid Cap Fund stated the following regarding Western Digital Corporation (NASDAQ:WDC) in its Q2 2024 investor letter:
“We re-initiated a position in Western Digital Corporation (NASDAQ:WDC), a manufacturer of memory semiconductor chips and hard disk drives, as we believe earnings expectations are far too low. Semiconductors have been another of our most-alpha-generative industries, thanks to the industry’s secular tailwinds and our in-house expertise. Western Digital stands to benefit from the rapid growth of memory-hungry AI applications. The valuation for Western Digital was low relative to its peers, giving us a way to participate in AI at a reasonable valuation.”
6. CorMedix Inc. (NASDAQ:CRMD)
Elliott Management’s Stake: $23.25 million
Number of Hedge Fund Holders: 10
Average Upside Potential as of May 8: 36.99%
CorMedix Inc. (NASDAQ:CRMD) is a biopharmaceutical company that develops and commercializes therapeutic products for life-threatening diseases and conditions in the US. Its lead product candidate is DefenCath, which is an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.
The Outpatient DefenCath Sales segment at CorMedix experienced strong uptake of DefenCath among both existing and new customers in the outpatient setting in Q4 2024, contributing to the company’s net revenue of $31.2 million for the quarter and $43.5 million for the full year 2024. Q4 also marked the company’s first profitable commercial quarter, with a net income of $13.5 million.
CorMedix Inc. (NASDAQ:CRMD) began Q1 2025 with over $25 million in purchase orders from existing outpatient customers for delivery in that quarter. The company currently estimates net revenue from existing purchasing customers for the first 6 months of 2025 to be in the range of $50 to $60 million, with over $33 million expected in Q1 alone. While the net selling price of DefenCath has been stable in the initial quarters of outpatient commercialization, a price erosion is anticipated to begin in Q2 2025.
5. Pinterest Inc. (NYSE:PINS)
Elliott Management’s Stake: $812 million
Number of Hedge Fund Holders: 73
Average Upside Potential as of May 8: 44.48%
Pinterest Inc. (NYSE:PINS) is a visual search & discovery platform that allows people to find ideas, such as recipes, home, and style inspiration. It also allows them to search, save, and shop the ideas. The company offers various advertising products to help advertisers meet users, and an ad auction that allows advertisers to serve ads to users at relevant moments to optimize business outcomes.
In Q4 2024, Pinterest achieved its first $1 billion revenue quarter with 18% revenue growth, which was partly driven by a record number of clicks during the holiday season. The platform’s weekly active to monthly active user ratio also reached an all-time high of 62% in 2024. This success was further fueled by improvements in the company’s advertising platform.
Clicks to advertisers grew over 90% in Q4, even after lapping the initial launch of direct links from the previous year. Pinterest Inc. (NYSE:PINS) focuses on actionability, relevance, and curation, while distinguishing itself as a positive place online. For 2025, management plans to use AI and its unique first-party signal to drive more personalized experiences.
Renaissance Large Cap Growth Strategy stated the following regarding Pinterest, Inc. (NYSE:PINS) in its Q4 2024 investor letter:
“We made several changes to the portfolio in the fourth quarter. Most recently, we added a new position in the Communication Services sector in December with Pinterest, Inc. (NYSE:PINS), a leading visual search and discovery platform with a unique curation function that enables users to find and display new ideas and creations that focus on interests such as fashion and home décor among other consumer goods. Since 2022, a new management team has transformed Pinterest into a shopping platform, providing more value and capabilities to advertisers includ ing direct connection with users, resulting in higher profits. In addition, the company was an early adopter of AI to increase personalization, advertising relevance options, and automated processes to increase ease-of-use for smaller advertisers. In the near term, we expect Pinterest to see monetization improvements with upside to Average Revenue Per User (ARPU) and traction in new categories and international markets.”
4. Uniti Group Inc. (NASDAQ:UNIT)
Elliott Management’s Stake: $55.66 million
Number of Hedge Fund Holders: 30
Average Upside Potential as of May 8: 60.92%
Uniti Group Inc. (NASDAQ:UNIT) is an internally managed real estate investment trust that acquires and constructs mission-critical communications infrastructure. It also provides fiber and other wireless solutions for the communications industry. The company’s Fiber Infrastructure segment encompasses the current Uniti Fiber and Uniti Leasing segments, along with Windstream Wholesale post-merger.
In 2024, Uniti’s recurring strategic fiber business grew by ~5%. This growth is underscored by a consolidated bookings growth of ~27%, indicating strong future revenue potential within this segment. Within Fiber Infrastructure, Uniti Leasing reported segment revenues of $222 million in Q4 2024. For the full year 2025 outlook, Uniti Leasing is projected to make revenues of $902 million
Earlier in February, Raymond James analyst Frank Louthan upgraded Uniti Group Inc. (NASDAQ:UNIT) to Strong Buy from Outperform, while raising the price target to $8 from $6. He believes the company is a hidden gem in the fiber-to-the-home market, especially as its merger with Windstream nears completion in mid-2025. The combined entity, branded as Fiber Infrastructure post-close, will create a premier fiber infrastructure company with national and deep regional capabilities.
