Elliott Management AUM Overview of Investments and Acquisitions

Elliott Management's AUM is a significant $40 billion, making it one of the largest hedge funds in the world.

Elliott Management has a long history of investing in various sectors, including technology, healthcare, and finance.

Their investment strategy focuses on activist investing, where they acquire stakes in companies and push for changes to improve their performance.

Elliott Management has successfully exited several investments, including their $3.2 billion stake in Dell Technologies.

Their investments have resulted in significant returns for their investors, with some exits yielding returns of over 10 times their initial investment.

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Elliott Management is known for its activist approach, often taking significant stakes in companies to push for change.

They've been involved in numerous high-profile campaigns, including a 3% stake in Sony in 2012 that led to the company's CEO and CFO resigning.

Elliott's activist strategy involves identifying undervalued companies with potential for improvement, then using their influence to drive change.

For another approach, see: Activist Investor Starboard Value

Their research process involves analyzing financials, management teams, and industry trends to pinpoint opportunities for growth.

One notable example is their 2012 campaign against Japanese electronics company Sony, where they pushed for significant changes in the company's leadership and operations.

Elliott's activist approach has led to significant returns for their investors, with some campaigns yielding returns of over 100%.

Their ability to identify undervalued companies and drive change has made them a respected player in the investment world.

Elliott Investment Management's portfolio is quite extensive, holding 55 positions as reported in their September 2024 quarterly 13F filing.

These positions are a significant part of their overall portfolio, giving us a glimpse into their investment strategies and preferences.

Their portfolio is a key aspect of understanding their asset under management (AUM), and it's interesting to see the variety of holdings they have.

Elliott Investment Management's portfolio is a testament to their expertise and experience in the investment world.

Elliott Management's investment strategy is heavily focused on value investing, with a strong emphasis on identifying undervalued companies with strong fundamentals.

The firm's AUM has grown significantly over the years, reaching $40 billion in 2020.

Compuware is a company that made headlines in December 2012, when Elliott, a major shareholder, offered to buy the company for $11 a share in cash.

Elliott already had an 8% stake in Compuware at the time of the offer.

Elliott has seven equity partners. They play a crucial role in the firm's decision-making process.

Paul Singer and Jonathan Pollock are co-chief investment officers, which means they have a significant say in the firm's investment strategies.

Gordon Singer, Paul Singer's son, manages Elliott's London office, providing a local perspective on international investments.

Steven Kasoff, a former senior portfolio manager, was named an equity partner in January 2015, a testament to his experience and expertise.

Steve Cohen, Dave Miller, Jesse Cohn, and Zion Shohet are also listed as equity partners at the firm, as of November 2020.

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Let's take a closer look at the affiliates and units involved in these investments.

Hambledon, Inc. is a Cayman Islands corporation controlled by Singer.

Some of the notable affiliates include NML Capital, a subsidiary of Elliott Management, and Kensington International Ltd., also a subsidiary of Elliott Management.

Maidenhead LLC and Warrington LLC are US entities that are controlled by Singer.

Elliott Advisors (UK) Ltd. is a London-based advisor to Elliott, providing guidance on investment strategies.

Elliott Advisors (HK) Limited is the Hong Kong arm of Elliott Management, offering similar advisory services.

Here's a list of some of the key affiliates and units mentioned:

Hess Corporation was a top pick for Elliott since 2013. Elliott Management was instrumental in pushing Hess to make changes to boost its share price.

In late 2012, Elliott criticized Hess for its use of capital and being distracted from oil exploration and production. Hess acted on some of Elliott's suggestions in March 2013.

Elliott owned 17.8 million shares of Hess as of the fourth quarter of 2014, worth $1.3 billion. This made Hess Elliott's largest holding at the time.

Hess closed its London office on Elliott's advice in April 2013. This move was a result of Elliott's efforts to reconfigure the oil firm.

Telecom Italia's fate was decided in May 2018 when Elliott Management won the battle for control, securing two-thirds of the board seats.

Elliott Management's victory marked a significant shift in the company's leadership.

AT&T is a company that caught the attention of activist investor Elliott Management in 2019. Elliott Management accumulated $3.2 billion of AT&T stock, which translates to a 1.2% equity interest in the company. This significant investment was made with the intention of creating value for AT&T shareholders. Elliott's move suggests that they believe AT&T has untapped potential for growth and profit.

Consider reading: Investment and Portfolio Analysis

Akzo Nobel is a Dutch paint and chemicals company that made headlines in 2017 due to a dispute with Elliott, an American activist investor. Elliott's efforts led to PPG Industries, another American rival, seeking to take over Akzo Nobel.

In August 2017, Akzo Nobel ended the dispute with Elliott, marking a significant turning point in the company's history. This move came after Elliott had urged talks between Akzo Nobel and PPG Industries.

Elliott's stake in Akzo Nobel reached a remarkable 9% during the conflict, making it the company's top shareholder. This level of influence is a testament to the power of activist investors in shaping corporate decisions.

Softbank Group was reportedly built on by Elliott Management with a more than $2.5 billion stake in February 2020. This significant investment was a notable move in the world of finance.

Elliott Management later sold almost all its shares in SoftBank in August 2022, purportedly after losing conviction in Masayoshi Son's ability to lead a turnaround.

Sovereign debt can be a complex and high-stakes investment strategy. Elliott, a hedge fund, has been involved in several notable cases.

In 1995, Elliott bought $20 million face value of defaulted Peruvian bank debt, which was later awarded $58 million, including past due interest. This demonstrates the potential for significant returns on distressed debt investments.

On a similar theme: Does a Debt Management Affect Credit

Elliott's involvement in Argentina's sovereign debt is another notable example. After Argentina defaulted on its debt in 2002, Elliott refused to accept an offer of less than 30 cents on the dollar.

Elliott's subsidiary, NML Capital, arranged for the seizure of an Argentinian naval vessel in Ghana in 2012, as part of its efforts to collect on court judgments worth over $1.6 billion. This move was seen as a major escalation in the dispute.

In another case, Elliott exposed corruption in the Republic of the Congo while attempting to enforce judgments totaling over $100 million in defaulted bank debt. The government ultimately settled for an estimated $90 million on debt for which Elliott paid less than $20 million.

Elliott's success in these cases highlights the potential for hedge funds to uncover and capitalize on distressed debt opportunities.

Take a look at this: Debt Management Ratio

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