Corvex Management LP

Fundamental concentrated ★Highest signal CIK 1535472
League rank
#211
in Fundamental concentrated · #364 overall
Long book
$2.52B
Q1 2026
Positions
25
Top-10 weight
86%
concentration
Last quarter
+23.9%
SPY +14.8%
Turnover
19%
of book per quarter

Strategy in plain words

auto-generated from filings

Corvex Management LP is a concentrated fundamental stock-picker, running a $2.52B US long book across 25 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: ILLUMINA INC, SOUTHWEST GAS HOLDINGS INC, WALT DISNEY CO/THE, GENEDX HOLDINGS CORP, MGM RESORTS INTERNATIONAL.

Over the last 9 quarters its long book ran on average 0.5pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-1.7%
Q2 2024
+8.3%
Q3 2024
+5.2%
Q4 2024
-9.5%
Q1 2025
+8.9%
Q2 2025
+5.1%
Q3 2025
+13.6%
Q4 2025
-8.7%
Q1 2026
+23.9%

Sector allocation

Healthcare
30%
Services media
23%
Consumer discretionary
19%
Utilities
16%
Technology
8%
Industrials
5%

Long book by quarter

$1.97B
Q1 2024
$2.12B
Q2 2024
$2.44B
Q3 2024
$2.75B
Q4 2024
$2.58B
Q1 2025
$2.36B
Q2 2025
$2.79B
Q3 2025
$3.01B
Q4 2025
$2.52B
Q1 2026

What does Corvex Management own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
ILMN ILLUMINA INCHealthcare3.8M$472.0M18.8%Held
SWX SOUTHWEST GAS HOLDINGS INCUtilities4.3M$375.2M14.9%-14.2%
DIS WALT DISNEY CO/THEServices media2.2M$208.2M8.3%+11.2%
WGS GENEDX HOLDINGS CORPHealthcare3.2M$207.3M8.2%+5.5%
MGM MGM RESORTS INTERNATIONALServices media5.3M$197.9M7.9%-0.7%
AMZN AMAZON.COM INCConsumer discretionary882.7K$183.8M7.3%-10.2%
VSTS VESTIS CORPConsumer discretionary19.8M$155.7M6.2%Held
PPLI PEOPLE INCTechnology3.4M$134.3M5.3%Held
UNP UNION PACIFIC CORPIndustrials484.3K$117.5M4.7%-29.4%
QSR RESTAURANT BRANDS INTERNConsumer discretionary1.6M$116.6M4.6%-34.5%
LLYVA LIBERTY LIVE HOLDINGS-AServices media1.0M$92.1M3.7%Held
MSFT MICROSOFT CORPTechnology131.7K$48.7M1.9%-24.2%
FTRE FORTREA HOLDINGS INCHealthcare4.6M$43.7M1.7%+3.0%
CSGP COSTAR GROUP INCServices media851.7K$34.4M1.4%New
LION LIONSGATE STUDIOS CORPServices media1.6M$15.6M0.6%New
LLYVK LIBERTY LIVE HOLDINGS-CServices media32.3K$3.0M0.1%Held
NVDA NVIDIA CORPTechnology16.3K$2.8M0.1%Held
CRM SALESFORCE INCTechnology14.5K$2.7M0.1%Held
META META PLATFORMS INC-CLASS ATechnology2.4K$1.4M0.1%Held
AMBP ARDAGH METAL PACKAGING SAIndustrials280.9K$1.1M0.0%-29.6%
TSLA TESLA INCIndustrials2.9K$1.1M0.0%Held
LAB STANDARD BIOTOOLS INCHealthcare44.3K$41K0.0%-0.1%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202625$2.52B canonicalSEC ↗
Q4 202513F-HRFeb 17, 202627$3.27B canonicalSEC ↗
Q3 202513F-HRNov 14, 202532$3.02B canonicalSEC ↗
Q2 202513F-HRAug 14, 202530$2.36B canonicalSEC ↗
Q1 202513F-HRMay 15, 202534$2.64B canonicalSEC ↗
Q4 202413F-HR/ANEW HOLDINGSMay 15, 20251$24.9M canonicalSEC ↗
Q4 202413F-HRFeb 14, 202537$3.60Bconfidential canonicalSEC ↗
Q3 202413F-HRNov 14, 202431$2.57B canonicalSEC ↗
Q2 202413F-HRAug 14, 202435$2.16B canonicalSEC ↗
Q1 202413F-HRMay 15, 202438$2.16B canonicalSEC ↗

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