Corvex Management LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Corvex Management LP reported 27 stock positions worth $2.8 billion. Its top holding was Southwest Gas (SWX) at 14.1% of the portfolio, followed by Illumina (ILMN, 13.0%) and Genedx (WGS, 11.8%). Compared with Q2 2025, it opened 5 new positions, sold out of 7, added to 4 and reduced 2. The biggest buy was a new position in Union Pacific (UNP) and the biggest sale an exit from Sempra (SRE).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001535472
Portfolio Value
$2.8B (Q3 2025)
SEC Filing
0001011438-25-000574 ↗ filed Nov 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.0B Q1 2024 Q2 2024: $2.1B Q2 2024 Q3 2024: $2.4B Q3 2024 Q4 2024: $2.7B Q4 2024 Q1 2025: $2.6B Q1 2025 Q2 2025: $2.4B Q2 2025 Q3 2025: $2.8B $2.8B Q3 2025 Q4 2025: $3.0B Q4 2025 Q1 2026: $2.5B Q1 2026 Q2 2026: $3.2B Q2 2026

Holdings 27 stocks · $2.8B
SWX Southwest Gas Holdings Inc. 14.12% 5,030,556 $394.1M No change
ILMN Illumina Inc. 13.03% 3,829,608 $363.7M No change
WGS Genedx Holdings Corp. 11.80% 3,058,629 $329.5M No change
AMZN Amazon.com Inc. 7.69% 977,529 $214.6M Add +44.8%
MGM MGM Resorts International 6.69% 5,385,478 $186.7M Reduce -4.3%
UNP Union Pacific Corp. 5.74% 677,863 $160.2M New
QSR Restaurant Brands Intern 5.53% 2,408,743 $154.5M Add +175.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 5.36% 1,308,000 $149.8M New
ORCL Oracle Corp. 3.52% 349,500 $98.3M Add +251.3%
PPLI People Inc. filed as IAC INC 3.40% 2,788,379 $95.0M Add +39.4%
LLYVA Liberty Media Corp.-Liberty-A 3.40% 1,005,434 $94.8M No change
MSFT Microsoft Corp. 3.22% 173,661 $89.9M No change
VSTS Vestis Corp. 3.05% 18,803,899 $85.2M No change
CX Cemex Sab-Spons ADR Part Cer 2.77% 8,600,275 $77.3M New
MDU Mdu Resources Group Inc. 2.67% 4,183,151 $74.5M No change
DLTR Dollar Tree Inc. 1.83% 541,300 $51.1M Reduce -44.9%
HSII Heidrick & Struggles Intl 1.79% 1,002,462 $49.9M No change
FTRE Fortrea Holdings Inc. 1.36% 4,508,531 $38.0M No change
CCL Carnival Corp. 1.34% 1,290,810 $37.3M New
AQN Algonquin Power & Utilities 1.19% 6,183,855 $33.2M No change
CRM Salesforce Inc. 0.12% 14,500 $3.4M New
LLYVK Liberty Media Corp.-Liberty-C 0.11% 32,322 $3.1M No change
NVDA Nvidia Corp. 0.11% 16,250 $3.0M No change
META Meta Platforms Inc. Class A 0.06% 2,400 $1.8M No change
AMBP Ardagh Metal Packaging SA 0.06% 398,835 $1.6M No change
TSLA Tesla Inc. 0.05% 2,850 $1.3M No change
LAB Standard Biotools Inc. 0.00% 44,400 $58K No change

Options reported separately and not counted above: UNP calls ($118.2M), CRM calls ($59.3M), AMZN calls ($32.9M), CCL calls ($13.0M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $64K (not counted above)
SecurityClassShares / PrincipalValueChange
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 200,832$64KNo change

Total filed on the 13F, all lines: $2.8B.

Portfolio Sells Q2 2025 → Q3 2025
SRE Sempra Sold out 0.00% −3.39
NSC Norfolk Southern Corp. Sold out 0.00% −3.22
CSX CSX Corp. Sold out 0.00% −2.42
DLTR Dollar Tree Inc. Reduce -44.9% 1.83% −2.29
GOOGL Alphabet Inc. Class A Sold out 0.00% −1.68
MGM MGM Resorts International Reduce -4.3% 6.69% −1.51
IAS Integral Ad Science Holding Sold out 0.00% −0.92
LNG Cheniere Energy Inc. Sold out 0.00% −0.60
IWM iShares Russell 2000 ETF Sold out 0.00% −0.05

Portfolio Buys Q2 2025 → Q3 2025
UNP Union Pacific Corp. New 5.74% +5.74
DIS The Walt Disney Co. New 5.36% +5.36
QSR Restaurant Brands Intern Add +175.9% 5.53% +3.08
CX Cemex Sab-Spons ADR Part Cer New 2.77% +2.77
ORCL Oracle Corp. Add +251.3% 3.52% +2.60
AMZN Amazon.com Inc. Add +44.8% 7.69% +1.42
CCL Carnival Corp. New 1.34% +1.34
PPLI People Inc. Add +39.4% 3.40% +0.24
CRM Salesforce Inc. New 0.12% +0.12

Options Activity Q2 2025 → Q3 2025
UNP Union Pacific Corp. call New 500,000 $118.2M
CRM Salesforce Inc. call New 250,000 $59.3M
AMZN Amazon.com Inc. call New 150,000 $32.9M
CCL Carnival Corp. call New 450,000 $13.0M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 23$3.2BILMN, WGS, VSTS, SWX, MGM
Q1 2026 24$2.5BILMN, SWX, DIS, WGS, MGM
Q4 2025 23$3.0BILMN, SWX, WGS, AMZN, DIS
Q3 2025 27$2.8BSWX, ILMN, WGS, AMZN, MGM
Q2 2025 29$2.4BSWX, ILMN, WGS, MGM, AMZN
Q1 2025 31$2.6BSWX, ILMN, DLTR, WGS, MGM
Q4 2024Amended 33$2.7BSWX, VSTS, ILMN, DLTR, MGM
Q3 2024 29$2.4BSWX, ILMN, MDU, VSTS, MGM
Q2 2024 32$2.1BSWX, MGM, MDU, ILMN, VSTS
Q1 2024 31$2.0BSWX, MGM, MDU, ILMN, AMZN