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Corvex Management Portfolio holdings

AUM $2.52B
1-Year Est. Return 25.53%
This Fund
S&P 500
This Quarter Est. Return
+13.42%
1 Year Est. Return
+25.53%
3 Year Est. Return
+64.15%
5 Year Est. Return
+76.52%
10 Year Est. Return
+305.53%
AUM
$4.83B
AUM Growth
-$533M
Cap. Flow
-$1B
Cap. Flow %
-20.78%
Top 10 Hldgs %
59.51%
Holding
87
New
23
Increased
7
Reduced
12
Closed
30

Top Buys

Rank Stock Value
1
FNF icon
Fidelity National Financial
FNF
+$449M
2
GM icon
General Motors
GM
+$198M
3
CCI icon
Crown Castle
CCI
+$154M
4
EQT icon
EQT Corp
EQT
+$66.3M
5
SIG icon
Signet Jewelers
SIG
+$65.3M

Top Sells

Rank Stock Value
1
ADT
ADT Corp
ADT
+$441M
2
STZ icon
Constellation Brands
STZ
+$180M
3
TLM
TALISMAN ENERGY INC
TLM
+$132M
4
VOD icon
Vodafone
VOD
+$121M
5
PARA
Paramount Global Class B
PARA
+$109M

Sector Composition

Rank Sector Weight
1 Real Estate 15.77%
2 Healthcare 14.04%
3 Energy 14.02%
4 Financials 13.06%
5 Industrials 6.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FNF icon
1
Fidelity National Financial
FNF
$13.7B
$593M 12.28%
32,027,618
+27,721,233
+644% +$449M
WMB icon
2
Williams Companies
WMB
$90.7B
$525M 10.86%
13,603,266
– –
TMO icon
3
Thermo Fisher Scientific
TMO
$196B
$308M 6.37%
2,762,844
– –
LVLT
4
DELISTED
Level 3 Communications Inc
LVLT
$263M 5.44%
7,924,487
+190,000
+2% +$5.6M
TWTC
5
DELISTED
TW TELECOM INC CL A COM
TWTC
$233M 4.83%
7,660,595
-399,167
-5% -$11.9M
GM icon
6
General Motors
GM
$68.3B
$214M 4.43%
+5,240,000
New +$198M
CCI icon
7
Crown Castle
CCI
$34.1B
$200M 4.14%
2,723,796
+2,083,796
+326% +$154M
HCA icon
8
HCA Healthcare
HCA
$82.2B
$196M 4.06%
4,111,679
+1,185,941
+41% +$54.8M
PARA
9
DELISTED
Paramount Global Class B
PARA
$183M 3.78%
2,866,212
-1,848,415
-39% -$109M
AMT icon
10
American Tower
AMT
$77.8B
$160M 3.31%
2,000,000
– –
EQC
11
DELISTED
Equity Commonwealth
EQC
$132M 2.74%
5,675,250
– –
DG icon
12
Dollar General
DG
$27.5B
$127M 2.64%
2,111,134
-1,010,166
-32% -$59.3M
HLF icon
13
CALL
Herbalife
HLF
$1.27B
$118M 2.44%
+3,000,000
New +$104M
FDO
14
CALL
DELISTED
FAMILY DOLLAR STORES
FDO
$115M 2.39%
1,776,900
– –
TMO icon
15
CALL
Thermo Fisher Scientific
TMO
$196B
$111M 2.31%
1,000,000
– –
PSX icon
16
Phillips 66
PSX
$83.7B
$83.9M 1.74%
1,087,398
-503,451
-32% -$33.6M
WMB icon
17
CALL
Williams Companies
WMB
$90.7B
$77.1M 1.6%
2,000,000
– –
EQT icon
18
EQT Corp
EQT
$30.7B
$68.6M 1.42%
+1,403,455
New +$66.3M
SIG icon
19
Signet Jewelers
SIG
$3.51B
$67.9M 1.41%
+863,254
New +$65.3M
EVTC icon
20
Evertec
EVTC
$1.89B
$65.4M 1.35%
2,650,200
-446,312
-14% -$10.1M
PARA
21
CALL
DELISTED
Paramount Global Class B
PARA
$63.7M 1.32%
+1,000,000
New +$58.8M
LAMR icon
22
Lamar Advertising Co
LAMR
$16.4B
$62.3M 1.29%
1,192,665
– –
SAFE
23
Safehold
SAFE
$1.17B
$59M 1.22%
849,916
– –
XLU icon
24
PUT
State Street Utilities Select Sector SPDR ETF
XLU
$23.4B
$57M 1.18%
+3,000,000
New +$57.4M
ENDP
25
DELISTED
Endo International plc
ENDP
$55.5M 1.15%
822,559
– –
1
2 3 4

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Corvex Management's Q4 2013 Portfolio in Review

As of Q4 2013, Corvex Management held 87 positions worth $4.83B, down 9.9% from $5.36B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Corvex Management withdrew a net $1B in Q4 2013, closing 30 positions and reducing 12 holdings. Its most notable exit was Constellation Brands, an estimated $180M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 16% of assets, up from 9.5% a quarter earlier, followed by Healthcare and Energy.

Against the trend, Corvex Management opened a new position in General Motors worth $214M.

  • Corvex Management's largest Q4 2013 buy was General Motors: 5,240,000 shares worth $214M.
  • Corvex Management added most to Fidelity National Financial in Q4 2013, an estimated $449M increase.
  • Corvex Management's biggest Q4 2013 reduction was ADT Corp, cutting an estimated $441M.
  • Corvex Management fully exited Constellation Brands in Q4 2013, selling an estimated $180M.
  • Corvex Management's ten largest holdings make up 60% of its $4.83B portfolio in Q4 2013.
  • Corvex Management opened 23 new positions and closed 30 in Q4 2013.
  • Corvex Management's portfolio value fell 9.9% quarter-over-quarter to $4.83B.

Based on Corvex Management's 13F filing for Q4 2013, filed 14 Feb 2014.