Activist hedge fund Elliott Management increased its position in Hewlett Packard Enterprise while exiting investments in Bill Holdings and Sensata Technologies during the first quarter.
Elliott Investment Management, the activist hedge fund known for leading high-profile campaigns at Starbucks and Southwest Airlines, quietly made changes to its holdings in the first quarter.
A Form 13F filed with the Securities and Exchange Commission on Friday shows the activist investor boosted its stake in Hewlett Packard Enterprise to 27,421,735 shares from 18,630,978 shares in the fourth quarter. The position was valued at nearly $927 million based on Wednesday’s closing price of $33.80. Elliott began building a stake in the information-technology giant last year.
The firm made several exits in the first quarter, including selling its remaining 3 million shares in Bill Holdings. Elliott built a stake in the cloud-based software company last year alongside other activist shareholders who were pushing to reverse the company’s weak revenue growth and sagging stock price.
The hedge fund also closed its position in Sensata Technologies through the sale of 3,250,000 shares. Elliott first disclosed a stake in Sensata, the maker of sensors and electrical power components, in 2024. In April of that year, former CEO Jeff Cote announced his resignation and Elliott took a seat on the company’s board to oversee performance.
A new name appeared in the filing: Norwegian Cruise Line. Elliott disclosed a “greater than 10% economic interest” in the cruise operator this February, using language that typically suggests a firm holds its position through a combination of common stock and derivative financial instruments.
The 13-F shows Elliott added 13,186,000 Norwegian shares to its portfolio in the first quarter, a position valued at more than $445 million on Wednesday. The holdings represent around a 2.9% stake in the company, based on its 459,110,000 shares outstanding.
Elliott left unchanged its stake in other notable names, including PepsiCo, Equinix, and Phillips 66. While Elliott is best known for its equity activism, it operates a diversified, multi-strategy fund with investments ranging from distressed securities and private credit to real estate.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com