In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Corvex Management LP reported 29 stock positions worth $2.4 billion . Its top holding was Southwest Gas (SWX) at 15.8% of the portfolio, followed by Illumina (ILMN, 15.5% ) and Genedx (WGS, 12.0% ). Compared with Q1 2025, it opened 2 new positions, sold out of 4, added to 7 and reduced 8. The biggest buy was Genedx (WGS, shares +24% ) and the biggest sale Dollar Tree (DLTR, shares −69% ).
Location NEW YORK, NY
CIK 0001535472
Portfolio Value $2.4B (Q2 2025) Holdings 29 stocks · $2.4B 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 Q1 2025 SWX Southwest Gas Holdings Inc. 5,030,556 $374.2M Add +5.5% ILMN Illumina Inc. 3,829,608 $365.4M No change WGS Genedx Holdings Corp. 3,058,629 $282.3M Add +23.6% MGM MGM Resorts International 5,627,478 $193.5M Reduce -1.1% AMZN Amazon.com Inc. 675,029 $148.1M Add +19.5% VSTS Vestis Corp. 18,803,899 $107.7M Add +10.6% DLTR Dollar Tree Inc. 981,899 $97.2M Reduce -69.4% MSFT Microsoft Corp. 173,661 $86.4M No change SRE Sempra 1,056,110 $80.0M No change LLYVA Liberty Media Corp.-Liberty-A 1,005,434 $79.9M Reduce -1.5% NSC Norfolk Southern Corp. 297,431 $76.1M No change PPLI People Inc. filed as IAC INC 2,000,920 $74.7M Reduce -17.0% MDU Mdu Resources Group Inc. 4,183,151 $69.7M Reduce -28.8% QSR Restaurant Brands Intern 873,183 $57.9M New CSX CSX Corp. 1,753,068 $57.2M No change HSII Heidrick & Struggles Intl 1,002,462 $45.9M No change GOOGL Alphabet Inc. Class A 225,709 $39.8M Reduce -64.9% AQN Algonquin Power & Utilities 6,183,855 $35.4M Add +8.8% FTRE Fortrea Holdings Inc. 4,508,531 $22.3M Add +0.8% IAS Integral Ad Science Holding 2,618,000 $21.8M No change ORCL Oracle Corp. 99,500 $21.8M New LNG Cheniere Energy Inc. 57,863 $14.1M Reduce -58.8% LLYVK Liberty Media Corp.-Liberty-C 32,322 $2.6M Add +94.2% NVDA Nvidia Corp. 16,250 $2.6M No change META Meta Platforms Inc. Class A 2,400 $1.8M No change AMBP Ardagh Metal Packaging SA 398,835 $1.7M No change IWM iShares Russell 2000 ETF 5,000 $1.1M Reduce -33.3% TSLA Tesla Inc. 2,850 $905K No change LAB Standard Biotools Inc. 44,400 $53K No change
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: $2.4B.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ DLTR Dollar Tree Inc. Reduce -69.4% 4.12% −5.24 KOF Coca-Cola Femsa Sab-SP ADR Sold out 0.00% −3.54 UGI Ugi Corp. Sold out 0.00% −2.52 GOOGL Alphabet Inc. Class A Reduce -64.9% 1.68% −2.18 TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −2.00 PPLI People Inc. Reduce -17.0% 3.16% −1.14 MDU Mdu Resources Group Inc. Reduce -28.8% 2.95% −0.90 LNG Cheniere Energy Inc. Reduce -58.8% 0.60% −0.66 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.36 IWM iShares Russell 2000 ETF Reduce -33.3% 0.05% −0.01 LLYVA Liberty Media Corp.-Liberty-A Reduce -1.5% 3.38% +0.72 MGM MGM Resorts International Reduce -1.1% 8.19% +1.65
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ WGS Genedx Holdings Corp. Add +23.6% 11.95% +3.45 SWX Southwest Gas Holdings Inc. Add +5.5% 15.84% +2.55 QSR Restaurant Brands Intern New 2.45% +2.45 AMZN Amazon.com Inc. Add +19.5% 6.27% +2.10 ORCL Oracle Corp. New 0.92% +0.92 AQN Algonquin Power & Utilities Add +8.8% 1.50% +0.37 LLYVK Liberty Media Corp.-Liberty-C Add +94.2% 0.11% +0.07 FTRE Fortrea Holdings Inc. Add +0.8% 0.94% −0.37 VSTS Vestis Corp. Add +10.6% 4.56% −1.98
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF call Sold out 250,000 $49.9Mbefore exit PLTR Palantir Technologies Inc. Class A put Sold out 200,000 $16.9Mbefore exit
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