3. Biomarin Pharmaceutical Inc. (NASDAQ:BMRN)
Elliott Management’s Stake: $230.08 million
Number of Hedge Fund Holders: 51
Average Upside Potential as of May 5: 62.68%
Biomarin Pharmaceutical Inc. (NASDAQ:BMRN) is a biotech company that develops and commercializes therapies for life-threatening rare diseases and medical conditions. It serves specialty pharmacies, hospitals, non-US government agencies, distributors, and pharmaceutical wholesalers. It has license and collaboration agreements with Catalyst Pharmaceutical Partners and Ares Trading.
VOXZOGO is Biomarin’s transformative medicine that was approved 4 years ago for treating achondroplasia, which is a genetic bone growth disorder. In Q1 2025, VOXZOGO’s global revenue reached $214 million, which was up 40% year-over-year. VOXZOGO is now accessible to children with achondroplasia across 49 countries, and BioMarin is expanding access to over 60 countries by 2027.
In the US, the company is increasing new patient uptake, with the expectation that these efforts will drive expansion beginning in H2 2025. Biomarin Pharmaceutical Inc. (NASDAQ:BMRN) expects VOXZOGO 2025 revenues to be between $900 and $950 million. On April 21, Oppenheimer reiterated its Outperform rating on BioMarin shares, while maintaining a $98 price target.
2. Seadrill Ltd. (NYSE:SDRL)
Elliott Management’s Stake: $144.19 million
Number of Hedge Fund Holders: 42
Average Upside Potential as of May 8: 66.08%
Seadrill Ltd. (NYSE:SDRL) provides offshore drilling services to the oil & gas industry worldwide. It owns and operates drill ships and semi-submersible rigs for operations in shallow and ultra-deep water in benign and harsh environments. It serves oil super-majors, state-owned national oil companies, and independent oil and gas companies.
The company reported a $1.3 billion contracted backlog in 2024, which saw a net increase of $700 million during the year. This backlog provides revenue visibility, which extends through 2028 and into 2029, with ~90% of the midpoint of the 2025 revenue guidance already secured within this backlog. This revenue guidance is between $1.3 and $1.36 billion. According to the CEO, Seadrill is positioned to navigate market volatility due to a strong balance sheet and durable backlog.
Seadrill Ltd. (NYSE:SDRL) secured two significant long-term contract awards in Brazil in December 2024 as well, which are to commence in 2026. These added $1 billion to the company’s backlog and included a mobilization fee exceeding $70 million. These awards for the West Jupiter and the West Telus are for 3-year terms each with Petrobras.
Patient Capital Opportunity Equity Strategy is positive on the company and stated the following regarding Seadrill Limited (NYSE:SDRL) in its Q1 2025 investor letter:
“Seadrill Limited (NYSE:SDRL) is the fourth largest pure play deepwater drilling specialist. The company emerged from bankruptcy in February 2022 with a net cash position and is positioned to benefit from limited supply and increasing demand in the deepwater drilling rig market. Nearly half of all deepwater drilling rigs worldwide were scrapped during the last decade, while industry consolidation has created a more rational competitive landscape than we’ve seen historically. Although oil demand has remained reasonably healthy, surprisingly strong onshore production from the USA, Canada and Russia has helped keep a lid on prices. While this has negatively impacted contract rates near-term, we believe that long-term future shale supply growth will be limited, and more offshore supply will be required benefitting offshore drillers. Given its highly specialized rig fleet and minimal debt, we believe the company is well positioned to benefit from improving prices when demand rebounds. We believe Seadrill could either lead industry consolidation or become an acquisition target.”
1. Transocean (NYSE:RIG)
Elliott Management’s Stake: $44.51 million
Number of Hedge Fund Holders: 38
Average Upside Potential as of May 8: 73.91%
Transocean (NYSE:RIG) provides offshore contract drilling services for oil & gas wells in Switzerland and internationally. The company contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. It also operates a fleet of mobile offshore drilling units, which consist of ultra-deepwater floaters and harsh environment floaters.
In Q1 2025, Transocean delivered $906 million in contract drilling revenue, which was generated at an average daily revenue of ~$444,000. The demand for Transocean’s contract drilling services, particularly in the deepwater market, is expected to grow further. Industry projections, like those from Mackenzie, anticipate a 40% increase in deepwater investment by 2030. This outlook is driven by the fact that over 90% of deepwater 2P (proven and probable) reserves are economic at above $50 per barrel.
In the US Gulf, Transocean (NYSE:RIG) anticipates up to 6 programs to commence in Q2 and Q3 of 2026, with durations ranging from 6 months to 4 years. For the full year 2025, Transocean (NYSE:RIG) anticipates contract drilling revenues to be between $3.85 and $3.95 billion due to higher activity on specific rigs and improved revenue efficiency.
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