CM
Corvex Management Portfolio holdings
AUM
$3.27B
Turnover
38.71%
1-Year Est. Return
38.53%
This Fund
S&P 500
This Quarter
Est. Return
+2.93%
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
$2.09B
AUM Growth
-$571M
(-21%)
Cap. Flow
-$474M
Cap. Flow
% of AUM
-22.71%
Top 10 Holdings %
Top 10 Hldgs %
85.4%
Holding
35
New
9
Increased
5
Reduced
4
Closed
12
Avg Time Held Equity + Options
0.6
years
Top 10 Avg Time Held Equity + Options
0.4
years
Top 20 Avg Time Held Equity + Options
0.5
years
Avg Time Held Equity only
0.7
years
Top 10 Avg Time Held Equity only
0.5
years
Top 20 Avg Time Held Equity only
0.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Comcast
CMCSA
|
+$50.6M |
| 2 |
TWX
Time Warner Inc
TWX
|
+$41.6M |
| 3 |
FGL Holdings Ordinary Shares
FG
|
+$38.7M |
| 4 |
Charter Communications
CHTR
|
+$32.3M |
| 5 |
JetBlue
JBLU
|
+$32.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lumen Technologies, Inc. Common Stock
LUMN
|
+$370M |
| 2 |
Nomad Foods
NOMD
|
+$92.9M |
| 3 |
Pandora Media Inc
P
|
+$87.9M |
| 4 |
Plains GP Holdings
PAGP
|
+$61.4M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$45.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 27.96% |
| 2 | Energy | 26.77% |
| 3 | Financials | 12.22% |
| 4 | Healthcare | 11.52% |
| 5 | Miscellaneous | 10.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
EGN
1
DELISTED
Energen
EGN
| $559M | 26.77% |
9,710,474
-80,294
| -0.8% | -$4.36M |
2017 Q1
3 quarters
|
|
2
Bank of America
BAC
$359B
| $207M | 9.92% |
7,017,000
| – | – |
2016 Q3
5 quarters
|
|
|
EVHC
3
DELISTED
Envision Healthcare Holdings Inc
EVHC
| $175M | 8.36% |
5,051,223
-561,075
| -10% | -$19.6M |
2016 Q2
6 quarters
|
|
|
4
Alphabet (Google) Class A
GOOGL
$4.25T
| $168M | 8.06% |
3,195,280
-888,000
| -22% | -$45.8M |
2016 Q4
4 quarters
|
|
5
Meta Platforms (Facebook)
META
$1.88T
| $157M | 7.53% |
891,000
+62,000
| +7% | +$11M |
2017 Q1
3 quarters
|
|
|
6
Comcast
CMCSA
$74.7B
| $152M | 7.28% |
3,795,356
+1,345,356
| +55% | +$50.6M |
2017 Q3
1 quarter
|
|
|
7
Nomad Foods
NOMD
$1.58B
| $143M | 6.85% |
8,462,281
-5,980,428
| -41% | -$92.9M |
2016 Q1
7 quarters
|
|
|
8
CALL
Lumen Technologies, Inc. Common Stock
LUMN
$4.69B
| $100M | 4.79% |
+6,000,000
| New | +$102M |
2017 Q4
0 quarters
|
|
|
MDCO
9
DELISTED
Medicines Co
MDCO
| $65.9M | 3.16% |
2,410,833
| – | – |
2015 Q1
11 quarters
|
|
|
10
JetBlue
JBLU
$1.14B
| $56.1M | 2.69% |
2,512,920
+1,571,178
| +167% | +$32.1M |
2017 Q2
2 quarters
|
|
|
11
DELISTED
FGL Holdings Ordinary Shares
FG
| $48.1M | 2.3% |
4,776,374
+3,776,374
| +378% | +$38.7M |
2017 Q2
2 quarters
|
|
|
TWX
12
CALL
DELISTED
Time Warner Inc
TWX
| $47.3M | 2.27% |
+517,600
| New | +$48.9M |
2017 Q4
0 quarters
|
|
13
CALL
DELISTED
Liberty Broadband Class C
LBRDK
| $46.1M | 2.21% |
+540,800
| New | +$48.1M |
2017 Q4
0 quarters
|
|
|
TWX
14
DELISTED
Time Warner Inc
TWX
| $40.2M | 1.93% |
+440,000
| New | +$41.6M |
2017 Q4
0 quarters
|
|
15
T-Mobile US
TMUS
$169B
| $34.1M | 1.64% |
537,665
+200,000
| +59% | +$12.2M |
2017 Q3
1 quarter
|
|
|
16
Charter Communications
CHTR
$12B
| $31.9M | 1.53% |
+95,000
| New | +$32.3M |
2017 Q4
0 quarters
|
|
17
Alibaba
BABA
$277B
| $14.1M | 0.68% |
+82,000
| New | +$14.7M |
2017 Q4
0 quarters
|
|
|
LCAHU
18
DELISTED
Landcadia Holdings, Inc. Unit
LCAHU
| $12.9M | 0.62% |
1,225,000
| – | – |
2016 Q2
6 quarters
|
|
|
OSPRU
19
DELISTED
Osprey Energy Acquisition Corp. Unit
OSPRU
| $9.95M | 0.48% |
1,000,000
| – | – |
2017 Q3
1 quarter
|
|
20
NXP Semiconductors
NXPI
$55.7B
| $9.72M | 0.47% |
+83,000
| New | +$9.59M |
2017 Q4
0 quarters
|
|
|
AABA
21
DELISTED
Altaba Inc
AABA
| $3.7M | 0.18% |
+53,000
| New | +$3.69M |
2017 Q4
0 quarters
|
|
|
22
DELISTED
FGL Holdings Warrants exercisable for one Ordinary Share at a price of $11.50 per share
FG.WS
| $1.29M | 0.06% |
+833,333
| New | +$1.2M |
2017 Q4
0 quarters
|
|
23
CALL
Energy Transfer Partners
ET
$69.7B
| – | – |
-1,000,000
| Closed | -$17.4M | – |
|
|
24
CALL
JetBlue
JBLU
$1.14B
| – | – |
-1,000,000
| Closed | -$18.5M | – |
|
|
25
Lumen Technologies, Inc. Common Stock
LUMN
$4.69B
| – | – |
-21,849,476
| Closed | -$370M | – |
|
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Corvex Management's Q4 2017 Portfolio in Review
As of Q4 2017, Corvex Management held 35 positions worth $2.09B, down 21% from $2.66B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
Corvex Management withdrew a net $474M in Q4 2017, closing 12 positions and reducing 4 holdings. Its most notable exit was Lumen Technologies, Inc. Common Stock, an estimated $370M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 28% of assets, down from 36% a quarter earlier, followed by Energy and Financials.
Against the trend, Corvex Management opened a new position in Time Warner Inc worth $40.2M.
- Corvex Management's largest Q4 2017 buy was Time Warner Inc: 440,000 shares worth $40.2M.
- Corvex Management added most to Comcast in Q4 2017, an estimated $50.6M increase.
- Corvex Management's biggest Q4 2017 reduction was Nomad Foods, cutting an estimated $92.9M.
- Corvex Management fully exited Lumen Technologies, Inc. Common Stock in Q4 2017, selling an estimated $370M.
- Corvex Management's ten largest holdings make up 85% of its $2.09B portfolio in Q4 2017.
- Corvex Management opened 9 new positions and closed 12 in Q4 2017.
- Corvex Management's portfolio value fell 21% quarter-over-quarter to $2.09B.
Based on Corvex Management's 13F filing for Q4 2017, filed 14 Feb 2018.