Corvex Management Q2 moves include exiting Air Products, TKO after just one quarter

Activist investor Keith Meister’s Corvex Management in Q2 exited Air Products (NYSE:APD) and TKO Group Holdings (NYSE:TKO) after holding stakes in the companies for just one quarter, while also selling its position in KKR (NYSE:KKR) among other moves.

Corvex Management disclosed the information in its latest 13F filing for the three months ended June 30, 2024, published on Wednesday.

Corvex had revealed new purchases in industrial gases provider Air Products (APD) and UFC and WWE parent TKO (TKO) in Q1. The fund has now sold both those stakes in Q2.

Corvex also picked up fresh positions in a number of companies: 1.04M shares in Canadian civil aviation training firm CAE (CAE), 487.2K shares in carbon fiber and resin materials maker Hexcel (HXL), 378.4K shares in cancer diagnostics company Grail (GRAL), and 128K shares in liquefied natural gas producer Cheniere Energy (LNG).

Among other changes, the hedge fund more than doubled its holdings in gene sequencing provider Illumina (ILMN) to 2.29M shares.

It also increased its stake in railroad operator Norfolk Southern (NSC) by 37.8% to 242.1K shares in Q2; and in Google-parent Alphabet’s class A capital stock (GOOGL) by 6.9% to 513.2K shares.

More on 13F filings

• Icahn boosts stake in Icahn Enterprises, adds Caesars Entertainment, among other Q2 moves
• Tudor Investment buys/sells in Q2 feature Bristol Myers, PepsiCo, AMD, others
• Pershing Square reveals Nike stake among Q2 moves, shoe giant’s shares rise 4% after hours
• Trian almost entirely sheds Disney in Q2, takes stakes in Rentokil, 3M spin-off Solventum
• Third Point adds new Apple stake, sheds Marvell Technology among Q2 buys/sells