Corvex Management LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Corvex Management LP reported 23 stock positions worth $3.0 billion. Its top holding was Illumina (ILMN) at 16.7% of the portfolio, followed by Southwest Gas (SWX, 13.4%) and Genedx (WGS, 13.2%). Compared with Q3 2025, it sold out of 4 and added to 6. The biggest buy was Walt Disney (DIS, shares +49%) and the biggest sale an exit from Mdu Resources (MDU).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001535472
Portfolio Value
$3.0B (Q4 2025)
SEC Filing
0001011438-26-000138 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $3.0B $3.0B Q4 2025 Q1 2026: $2.5B Q1 2026 Q2 2026: $3.2B Q2 2026

Holdings 23 stocks · $3.0B
ILMN Illumina Inc. 16.71% 3,829,608 $502.3M No change
SWX Southwest Gas Holdings Inc. 13.39% 5,030,556 $402.5M No change
WGS Genedx Holdings Corp. 13.23% 3,058,629 $397.8M No change
AMZN Amazon.com Inc. 7.54% 982,732 $226.8M Add +0.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 7.35% 1,943,000 $221.1M Add +48.5%
MGM MGM Resorts International 6.54% 5,385,478 $196.5M No change
QSR Restaurant Brands Intern 5.47% 2,408,743 $164.3M No change
UNP Union Pacific Corp. 5.28% 686,363 $158.8M Add +1.3%
VSTS Vestis Corp. 4.40% 19,813,963 $132.2M Add +5.4%
PPLI People Inc. filed as IAC INC 4.36% 3,355,075 $131.2M Add +20.3%
CX Cemex Sab-Spons ADR Part Cer 3.29% 8,600,275 $98.8M No change
MSFT Microsoft Corp. 2.79% 173,661 $84.0M No change
LLYVA Liberty Live Holdings Class A 2.73% 1,005,434 $81.9M No change
ORCL Oracle Corp. 2.61% 403,200 $78.6M Add +15.4%
FTRE Fortrea Holdings Inc. 2.59% 4,508,531 $77.8M No change
AQN Algonquin Power & Utilities 1.26% 6,183,855 $38.0M No change
CRM Salesforce Inc. 0.13% 14,500 $3.8M No change
NVDA Nvidia Corp. 0.10% 16,250 $3.0M No change
LLYVK Liberty Live Holdings Class C 0.09% 32,322 $2.7M No change
AMBP Ardagh Metal Packaging SA 0.05% 398,835 $1.6M No change
META Meta Platforms Inc. Class A 0.05% 2,400 $1.6M No change
TSLA Tesla Inc. 0.04% 2,850 $1.3M No change
LAB Standard Biotools Inc. 0.00% 44,400 $57K No change

Options reported separately and not counted above: UNP calls ($115.7M), QQQ puts ($92.1M), DIS calls ($56.9M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $57K (not counted above)
SecurityClassShares / PrincipalValueChange
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 200,827$57KReduce 0.0%

Total filed on the 13F, all lines: $3.0B.

Portfolio Sells Q3 2025 → Q4 2025
MDU Mdu Resources Group Inc. Sold out 0.00% −2.67
DLTR Dollar Tree Inc. Sold out 0.00% −1.83
HSII Heidrick & Struggles Intl Sold out 0.00% −1.79
CCL Carnival Corp. Sold out 0.00% −1.34

Portfolio Buys Q3 2025 → Q4 2025
DIS The Walt Disney Co. Add +48.5% 7.35% +1.99
VSTS Vestis Corp. Add +5.4% 4.40% +1.34
PPLI People Inc. Add +20.3% 4.36% +0.96
AMZN Amazon.com Inc. Add +0.5% 7.54% −0.14
UNP Union Pacific Corp. Add +1.3% 5.28% −0.46
ORCL Oracle Corp. Add +15.4% 2.61% −0.91

Options Activity Q3 2025 → Q4 2025
QQQ Invesco QQQ Trust Series 1 put New 150,000 $92.1M
CRM Salesforce Inc. call Sold out 250,000 $59.3Mbefore exit
DIS The Walt Disney Co. call New 500,000 $56.9M
AMZN Amazon.com Inc. call Sold out 150,000 $32.9Mbefore exit
CCL Carnival Corp. call Sold out 450,000 $13.0Mbefore exit

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

Notes & Other Activity Q3 2025 → Q4 2025
FLYX.WS Eg Acquisition Corp.-A -CW28 *W EXP 99/99/999 Reduce 0.0% 200,827 $57K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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