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Elliott Builds New Stake in Marathon, Speedway Motorsports

Scott Deveau

(Bloomberg) -- Elliott Management Corp. built a new positions in Marathon Petroleum Corp. and Speedway Motorsports Inc. during the second quarter and exited Sempra Energy and Symantec Corp.

The New York hedge fund also said in a regulatory filing Wednesday it had built a new position in DXC Technology Co. during the quarter, and exited its investments in Bristol-Myers Squibb Co. and EQT Corp., among other changes to its portfolio.

The firm didn’t disclose its intentions for the new stakes and a representative declined to comment.

Elliott, run by billionaire Paul Singer, reached an agreement with Sempra in October that saw two new directors appointed to the company’s board. The activist investor, along with partner Bluescape Resources Co., had sought to install six directors at the company. It had also been pressuring the San Diego-based utility to sell its Latin American utilities and spin off its liquefied natural gas business.

Wednesday’s filing shows that Elliott had also increased its stake in Dell Technologies Inc., Roadrunner Transportation Systems Inc., Fox Corp., International Speedway Corp., Vornado Realty Trust, and Roan Resources Inc. It sold down its positions in Hess Corp., Devon Energy Co., The Macerich Co. and others.

To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.net

To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks, Michael Hytha

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