One of the oldest hedge funds under continuous management, Elliott Associates was founded by Paul Singer in 1977. Together with its younger brother, Elliott International, the funds specialize in public equity markets, fixed income investments and alternative investment markets. Paul Singer can boast of constantly beating the S&P 500, returning an average 14.6% per year, roughly 4 percentage points more than the index, and has been named “one of the most revered” hedge fund managers by The New York Times. According to the fund’s latest 13F filing, its equity portfolio carries a market value of approximately $7.15 billion, up from the $5.09 billion at the end of March, 2014. Paul Singer has a taste for energy companies as they occupy roughly 40% of Elliott’s portfolio and is also betting big on tech stocks, which account for 29.6% of the portfolio. In this article we shall take a look at Singer’s current top 3 equity positions.
Hess Corp. (NYSE:HES) continues to be Paul Singer’s biggest bet, accounting for approximately a quarter of Elliott’s equity positions. During the second quarter of 2014, no adjustments have been made to the position, so the fund continues to hold 17.3 million shares, which are now valued at $1.71 billion. Ralph V. Whitworth is not so optimistic about Hess Corp. (NYSE:HES), as he has chosen to reduce his fund’s investment in the stock by 5% during the same period of time. As a result, Relational Investors now holds approximately 3.02 million Hess Corp. (NYSE:HES) shares worth about $298 million.
Paul Singer is still bullish on Juniper Networks, Inc. (NYSE:JNPR) and has boosted his fund’s holding of the stock by 6% during the quarter. In its latest 13F filing, Elliott Associates has disclosed the ownership of 39.2 million shares of Juniper Networks, Inc. (NYSE:JNPR), a position that carries a value of $962 million. John Overdeck and David Siegel are also fans of this stock, having increased their fund’s stake by 160% during Q2. Two Sigma Advisors reportedly holds 3.72 million Juniper Networks, Inc. (NYSE:JNPR) shares, which are valued at $91.5 million.
Twenty-First Century Fox Inc (NASDAQ:FOX) is also a key holding in the portfolio of Singer and Elliott, having suffered no changes during the quarter. The fund still holds approximately 11.6 million shares of the media company, an investment that carries a reported value of $396 million. Chase Coleman and Feroz Dewan, the managers of Tiger Global Management LLC, are also invested in Twenty-First Century Fox Inc (NASDAQ:FOX), but have chosen to reduce their exposure to the stock. In its latest 13F filing, Tiger Global has reported ownership of 18.5 million shares of Twenty-First Century Fox Inc (NASDAQ:FOX), down 4% for the quarter.