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Hedge fund manager Corvex bulks up tech, media positions in Q3'19

New York-based hedge fund manager Corvex Management LP bought seven new stakes with a collective market value of $241.5 million during the third quarter, with six of the seven in the technology, media and telecommunications sectors, according to Corvex's latest Form 13F filing.

As of Sept. 30, Corvex Management held stakes in 12 technology, media and telecommunications companies. The TMT sectors represented $545 million of Corvex Management's portfolio holdings, the second-largest sector holdings by total value. The consumer segment accounted for Corvex's top sector holding by value, at $631.1 million, though the hedge fund manager only held stakes in two consumer companies.

The third-quarter TMT initiations included enterprise cloud software provider Workday Inc., in which Corvex held 213,700 shares valued at $36.3 million, and Google LLC parent Alphabet Inc., in which Corvex held 28,000 shares valued at $34.2 million.

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Corvex also increased its stake in New York-based entertainment and sports venue company Madison Square Garden Co. by 480% to hold 409,148 shares valued at $107.8 million as of Sept. 30.

Madison Square Garden recently revised its plan to spin-off a pure-play sports business to eliminate an earlier proposal for the newly independent entertainment company to retain a one-third stake in the sports business. The split is expected to complete in the first quarter of 2020.

Corvex Management more than tripled its stake in San Jose, Calif.-based Forescout Technologies Inc. during the third quarter. On Oct. 21, Corvex Management filed a Form 13D declaring a total holding of 3,344,133 shares in Forescout and announced that it had agreed to work with Jericho Capital Asset Management LP regarding the systems software company's business and prospects. The two fund managers owned a combined stake of about 14.2% of Forescout Technologies as of Oct. 18.

Additionally, Corvex in the third quarter increased its stakes in Adobe Inc. by 40.2%, in Inc. by 37%, and in Slack Technologies Inc. by 23.4%.

The hedge fund sold off 41.7% of its stake in wireless carrier T-Mobile US Inc., the largest decrease among its portfolio. In late July, T-Mobile, which is in the process of merging with Sprint Corp., entered into an agreement with DISH Network Corp. to sell a portfolio of nationwide 800 MHz spectrum in a deal valued at $3.59 billion as well as Sprint's prepaid business in a deal valued at $1.40 billion. The asset sales were reached as part of a settlement with regulators reviewing T-Mobile's planned merger with Sprint.

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Corvex Management exited stakes in 11 companies during the period, including two due to acquisitions. Columbus, Ga.-based Total System Services Inc. merged with Global Payments Inc. on Sept. 17 in a deal valued at $27.81 billion, and the Woodlands, Tex.-based Anadarko Petroleum Corp. was acquired by Occidental Petroleum Corp. on Aug. 8 in a deal valued at $57.15 billion.

The hedge fund manager sold off its entire stakes in The Walt Disney Co., Comcast Corp., and Facebook Inc., which were worth an aggregate market value of $51.7 million as of June 30.

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