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Corvex Management Portfolio holdings

AUM $3.27B
1-Year Est. Return 38.53%
This Fund
S&P 500
This Quarter Est. Return
+4.75%
1 Year Est. Return
+38.53%
3 Year Est. Return
+95.78%
5 Year Est. Return
+93.81%
10 Year Est. Return
+360.33%
AUM
$5.85B
AUM Growth
+$510M
Cap. Flow
-$292M
Cap. Flow %
-4.99%
Top 10 Hldgs %
65.76%
Holding
48
New
17
Increased
6
Reduced
11
Closed
8

Top Buys

Rank Stock Value
1
YUMC icon
Yum China
YUMC
+$398M
2
CRM icon
Salesforce
CRM
+$251M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$139M
4
BAC icon
Bank of America
BAC
+$137M
5
TMUS icon
T-Mobile US
TMUS
+$119M

Top Sells

Rank Stock Value
1
YUM icon
Yum! Brands
YUM
+$517M
2
SIG icon
Signet Jewelers
SIG
+$352M
3
FNF icon
Fidelity National Financial
FNF
+$202M
4
WMB icon
Williams Companies
WMB
+$136M
5
TMH
Team Health Holdings Inc
TMH
+$121M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 37.76%
2 Miscellaneous 12.8%
3 Financials 10.79%
4 Communication Services 9.87%
5 Energy 8.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
YUM icon
1
Yum! Brands
YUM
$42B
$1.33B 22.78%
21,040,195
-8,226,716
-28% -$517M
WMB icon
2
Williams Companies
WMB
$90.2B
$440M 7.52%
14,123,943
-4,505,011
-24% -$136M
IWM icon
3
PUT
iShares Russell 2000 ETF
IWM
$80.8B
$405M 6.92%
+3,000,000
New +$383M
YUMC icon
4
Yum China
YUMC
$15.3B
$382M 6.54%
+14,633,097
New +$398M
SIG icon
5
Signet Jewelers
SIG
$3.21B
$274M 4.69%
2,907,090
-4,011,524
-58% -$352M
CRM icon
6
Salesforce
CRM
$211B
$236M 4.04%
+3,453,983
New +$251M
BALL icon
7
Ball Corp
BALL
$16.9B
$220M 3.76%
5,857,256
-475,116
-8% -$18.4M
BAC icon
8
Bank of America
BAC
$436B
$209M 3.58%
9,467,000
+7,097,000
+299% +$137M
TMUS icon
9
T-Mobile US
TMUS
$195B
$180M 3.08%
3,137,261
+2,273,396
+263% +$119M
FNF icon
10
Fidelity National Financial
FNF
$12.8B
$167M 2.86%
7,083,203
-8,428,989
-54% -$202M
NOMD icon
11
Nomad Foods
NOMD
$1.66B
$167M 2.85%
17,430,522
+2,000,000
+13% +$21.8M
ESI icon
12
Element Solutions
ESI
$8.51B
$164M 2.8%
16,699,625
-1,974,470
-11% -$16.9M
JPM icon
13
JPMorgan Chase
JPM
$951B
$154M 2.63%
1,782,084
+831,334
+87% +$63.4M
P
14
DELISTED
Pandora Media Inc
P
$152M 2.6%
11,648,142
+225,000
+2% +$2.79M
GOOGL icon
15
Alphabet (Google) Class A
GOOGL
$4.24T
$137M 2.35%
+3,470,000
New +$139M
VISN
16
Vistance Networks Inc
VISN
$1.4B
$125M 2.14%
3,368,392
-2,256,522
-40% -$76.9M
MDCO
17
DELISTED
Medicines Co
MDCO
$110M 1.88%
3,232,260
+145,457
+5% +$5.16M
NFLX icon
18
CALL
Netflix
NFLX
$340B
$107M 1.84%
+8,681,000
New +$103M
BIO icon
19
Bio-Rad Laboratories Class A
BIO
$10.4B
$88.8M 1.52%
487,254
– –
HUM icon
20
CALL
Humana
HUM
$46.3B
$66.3M 1.13%
+325,000
New +$62M
MO icon
21
Altria Group
MO
$115B
$66.2M 1.13%
+979,019
New +$63M
LVLT
22
DELISTED
Level 3 Communications Inc
LVLT
$64.2M 1.1%
+1,139,589
New +$60.2M
HDS
23
CALL
DELISTED
HD Supply Holdings, Inc.
HDS
$63.8M 1.09%
+1,500,000
New +$55.3M
CRM icon
24
CALL
Salesforce
CRM
$211B
$61.6M 1.05%
+900,000
New +$65.3M
EVHC
25
DELISTED
Envision Healthcare Holdings Inc
EVHC
$58M 0.99%
916,315
-1
-0% -$65
1
2

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Corvex Management's Q4 2016 Portfolio in Review

As of Q4 2016, Corvex Management held 48 positions worth $5.85B, up 9.5% from $5.34B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Corvex Management withdrew a net $292M in Q4 2016, closing 8 positions and reducing 11 holdings. Its most notable exit was Coca-Cola Europacific Partners, an estimated $70.6M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 38% of assets, down from 50% a quarter earlier, followed by Miscellaneous and Financials.

Against the trend, Corvex Management opened a new position in Yum China worth $382M.

  • Corvex Management's largest Q4 2016 buy was Yum China: 14,633,097 shares worth $382M.
  • Corvex Management added most to Bank of America in Q4 2016, an estimated $137M increase.
  • Corvex Management's biggest Q4 2016 reduction was Yum! Brands, cutting an estimated $517M.
  • Corvex Management fully exited Coca-Cola Europacific Partners in Q4 2016, selling an estimated $70.6M.
  • Corvex Management's ten largest holdings make up 66% of its $5.85B portfolio in Q4 2016.
  • Corvex Management opened 17 new positions and closed 8 in Q4 2016.
  • Corvex Management's portfolio value rose 9.5% quarter-over-quarter to $5.85B.

Based on Corvex Management's 13F filing for Q4 2016, filed 14 Feb 2017.