Elliott Management Corp. exited its positions in five companies during the first quarter of 2022, selling a combined $1.47 billion worth of shares.
The activist investor's exits for the quarter included its $104.9 million stake in Duke Energy Corp. and its $532.7 million stake in Dell Technologies Inc., according to 13F filings analyzed by S&P Global Market Intelligence.
In May 2021, Elliott affiliate Elliott Investment Management LP launched a campaign for Duke Energy to split into three separately managed companies. By November of the same year, the parties reached a deal, resulting in the addition of two Elliott Investment Management-backed directors to the Charlotte, N.C.-headquartered company's board.
As part of the same deal, Elliott Investment Management agreed not to seek more board representation and to refrain from engaging in transactions that would result in its beneficial ownership exceeding 4.9%, or its aggregate economic exposure exceeding 7.5%, of Duke Energy's common stock.
Meanwhile, Elliott unloaded its remaining 1.27% stake in Dell, after significantly slashing its position in the preceding quarter. Before the fourth quarter of 2021, Dell had been the firm's largest common stock investment.
Elliott largest divestiture was a $703.6 million stake in Santander Consumer USA Holdings Inc., representing a 5.47% ownership in the company. Santander Consumer USA Inc. was fully acquired by Santander Holdings USA Inc. in January.
Other changes in Elliott's portfolio included cutting its holdings in Evergy Inc., Valaris Ltd. and Noble Corp., and increasing its stake in Marathon Petroleum Corp., which was its second-largest holding at the end of the first quarter.
Elliott's largest common stock investment as of March 31 is a $1.48 billion stake in Howmet Aerospace Inc., representing a 9.83% ownership in the company.
During the quarter, the investment manager also took initial positions in Suncor Energy Inc. worth $326.0 million and in Diamond Offshore Drilling Inc. worth $2.4 million.
The Wall Street Journal in April reported that Elliott Investment Management sent a letter to Suncor Energy's board, seeking board seats and a management review because the "status quo is not working."