Paul Singer’s Elliott Investment Management has disclosed a 14% shareholding in London-listed aircraft leasing company Doric Nimrod Air Three.

The activist hedge fund reported the position in a filing Friday, when Doric Nimrod shares closed at 47.50 pence apiece, giving the company a market value of 103 million pounds ($110 million).

The activist likely purchased the shares from Tesco Pension Trustees, which reported selling its 13.8% holding in Doric Nimrod on September 16, the same date mentioned in Elliott’s filing. Tesco Pension Trustees was the company’s top investor. Other significant shareholders include East Riding of Yorkshire Council and British asset manager Schroders.

Guernsey-based Doric Nimrod has four Airbus A380 planes in its portfolio, all leased to Emirates Airline. In a recent update to investors, Doric Nimrod warned that inflation, high jet fuel prices, and low consumer confidence could impact its business.

The company’s aircraft were most recently evaluated at $168.4 million, but management said that a potential sale may yield a lower price as only a limited secondary market has developed for the Airbus A380, which was discontinued last year due to low sales. The model is the world’s largest passenger airliner.