Keith Meister's Corvex Management LP disclosed total AUM of $2.5B across 20 positions in its Q1 2026 13F filing. ILMN leads the portfolio at $472M (18.8% weight), while DIS entered the top 3 with an 11-percentage-point weight increase to $208M. Meanwhile, UNP ($116M), QQQ ($92M), and ORCL ($79M) were fully liquidated during the quarter.
Top 5 Holdings — Q1 2026
- ILMN: $472M (18.8%)
- SWX: $375M (14.9%)
- DIS: $208M (8.3%)
- WGS: $207M (8.2%)
- MGM: $198M (7.9%)
Q1 2026 Key Portfolio Moves
Corvex continues to run a high-conviction, concentrated strategy. The top 5 holdings — ILMN, SWX, DIS, WGS, and MGM — account for 58.1% of total AUM. Genomics leader ILMN commands a dominant $472M allocation as the single largest position, maintaining a clear lead over second-ranked SWX ($375M, 14.9%). The wide gap underscores that Meister's long-term activist position in ILMN remains the cornerstone of the portfolio.
- ILMN: Top holding maintained at $472M (18.8%) — reaffirms long-term commitment as core activist position
- DIS: Weight increased +11 ppts to $208M — aggressive add reflecting conviction in media & entertainment recovery
- WGS: Weight increased +6 ppts to $207M — continued thematic bet on genomics and precision medicine growth
- UNP: Full exit from $116M → 0 — complete removal of cyclical railroad sector exposure
- QQQ: Full exit from $92M → 0 — Nasdaq index ETF liquidated, reinforcing single-stock concentration strategy
- CSGP: New position initiated at $34M — real estate data platform added as sector diversification play
The most significant strategic shift this quarter was a reshaping of the consumer and media segment. DIS was built up by 11 percentage points to $208M, and WGS was added by 6 percentage points to reach $207M. New positions were initiated in real estate data platform CSGP ($34M) and LION ($16M). On the sell side, railroad holding UNP, Nasdaq ETF QQQ, and cloud mega-cap ORCL were all fully exited, reflecting a deliberate reduction in defensive cyclical and broad growth index exposure. QSR was also trimmed by 34% to $117M, reducing the portfolio's fast-food sector weight.
Deepening Concentrated Activist Strategy — Healthcare & Media Two-Track Approach
This quarter, Corvex exited broad index ETFs and cyclically sensitive names, concentrating resources into an ILMN- and WGS-led healthcare/genomics theme alongside a consumer/media theme anchored by DIS and MGM. Given the highly concentrated nature of the portfolio — $2.5B deployed across just 20 positions — individual company valuation changes have a direct and outsized impact on performance. The pace of Meister's activist campaign at ILMN and the progress of DIS's restructuring will be the defining variables shaping the portfolio's trajectory going forward.
