Corvex Management LP

Corvex Management's Q1 2026 13F is a $2.52B, 25-position portfolio undergoing a significant thematic repositioning: AUM fell from $3.27B in Q4 2025 to $2.52B in Q1 2026 (-$756M, -23.1%) — the largest single-quarter AUM decline among emerging-hedge-fund peers — driven by concentrated reductions in Illumina, Southwest Gas, and GeneDx rather than net-selling. The quarter's 28 total changes (3 new, 3 sold, 2 increased, 9 decreased) is unusually high churn for a concentrated activist fund, with a clear pattern: the manager rotated capital FROM healthcare (Illumina, GeneDx) AND legacy gas-utilities (Southwest Gas) INTO consumer-cyclical-and-media (Disney, MGM, Restaurant Brands, Amazon) and healthcare-adjacent distribution (Vestis, Fortrea). The headline reduction is Illumina ($472.0M, 18.8%, flat shares — value decline only) — still the portfolio's largest position but down from $502.3M in Q4; the shares are unchanged, the decline is mark-to-market from Illumina's stock price. Southwest Gas ($375.2M, 14.9%, -$27.3M, -14.2% shares) — a regulated natural-gas utility — was reduced in both value and share count, signaling an active exit from the gas-utility thesis. GeneDx ($207.3M, 8.2%, +$190.5M in value but only +5.5% shares — value declined despite a small share add) — a genetic-testing and rare-disease-diagnostics company — was increased on a share basis while its price fell. The two increased positions (GeneDx, Fortrea) are both healthcare names in which Corvex has activist history, suggesting the manager is leaning INTO its best-known activist-conviction plays rather than rotating out of healthcare. Three new opens — CoStar ($34.4M, commercial-real-estate-data), Lionsgate ($15.6M, film-and-television), and iShares Russell 2000 ($1.2M ETF, cash management) — frame a consumer-and-media-and-small-cap skew. The three sold positions — Invesco QQQ ($92.1M), Oracle ($78.6M), and Algonquin Power ($38.0M) — complete the cloud-to-consumer rotation. The 9 decreased positions represent the broadest reduction campaign in the filing and include major cuts to Union Pacific (-59.2% shares, -$157M), Disney (-11.6% shares, -$70M), Restaurant Brands (-34.5% shares, -$48M), Amazon (-10.2% shares, -$43M), Microsoft (-24.2% shares, -$35M), Southwest Gas (-14.2% shares, -$27M), MGM (-0.7% essentially flat), Ardagh Metal (-29.6% shares), and Standard BioTools (-0.1% essentially flat). A 77.25 whaleScore on $2.52B reflects continued concentration (top three positions are 42.9% of AUM) but with a reduced Activist-Edge skew: the Illumina-and-GeneDx activist pairs are the portfolio's clearest remaining signal, while the Disney-and-MGM media bets and the Vestis-and-Fortrea consumer-and-healthcare-distribution names suggest a broader activist-conviction playbook than the fund's historical pure-play-activist profile.