Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Corvex Management
activist
A
leaderboard rank榜单排名 #14FADE淡出
Book持仓规模
$2.5B
long US listed only仅美股多头
Positions持仓数
25
96% resolved已解析
Top-10 concentration前十集中度
86%
% of book占组合%
Turnover换手
LOW
23.3% per quarter每季
Median excess中位超额
-5%
buys vs SPY, since filing买入相对SPY，自申报起 · n 79
Hit rate胜率
42%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Real Estate (Equal-Weight) — added CSGP (+1.4pp of book this quarter)核心倾向：房地产（等权） — 本季度加仓 CSGP（占组合 +1.4pp）
Real Estate (Equal-Weight)房地产（等权）
+1.4pp
1.4% of book held占组合持有
· 1 names标的
· US Sectors (EW)
CSGP
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: · 12 scored quarters已评分季度 · 25% positive为正 · recent-4 median近4季中位 -6% vs all-time对全期 -5%
Median excess by quarter各季度中位超额: ▁▁▂▁▃▂▂█▁▁▂▂ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 5 | -16% | 0% | +12% |
| 2023-09-30 | 14 | -12% | 29% | +4% |
| 2023-12-31 | 2 | -1% | 50% | +0% |
| 2024-03-31 | 9 | -7% | 22% | -2% |
| 2024-06-30 | 8 | +12% | 88% | +6% |
| 2024-09-30 | 7 | +1% | 57% | -4% |
| 2024-12-31 | 13 | -5% | 31% | +0% |
| 2025-03-31 | 6 | +51% | 83% | +14% |
| 2025-06-30 | 3 | -8% | 33% | -1% |
| 2025-09-30 | 6 | -12% | 33% | -8% |
| 2025-12-31 | 4 | -5% | 50% | +10% |
| 2026-03-31 | 2 | -2% | 50% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Healthcare
28.8%
▼ -1.1pp
Consumer Cyclical
19.9%
▲ +1.9pp
Communication Services
17.5%
▲ +2.3pp
Utilities
14.9%
▲ +1.4pp
Industrials
10.9%
▼ -1.6pp
Basic Materials
3.9%
▲ +0.9pp
Technology
2.2%
▼ -3.0pp
Real Estate
1.4%
▲ +1.4pp
Financial
0.6%
▲ +0.6pp
Unclassified
0.1%
▼ -2.8pp
Theme categories主题类别
US Sectors (EW) 14.3%
AI & Technology 9.6%
Consumer Cyclical 7.9%
Rotating into (QoQ)轮入（环比）
Communication Services +2.3pp
Consumer Cyclical +1.9pp
Utilities +1.4pp
Rotating out of (QoQ)轮出（环比）
Technology -3.0pp
Industrials -1.6pp
Healthcare -1.1pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Healthcare 29% · Consumer Cyclical 20% · Communication Services 17% |
| 2025-12-31 | Healthcare 30% · Consumer Cyclical 18% · Communication Services 15% |
| 2025-09-30 | Healthcare 24% · Consumer Cyclical 21% · Utilities 17% |
| 2025-06-30 | Healthcare 28% · Utilities 24% · Consumer Cyclical 17% |
| 2025-03-31 | Utilities 23% · Healthcare 21% · Consumer Defensive 13% |
| 2024-12-31 | Unclassified 29% · Utilities 15% · Healthcare 13% |
| 2024-09-30 | Utilities 25% · Healthcare 17% · Industrials 15% |
| 2024-06-30 | Utilities 28% · Consumer Cyclical 17% · Healthcare 16% |
| 2024-03-31 | Utilities 29% · Consumer Cyclical 18% · Unclassified 16% |
| 2023-12-31 | Utilities 27% · Consumer Cyclical 19% · Unclassified 15% |
| 2023-09-30 | Utilities 25% · Unclassified 21% · Consumer Cyclical 16% |
| 2023-06-30 | Unclassified 39% · Utilities 26% · Consumer Cyclical 15% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。24 positions shown项持仓 · resolved已解析 24/25 (96%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  ILMN |
Illumina Inc | 18.8% | $472M | hold | +0% | — | 70 · HIGH | Healthcare | Oncology, Diagnostics, Genomics | +29% |
| 2 |  SWX |
