The Corvex Select Equity fund is up 20.5% net for the year to the end of July, according to a copy of the fund's second-quarter investor update, which ValueWalk has been able to review.
The largest contributor to the long/short equity fund's performance in the second quarter was a new holding, Catalent.
This company played a "pivotal role in the rapid production of vaccines during the Covid-19 pandemic," according to Reuters, but after it slashed revenue and profit guidance at the beginning of the year and then delayed the filing of its accounts three times, investors quickly turned their back on the business. With bad news mounting, the stock plunged.
Q2 2023 hedge fund letters, conferences and more
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