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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
-0.82%
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
$3.08B
AUM Growth
-$525M
Cap. Flow
-$487M
Cap. Flow %
-15.8%
Top 10 Hldgs %
69.09%
Holding
50
New
15
Increased
5
Reduced
6
Closed
15

Top Buys

Rank Stock Value
1
LUMN icon
Lumen
LUMN
+$477M
2
EGN
Energen
EGN
+$302M
3
SIG icon
Signet Jewelers
SIG
+$86.8M
4
TWX
Time Warner Inc
TWX
+$71.4M
5
JBLU icon
JetBlue
JBLU
+$67.9M

Top Sells

Rank Stock Value
1
YUM icon
Yum! Brands
YUM
+$508M
2
YUMC icon
Yum China
YUMC
+$282M
3
BALL icon
Ball Corp
BALL
+$197M
4
BIO icon
Bio-Rad Laboratories Class A
BIO
+$184M
5
CRM icon
Salesforce
CRM
+$107M

Sector Composition

Rank Sector Weight
1 Communication Services 34.01%
2 Energy 13.52%
3 Consumer Staples 7.16%
4 Consumer Discretionary 6.6%
5 Financials 6.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LUMN icon
1
Lumen
LUMN
$6.57B
$454M 14.73%
+18,998,645
New +$477M
EGN
2
DELISTED
Energen
EGN
$346M 11.22%
6,998,186
+5,652,264
+420% +$302M
NOMD icon
3
Nomad Foods
NOMD
$1.66B
$221M 7.16%
15,630,522
-1,800,000
-10% -$23M
GOOGL icon
4
Alphabet (Google) Class A
GOOGL
$4.3T
$213M 6.92%
4,582,280
+1,112,280
+32% +$52M
SIG icon
5
Signet Jewelers
SIG
$3.51B
$203M 6.6%
3,213,758
+1,415,200
+79% +$86.8M
P
6
DELISTED
Pandora Media Inc
P
$185M 6.01%
20,762,824
– –
BAC icon
7
CALL
Bank of America
BAC
$424B
$146M 4.73%
6,000,000
+3,000,000
+100% +$69.9M
BAC icon
8
Bank of America
BAC
$424B
$126M 4.1%
5,202,000
+620,000
+14% +$14.5M
META icon
9
Meta Platforms (Facebook)
META
$1.64T
$123M 4%
817,000
-33,000
-4% -$4.91M
MDCO
10
DELISTED
Medicines Co
MDCO
$112M 3.63%
2,944,060
-308,200
-9% -$13.7M
XOP icon
11
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.34B
$112M 3.63%
+875,000
New +$120M
ESI icon
12
Element Solutions
ESI
$8.88B
$101M 3.28%
7,959,074
-2,670,556
-25% -$34.9M
TWX
13
DELISTED
Time Warner Inc
TWX
$72.4M 2.35%
+720,671
New +$71.4M
ZAYO
14
DELISTED
Zayo Group Holdings, Inc.
ZAYO
$71.2M 2.31%
2,303,070
– –
JBLU icon
15
JetBlue
JBLU
$2.03B
$70.6M 2.29%
+3,090,417
New +$67.9M
FDX icon
16
FedEx
FDX
$73.1B
$64M 2.08%
+294,631
New +$58.2M
TMUS icon
17
CALL
T-Mobile US
TMUS
$212B
$60.6M 1.97%
+1,000,000
New +$65.1M
EVHC
18
CALL
DELISTED
Envision Healthcare Holdings Inc
EVHC
$59.5M 1.93%
+950,000
New +$54.7M
EVHC
19
DELISTED
Envision Healthcare Holdings Inc
EVHC
$57.4M 1.86%
916,315
– –
PAGP icon
20
Plains GP Holdings
PAGP
$5.13B
$49.5M 1.61%
1,892,494
– –
CLGX
21
DELISTED
Corelogic, Inc.
CLGX
$48.8M 1.59%
1,125,913
– –
RF icon
22
Regions Financial
RF
$26.5B
$27.9M 0.91%
1,908,066
-1,700,000
-47% -$23.9M
SBNY
23
DELISTED
Signature Bank
SBNY
$23M 0.75%
+160,476
New +$22.8M
BTU icon
24
Peabody Energy
BTU
$2.79B
$21.5M 0.7%
+880,044
New +$21.8M
EGN
25
CALL
DELISTED
Energen
EGN
$20.5M 0.67%
+415,200
New +$22.2M
1
2

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Corvex Management's Q2 2017 Portfolio in Review

As of Q2 2017, Corvex Management held 50 positions worth $3.08B, down 15% from $3.6B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Corvex Management withdrew a net $487M in Q2 2017, closing 15 positions and reducing 6 holdings. Its most notable exit was Yum! Brands, an estimated $508M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 34% of assets, up from 14% a quarter earlier, followed by Energy and Consumer Staples.

Against the trend, Corvex Management opened a new position in Lumen worth $454M.

  • Corvex Management's largest Q2 2017 buy was Lumen: 18,998,645 shares worth $454M.
  • Corvex Management added most to Energen in Q2 2017, an estimated $302M increase.
  • Corvex Management's biggest Q2 2017 reduction was Bio-Rad Laboratories Class A, cutting an estimated $184M.
  • Corvex Management fully exited Yum! Brands in Q2 2017, selling an estimated $508M.
  • Corvex Management's ten largest holdings make up 69% of its $3.08B portfolio in Q2 2017.
  • Corvex Management opened 15 new positions and closed 15 in Q2 2017.
  • Corvex Management's portfolio value fell 15% quarter-over-quarter to $3.08B.

Based on Corvex Management's 13F filing for Q2 2017, filed 14 Aug 2017.