In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Corvex Management LP reported 31 stock positions worth $2.6 billion . Its top holding was Southwest Gas (SWX) at 13.3% of the portfolio, followed by Illumina (ILMN, 11.8% ) and Dollar Tree (DLTR, 9.4% ). Compared with Q4 2024, it opened 3 new positions, sold out of 5, added to 6 and reduced 5. The biggest buy was Illumina (ILMN, shares +125% ) and the biggest sale an exit from Coca-Cola Europacific Partne (CCEP).
Location NEW YORK, NY
CIK 0001535472
Portfolio Value $2.6B (Q1 2025) Holdings 31 stocks · $2.6B 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 Q4 2024 SWX Southwest Gas Holdings Inc. 4,769,098 $342.4M No change ILMN Illumina Inc. 3,829,608 $303.8M Add +125.3% DLTR Dollar Tree Inc. 3,210,753 $241.0M Add +11.2% WGS Genedx Holdings Corp. 2,473,781 $219.1M No change MGM MGM Resorts International 5,687,478 $168.6M No change VSTS Vestis Corp. 17,007,877 $168.4M No change PPLI People Inc. filed as IAC INC 2,410,370 $110.7M No change AMZN Amazon.com Inc. 565,029 $107.5M No change GOOGL Alphabet Inc. Class A 643,209 $99.5M No change MDU Mdu Resources Group Inc. 5,871,758 $99.3M Reduce -17.4% KOF Coca-Cola Femsa Sab-SP ADR 998,713 $91.2M Reduce -6.3% SRE Sempra 1,056,110 $75.4M New NSC Norfolk Southern Corp. 297,431 $70.4M No change LLYVA Liberty Media Corp.-Liberty-A 1,021,144 $68.7M Reduce -33.4% MSFT Microsoft Corp. 173,661 $65.2M No change UGI Ugi Corp. 1,960,815 $64.8M No change CSX CSX Corp. 1,753,068 $51.6M No change TSM Taiwan Semiconductor-SP ADR 310,354 $51.5M Add +54.5% HSII Heidrick & Struggles Intl 1,002,462 $42.9M Add +78.3% FTRE Fortrea Holdings Inc. 4,474,898 $33.8M Add +28.6% LNG Cheniere Energy Inc. 140,400 $32.5M No change AQN Algonquin Power & Utilities 5,683,855 $29.2M Add +69.9% IAS Integral Ad Science Holding 2,618,000 $21.1M New IBIT iShares Bitcoin Trust ETF 196,750 $9.2M Reduce -83.3% NVDA Nvidia Corp. 16,250 $1.8M No change IWM iShares Russell 2000 ETF 7,500 $1.5M New META Meta Platforms Inc. Class A 2,400 $1.4M No change AMBP Ardagh Metal Packaging SA 398,835 $1.2M No change LLYVK Liberty Media Corp.-Liberty-C 16,643 $1.1M Reduce -97.1% TSLA Tesla Inc. 2,850 $739K No change LAB Standard Biotools Inc. 44,400 $48K No change
Options reported separately and not counted above: IWM calls ($49.9M), PLTR puts ($16.9M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $20K (not counted above) Security Class Shares / Principal Value Change FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 200,832 $20K No change
Total filed on the 13F, all lines: $2.6B.
Portfolio Sells Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ CCEP Coca-Cola Europacific Partne Sold out 0.00% −2.23 IBIT iShares Bitcoin Trust ETF Reduce -83.3% 0.36% −1.91 LLYVK Liberty Media Corp.-Liberty-C Reduce -97.1% 0.04% −1.39 FMX Fomento Economico Mex-SP ADR Sold out 0.00% −1.26 LLYVA Liberty Media Corp.-Liberty-A Reduce -33.4% 2.67% −1.05 MDU Mdu Resources Group Inc. Reduce -17.4% 3.85% −0.80 ECG Everus Construction Group Sold out 0.00% −0.77 WH Wyndham Hotels & Resorts Inc. Sold out 0.00% −0.13 CRM Salesforce Inc. Sold out 0.00% −0.04 KOF Coca-Cola Femsa Sab-SP ADR Reduce -6.3% 3.54% +0.52
Portfolio Buys Q4 2024 → Q1 2025 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ ILMN Illumina Inc. Add +125.3% 11.80% +3.53 SRE Sempra New 2.93% +2.93 DLTR Dollar Tree Inc. Add +11.2% 9.36% +1.49 IAS Integral Ad Science Holding New 0.82% +0.82 HSII Heidrick & Struggles Intl Add +78.3% 1.67% +0.76 AQN Algonquin Power & Utilities Add +69.9% 1.13% +0.59 TSM Taiwan Semiconductor-SP ADR Add +54.5% 2.00% +0.56 IWM iShares Russell 2000 ETF New 0.06% +0.06 FTRE Fortrea Holdings Inc. Add +28.6% 1.31% −1.05
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US call Sold out 1,000,000 $586.1Mbefore exit XLV SS Health Care Select Sector put Sold out 1,250,000 $172.0Mbefore exit IWM iShares Russell 2000 ETF call New 250,000 $49.9M APP AppLovin Corp. Class A put Sold out 140,000 $45.3Mbefore exit PLTR Palantir Technologies Inc. Class A put Reduce -80.0% 200,000 $16.9M
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