Adam Jeffery | CNBC
Keith Meister doubled down on some of his big tech holdings and added to his positions in media and gaming plays during the second quarter, according to a securities filing released Monday.
The Corvex Management founder and chief investment officer, and protégé of Carl Icahn, added positions in the cloud giant Salesforce and gaming company Zynga in the second quarter, based on the firm’s 13-F filing, the quarterly filing for hedge funds. The filing does not show the date or average price of the purchases.
The following are Corvex’s biggest positions:
Meister told CNBC earlier this month that he’s optimistic on stocks even with the S&P 500 at record highs. No one knows how Covid-19 will play out, he said then, so he’s positioned his portfolio generally to include pandemic beneficiaries, reopening plays and “event-driven names.”
Corevx’s Salesforce position totals some $77.2 million. The stock is up almost 12% on a year-to-date basis as investors bet a hybrid in-office and remote work model to dominate the future of work.
The firm increased its positions in tech giants Alphabet and Amazon, media brands Altice USA and Disney, as well as Coca-Cola and the restaurant corporation Bloomin’ Brands. It also increased its position in MGM Resorts, where Meister is on the board of directors, to $668.5 million. MGM’s stock has risen some 25% this year as the Las Vegas-based hotel and casino brand makes big plans to beef up its digital strategy.
It exited positions in Global Payments, whose stock is down almost 22% year-to-date, and Fiserv, whose stock is also slightly down by 1.3%. Payments technology companies have taken a hit this year as buy-now-pay-later companies become increasingly popular.