Key Takeaways:
Activist investor Elliott Investment Management boosted its stake in Hewlett Packard Enterprise by 47.2 percent in the first quarter and initiated a new $246 million position in Norwegian Cruise Line, according to its latest securities filing.
The Form 13F filing, which discloses positions as of March 31, reflects a strategic shift for the multi-billion dollar fund known for its high-profile campaigns at companies like Starbucks and Southwest Airlines.
Elliott increased its HPE holdings to 27,421,735 shares, a position valued at nearly $927 million. The firm’s new stake in Norwegian Cruise Line amounts to 13,186,000 shares, representing about 2.9 percent of the cruise operator. The move comes as other large investors, including UBS Group and Barclays, also significantly increased their NCLH positions in the same quarter, per separate filings.
The filing also revealed complete divestitures from software company Bill Holdings and industrial tech firm Sensata Technologies. Elliott's pivot toward enterprise IT and a reopening-sensitive travel name suggests a conviction in those sectors, while the exits close the book on prior activist campaigns.
The increased investment in Hewlett Packard Enterprise builds on a position Elliott first established in 2025. The information-technology giant has been a focus for investors betting on growth in AI infrastructure and enterprise services.
Elliott's new stake in Norwegian Cruise Line makes it a significant shareholder. The investment joins a crowded trade, with data from the first quarter showing UBS Group adding over 18 million shares and Barclays adding 13.5 million shares. The cruise industry is navigating a post-pandemic recovery amid fluctuating fuel costs and consumer demand.
The exit from Bill Holdings follows a period where activist shareholders pushed the company to address weak revenue growth. Similarly, Elliott’s involvement with Sensata Technologies began in 2024 and included securing a board seat after the CEO's resignation that same year. The sale of all 3.25 million shares marks the end of that engagement.
These portfolio changes signal Elliott's strategic reallocation of capital toward companies it believes have stronger near-term growth drivers. Investors will watch for any public statements from the fund regarding its intentions for its new Norwegian Cruise Line stake, a potential catalyst for the stock.
This article is for informational purposes only and does not constitute investment advice.
