Corvex Capital’s Top Holdings and Largest Moves from Last Quarter

Corvex Capital added 7.09 million shares of Bank of America Corp (NYSE:BAC) to its equity portfolio disclosed ownership of 9.46 million shares worth $209 million in its latest 13F. The possible repeal of the Dodd-Frank Act, which has substantially increased the compliance costs for financial companies, has acted as a positive catalyst for the stock earlier this year. With lesser regulations, banks should be able to increase their investment banking profits. The number of hedge funds from our database long Bank of America Corp (NYSE:BAC) jumped to 139 from 112 during the fourth quarter and the value of their holdings surged by 72% to $12.48 billion.

Keith Meister added Netflix, Inc. (NASDAQ:NFLX) to its equity portfolio and held call options underlying  868,100 shares worth $107 million at the end of the fourth quarter. Among the top five buyers of the stock were Andreas Halvorsen‘s Viking Global Investors, D.E. Shaw & Co. and Citadel Advisors. Netflix Inc. (NASDAQ:NFLX) should benefit from the increasing growth of “on-demand” video streaming. The stock is up by 15% year-to-date and has returned more than 62% in the last 12 months. This $61 billion company has a subscriber base of more than 90 million and added 7.05 million new subscribers during the fourth quarter versus 3.57 million customers added during the third quarter. Growth was seen in domestic as well as international markets as the company expanded to 130 new countries over the last year. The company expects foreign subscriber base will grow by 3.7 million in the fourth quarter of 2017, and will exceed the U.S. base by the end of 2017. Shares worth $6.2 billion were held by 61 funds tracked by us at the end December, up from $3.7 billion and 55 funds, respectively, a quarter earlier.

Corvex Capital dumped its entire 1.27 million-share stake in B/E Aerospace Inc. (NASDAQ:BEAV) during the fourth quarter, after having owned shares for just two quarter. On the other hand, John Paulson‘s Paulson & Company bought a new position in B/E Aerospace Inc. (NASDAQ:BEAV), having amassed 1.32 million shares at the end of 2016. B/E Aerospace Inc. (NASDAQ:BEAV) is a leading manufacturer of aircraft cabin interior products for both commercial airliners and business jets, whose shares have gained more than 50% over the last year. In October, Rockwell Collins (NYSE:COL) entered into a definitive agreement to buy B/E Aerospace Inc. (NASDAQ:BEAV) for $8.3 billion in total consideration. The merger is expected to result in cost savings of about $160 million, an expanded network of customers and better aircraft infrastructure. The number of funds from our database bullish on B/E Aerospace Inc. (NASDAQ:BEAV) inched up by two to 35 during the October-December period.

Disclosure: None