Elliott Management trims stakes in Dell, Evergy in Q4'21

Dell Technologies Inc. is no longer the top holding of Elliott Management Corp. after the hedge fund unloaded over 15 million shares during the fourth quarter of 2021.

Elliott trimmed its stake in Dell to 1.24% from 3.25%, as of the end of third quarter 2021. Its position in the computer and technology services provider was worth $532.7 million as of Dec. 31, 2021, based on Form 13F filings analyzed by S&P Global Market Intelligence.

Howmet Aerospace Inc. is Elliott's largest holding with over 41 million shares worth $1.31 billion.

Other changes in Elliott's portfolio during the fourth quarter included lowering stakes in aluminum manufacturer Arconic Corp., increasing investment in Santander Consumer USA Holdings Inc. and initiating a position in data center operator Switch Inc.

Elliott also cut its stake in Midwest electric utility Evergy Inc. to 4.11%, which was worth $646.2 million as of Dec. 31, 2021.

The utility unveiled a five-year strategic plan in August 2020 after conducting an independent review as part of a cooperation agreement with Elliott. Kansas regulators, however, with an eye toward the influence of activist investors like Elliott, recently asked Evergy for more transparency in its capital spending projections and the rate impact of its sustainability transformation plan.

In the fourth quarter, Elliott exited its less-than-1% interests in Public Storage, Frontier Communications Parent Inc. and Ryanair Holdings PLC, according to filings.

The value of Elliott's common stock holdings fell to $6.23 billion as of Dec. 31, 2021, from $8.70 billion as of Sept. 30, 2021.