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Elliott Management exits $1.43B Sempra Energy stake in Q2'19

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Elliott Management exits $1.43B Sempra Energy stake in Q2'19

New York-based investment manager Elliott Management Corp. sold off its $1.43 billion position in Sempra Energy, which had been its largest common stock position a quarter earlier, according to the firm's latest Form 13F.

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The firm initiated an $87.1 million stake in the multiutility company during the second quarter of 2018, after which it bumped its position by over 15 times to $1.29 billion the following quarter. At the end of March, Elliott owned 4.1% of Sempra's outstanding shares.

Overall, Elliott exited 14 positions worth a combined $1.96 billion during the second quarter and sold almost half of its stake in Altaba Inc., which had been the firm's largest holding at year-end 2018.

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For the purpose of this analysis, Elliott's investments in warrants, puts, calls, notes and exchange-traded funds were excluded.

The firm's total common stock portfolio was worth $8.54 billion as of June 30, down from $10.55 billion in the first quarter.

New York-based Arconic Inc. became Elliott's largest stake at the end of June at $1.34 billion. The industrial company's stock price jumped 35.1% during the quarter.

Elliott Management had previously been at odds with Arconic and filed a proxy contest in January 2017 calling for the removal of then CEO Klaus Kleinfeld. The matter came to a close after Kleinfeld resigned in April 2017 and Elliott gained representation on the board and CEO search committee. The fund held an 11.8% stake in Arconic as of June 30.

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The hedge fund manager's largest entry for the period was a $257.0 million stake in Marathon Petroleum Corp. followed by a $121.3 million position in DXC Technology Co. Overall, Elliott Management initiated five positions during the quarter worth a combined $394.8 million.

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Click here to see Elliott Management's common stock investments as of June 30.