In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Corvex Management LP reported 33 stock positions worth $2.7 billion . Its top holding was Southwest Gas (SWX) at 12.3% of the portfolio, followed by Vestis (VSTS, 9.4% ) and Illumina (ILMN, 8.3% ). Compared with Q3 2024, it opened 5 new positions, sold out of 2, added to 9 and reduced 6. The biggest buy was Dollar Tree (DLTR, shares +155% ) and the biggest sale Mdu Resources (MDU, shares −30% ).
Location NEW YORK, NY
CIK 0001535472
Portfolio Value $2.7B (Q4 2024) Holdings 33 stocks · $2.7B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 SWX Southwest Gas Holdings Inc. 4,769,098 $337.2M No change VSTS Vestis Corp. 17,007,877 $259.2M No change ILMN Illumina Inc. 1,700,159 $227.2M Reduce -25.5% DLTR Dollar Tree Inc. 2,886,735 $216.3M Add +155.2% MGM MGM Resorts International 5,687,478 $197.1M Reduce -0.9% WGS Genedx Holdings Corp. 2,473,781 $190.1M No change MDU Mdu Resources Group Inc. 7,108,829 $128.1M Reduce -29.9% AMZN Amazon.com Inc. 565,029 $124.0M Add +9.2% GOOGL Alphabet Inc. Class A 643,209 $121.8M No change PPLI People Inc. filed as IAC INC 2,410,370 $104.0M Add +61.8% LLYVA Liberty Media Corp.-Liberty-A 1,534,222 $102.1M Reduce -1.6% KOF Coca-Cola Femsa Sab-SP ADR 1,066,108 $83.0M Add +138.9% MSFT Microsoft Corp. 173,661 $73.2M No change NSC Norfolk Southern Corp. 297,431 $69.8M Add +9.0% FTRE Fortrea Holdings Inc. 3,480,898 $64.9M Add +56.7% IBIT iShares Bitcoin Trust ETF 1,175,000 $62.3M New CCEP Coca-Cola Europacific Partne 799,325 $61.4M No change CSX CSX Corp. 1,753,068 $56.6M Add +69.0% UGI Ugi Corp. 1,960,815 $55.4M New TSM Taiwan Semiconductor-SP ADR 200,854 $39.7M New LLYVK Liberty Media Corp.-Liberty-C 579,378 $39.4M Reduce -37.4% FMX Fomento Economico Mex-SP ADR 405,150 $34.6M No change LNG Cheniere Energy Inc. 140,400 $30.2M Add +9.7% HSII Heidrick & Struggles Intl 562,353 $24.9M New ECG Everus Construction Group 322,706 $21.2M Reduce -87.3% AQN Algonquin Power & Utilities 3,345,455 $14.9M Add +10.0% WH Wyndham Hotels & Resorts Inc. 34,345 $3.5M New NVDA Nvidia Corp. 16,250 $2.2M No change META Meta Platforms Inc. Class A 2,400 $1.4M No change AMBP Ardagh Metal Packaging SA 398,835 $1.2M No change TSLA Tesla Inc. 2,850 $1.2M No change CRM Salesforce Inc. 3,032 $1.0M No change LAB Standard Biotools Inc. 44,400 $78K No change
Options reported separately and not counted above: SPY calls ($586.1M), XLV puts ($172.0M), PLTR puts ($75.6M), APP puts ($45.3M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $36K (not counted above) Security Class Shares / Principal Value Change FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 200,832 $36K No change
Total filed on the 13F, all lines: $2.7B.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ MDU Mdu Resources Group Inc. Reduce -29.9% 4.66% −6.73 ECG Everus Construction Group Reduce -87.3% 0.77% −6.06 ILMN Illumina Inc. Reduce -25.5% 8.26% −3.92 MGM MGM Resorts International Reduce -0.9% 7.17% −2.02 HXL Hexcel Corp. Sold out 0.00% −1.23 LLYVK Liberty Media Corp.-Liberty-C Reduce -37.4% 1.43% −0.51 APD Air Products & Chemicals Inc. Sold out 0.00% −0.11 LLYVA Liberty Media Corp.-Liberty-A Reduce -1.6% 3.71% +0.55
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ DLTR Dollar Tree Inc. Add +155.2% 7.87% +4.61 IBIT iShares Bitcoin Trust ETF New 2.27% +2.27 UGI Ugi Corp. New 2.01% +2.01 TSM Taiwan Semiconductor-SP ADR New 1.44% +1.44 KOF Coca-Cola Femsa Sab-SP ADR Add +138.9% 3.02% +1.40 HSII Heidrick & Struggles Intl New 0.91% +0.91 CSX CSX Corp. Add +69.0% 2.06% +0.59 AMZN Amazon.com Inc. Add +9.2% 4.51% +0.56 FTRE Fortrea Holdings Inc. Add +56.7% 2.36% +0.54 PPLI People Inc. Add +61.8% 3.78% +0.50 LNG Cheniere Energy Inc. Add +9.7% 1.10% +0.15 WH Wyndham Hotels & Resorts Inc. New 0.13% +0.13 AQN Algonquin Power & Utilities Add +10.0% 0.54% −0.14 NSC Norfolk Southern Corp. Add +9.0% 2.54% −0.24
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call New 1,000,000 $586.1M XLV SS Health Care Select Sector put New 1,250,000 $172.0M IWM iShares Russell 2000 ETF put Sold out 600,000 $132.5Mbefore exit PLTR Palantir Technologies Inc. Class A put New 1,000,000 $75.6M APP AppLovin Corp. Class A put New 140,000 $45.3M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 23 $3.2B ILMN, WGS, VSTS, SWX, MGM Q1 2026 24 $2.5B ILMN, SWX, DIS, WGS, MGM Q4 2025 23 $3.0B ILMN, SWX, WGS, AMZN, DIS Q3 2025 27 $2.8B SWX, ILMN, WGS, AMZN, MGM Q2 2025 29 $2.4B SWX, ILMN, WGS, MGM, AMZN Q1 2025 31 $2.6B SWX, ILMN, DLTR, WGS, MGM Q4 2024 Amended 33 $2.7B SWX, VSTS, ILMN, DLTR, MGM Q3 2024 29 $2.4B SWX, ILMN, MDU, VSTS, MGM Q2 2024 32 $2.1B SWX, MGM, MDU, ILMN, VSTS Q1 2024 31 $2.0B SWX, MGM, MDU, ILMN, AMZN