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Keith Meister’s Corvex Management scooped up shares of Amazon during the first quarter, while slashing its stakes in technology giants Alphabet and Microsoft . The New York-based hedge fund, founded by Meister in 2011, picked up a stake in the e-commerce giant worth $13.1 million, according to recent securities filings. Shares of Amazon surged 23% during the period, gaining 36% so far this year. Meister also bought shares of Endeavor Group , a position worth $44.9 million at the end of the first quarter. Last month, Vince McMahon’s World Wrestling Entertainment agreed to merge with UFC, a wholly-owned unit of Endeavor since 2021, to create a new public company controlled by the sports and entertainment company. Other new bets from Corvex included a $22.7 million position in Uber Technologies and a stake in Algonquin Power . The hedge fund also more than doubled its position in CSX railroad to $58.5 million and hiked stakes in both Southwest Gas and Constellation Energy . As technology stocks posted a solid first quarter, Corvex slashed positions in Alphabet and Microsoft by 68% and 83%, respectively, and trimmed its small position in Salesforce by 34%. Corvex also made some options plays in the first quarter, although it’s possible that these positions may have already expired or been sold. The hedge fund opened a put on the iShares Russell 2000 worth a notional $214.1 million, and cut its call position on Activision Blizzard by nearly 47% to a notional $132.7 million. Corvex also opened a put worth $8.6 million in the video game maker. Regulators worldwide are currently debating whether to approve Microsoft’s $69 billion acquisition of Activision. Prior to launching Corvex, Meister worked closely with legendary activist investor Carl Icahn. He previously served as CEO of Icahn Enterprises . At the end of the first quarter, Corvex managed about $2.9 billion in regulatory assets, according to securities filings.
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