Southwest Gas Hldgs Inc | 14.9% | $375M | trim | -14% | — | 68 · MODERATE | Utilities | — | +4% |
| 3 |  DIS |
Disney Walt Co | 8.3% | $208M | trim | -12% | — | 67 · MODERATE | Communication Services | Communication Services (Equal-Weight) | -6% |
| 4 |  WGS |
Genedx Holdings Corp | 8.2% | $207M | hold | +6% | — | 66 · MODERATE | Healthcare | — | — |
| 5 |  MGM |
Mgm Resorts International | 7.9% | $198M | hold | -1% | — | 64 · MODERATE | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | +25% |
| 6 |  AMZN |
Amazon Com Inc | 7.3% | $184M | trim | -10% | — | 63 · MODERATE | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -6% |
| 7 |  VSTS |
Vestis Corporation | 6.2% | $156M | hold | +0% | — | 61 · MODERATE | Industrials | — | +31% |
| 8 |  PPLI |
Iac Inc | 5.3% | $134M | hold | +0% | — | 60 · MODERATE | Communication Services | — | +12% |
| 9 |  UNP |
Union Pac Corp | 4.7% | $118M | trim | -59% | — | 58 · MODERATE | Industrials | Industrials (Equal-Weight) | +10% |
| 10 |  QSR |
Restaurant Brands Intl Inc | 4.6% | $117M | trim | -34% | — | 57 · MODERATE | Consumer Cyclical | — | — |
| 11 |  CX |
Cemex Sab De Cv | 3.9% | $98M | hold | +0% | — | 30 · LOW | Basic Materials | — | — |
| 12 |  LLYVA |
Liberty Live Holdings Inc | 3.7% | $92M | hold | +0% | — | 29 · LOW | Communication Services | — | — |
| 13 |  MSFT |
Microsoft Corp | 1.9% | $49M | trim | -24% | — | 28 · LOW | Technology | Magnificent Seven, AI Software & Platforms, Quantum Computing | -5% |
| 14 |  FTRE |
Fortrea Hldgs Inc | 1.7% | $44M | hold | +3% | — | 26 · LOW | Healthcare | — | +29% |
| 15 | CSGP |
Costar Group Inc | 1.4% | $34M | new | — | 1q | 20 · LOW | Real Estate | Real Estate (Equal-Weight) | -10% |
| 16 |  LION |
Lionsgate Studios Corp | 0.6% | $16M | new | — | 1q | 18 · LOW | Financial | — | — |
| 17 |  LLYVK |
Liberty Live Holdings Inc | 0.1% | $3M | hold | +0% | — | 22 · LOW | Communication Services | — | — |
| 18 |  NVDA |
Nvidia Corporation | 0.1% | $3M | hold | +0% | — | 20 · LOW | Technology | Magnificent Seven, AI Infrastructure, AI Semiconductors | -10% |
| 19 |  CRM |
Salesforce Inc | 0.1% | $3M | hold | +0% | — | 20 · LOW | Technology | AI Software & Platforms, Non-AI Software, AI Agents & Applications | +0% |
| 20 |  META |
Meta Platforms Inc | 0.1% | $1M | hold | +0% | — | 17 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +5% |
| 21 |  IWM |
Ishares Tr | 0.1% | $1M | new | — | 1q | 22 · LOW | — | — | +5% |
| 22 |  TSLA |
Tesla Inc | 0.0% | $1M | hold | +0% | — | 14 · LOW | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -13% |
| 23 |  FLYX-WS |
Flyexclusive Inc | 0.0% | $48198 | hold | +0% | — | 13 · LOW | — | — | — |
| 24 |  LAB |
Standard Biotools Inc | 0.0% | $40762 | hold | -0% | — | 13 · LOW | Healthcare | — | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (3)
| CSGP new |
1.4% | -10% |
| LION new |
0.6% | — |
| IWM new |
0.1% | +5% |
Rotated out of轮出 (8)
| SWX trim |
-14% | +4% |
| DIS trim |
-12% | -6% |
| AMZN trim |
-10% | -6% |
| UNP trim |
-59% | +10% |
| QSR trim |
-34% | — |
| MSFT trim |
-24% | -5% |
 ORCL exit |
-100% | -37% |
 QQQ exit |
-100% | -2% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。