Top 10 Stock Picks of Elliott Management

1. Suncor Energy Inc. (NYSE:SU)

Elliott Management’s Stake Value: $1.94 Billion

Number of Hedge Fund Holders: 35

Suncor Energy Inc. (NYSE:SU) is Elliott Management’s biggest holding, with its $1.94 billion worth of stakes. The company offers exposure in the energy sector as an integrated energy company that operates through oil sands, exploration, and production. It explores, develops, and produces bitumen, synthetic crude oil, and related products.

After trading in a range for the better part of 2023, Suncor Energy Inc. (NYSE:SU) has gained more than 18% year to date. In May, the stock rose to 16 16-year high after announcing plans to ramp up share buybacks. Suncor Energy Inc. (NYSE:SU) bolstered its spending on share buybacks to 75% of its free funds, marking a successful activist campaign for Elliott management that has pushed for a management shakeup in the past.

Suncor Energy Inc. (NYSE:SU) is one of the top 10 holdings of Elliott Management, the hedge fund, having increased its stake in the firm by 427% in the first quarter. It now holds 4.1% direct stakes. During the first quarter, 35 hedge funds had positions in Suncor Energy Inc. (NYSE:SU), according to Insider Monkey’s database.

Elliott Management is one of the most successful hedge funds that often post positive annual gains, which is why investors and analysts on Wall Street usually track it. However, given that the artificial intelligence arms race is just starting, under-the-radar AI stocks are trading at highly discounted valuations with incredible promise for anyone looking to diversify their portfolio. If you are looking for an AI stock that is more promising than the top activist investment plays, check out our report about the cheapest AI stock.

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