Return Attribution — Corvex Management
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Corvex Management (13F portfolio cloned at quarter-end weights) delivered a +6.84% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: ILMN (+7.95%), META (+1.85%), MSFT (+0.62%). Biggest drags: MGM (-2.91%), CX (-0.60%), SWX (-0.55%). Across all 20 segmented periods, 35 stocks made a positive cumulative contribution and 20 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
+6.84%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ILMN |
15.2% |
+52.3% |
+7.95% |
| META |
6.5% |
+28.3% |
+1.85% |
| MSFT |
1.5% |
+41.0% |
+0.62% |
| AMZN |
6.6% |
+8.7% |
+0.58% |
| DIS |
6.4% |
+8.6% |
+0.55% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
7.8% |
-37.3% |
-2.91% |
| CX |
3.0% |
-19.8% |
-0.6% |
| SWX |
8.7% |
-6.3% |
-0.55% |
| PLNT |
3.0% |
-17.4% |
-0.53% |
| VSTS |
8.8% |
-4.0% |
-0.35% |
2026-Q1 → 2026-Q2 segment return
+20.35%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ILMN |
18.8% |
+42.6% |
+8.0% |
| VSTS |
6.2% |
+84.7% |
+5.25% |
| MGM |
7.9% |
+29.2% |
+2.3% |
| FTRE |
1.7% |
+84.7% |
+1.47% |
| AMZN |
7.3% |
+14.1% |
+1.03% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CSGP |
1.4% |
-16.4% |
-0.22% |
| QSR |
4.6% |
-1.2% |
-0.06% |
| CRM |
0.1% |
-15.6% |
-0.02% |
| DIS |
8.3% |
-0.1% |
-0.01% |
| META |
0.1% |
-2.5% |
-0.0% |
2025-Q4 → 2026-Q1 segment return
-8.29%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SWX |
12.3% |
+9.4% |
+1.15% |
| VSTS |
4.0% |
+17.8% |
+0.72% |
| UNP |
8.4% |
+5.4% |
+0.46% |
| QSR |
5.0% |
+8.6% |
+0.43% |
| LLYVA |
2.5% |
+12.4% |
+0.31% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| WGS |
12.2% |
-50.6% |
-6.16% |
| DIS |
8.5% |
-15.0% |
-1.28% |
| FTRE |
2.4% |
-45.4% |
-1.08% |
| ILMN |
15.4% |
-6.0% |
-0.92% |
| AMZN |
6.9% |
-9.3% |
-0.64% |
2025-Q3 → 2025-Q4 segment return
+11.16%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ILMN |
12.1% |
+38.1% |
+4.6% |
| WGS |
10.9% |
+20.7% |
+2.27% |
| VSTS |
2.8% |
+47.2% |
+1.34% |
| FTRE |
1.3% |
+104.9% |
+1.32% |
| CX |
2.6% |
+27.8% |
+0.71% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ORCL |
3.3% |
-30.9% |
-1.01% |
| LLYVA |
3.1% |
-13.6% |
-0.43% |
| MSFT |
3.0% |
-6.1% |
-0.18% |
| UNP |
9.2% |
-1.6% |
-0.14% |
| DIS |
5.0% |
-0.8% |
-0.04% |
2025-Q2 → 2025-Q3 segment return
+4.96%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WGS |
12.0% |
+16.7% |
+2.0% |
| SWX |
15.9% |
+6.1% |
+0.97% |
| FTRE |
0.9% |
+70.4% |
+0.66% |
| SRE |
3.4% |
+18.8% |
+0.64% |
| LLYVA |
3.4% |
+18.6% |
+0.63% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| VSTS |
4.6% |
-20.9% |
-0.96% |
| DLTR |
4.1% |
-4.7% |
-0.19% |
| AQN |
1.5% |
-6.3% |
-0.09% |
| QSR |
2.5% |
-3.2% |
-0.08% |
| ILMN |
15.5% |
-0.5% |
-0.07% |
2025-Q1 → 2025-Q2 segment return
+8.77%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DLTR |
9.1% |
+31.9% |
+2.91% |
| ILMN |
11.5% |
+20.3% |
+2.33% |
| MGM |
6.4% |
+16.0% |
+1.02% |
| MSFT |
2.5% |
+33.0% |
+0.81% |
| TSM |
2.0% |
+37.2% |
+0.73% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| VSTS |
6.4% |
-42.1% |
-2.69% |
| FTRE |
1.3% |
-34.6% |
-0.44% |
| MDU |
3.8% |
-1.4% |
-0.05% |
| GOOGL |
3.8% |
+0.0% |
+0.0% |
| LAB |
0.0% |
+11.1% |
+0.0% |
2024-Q4 → 2025-Q1 segment return
-6.96%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WGS |
5.3% |
+15.2% |
+0.81% |
| KOF |
2.3% |
+17.2% |
+0.4% |
| XLV |
4.8% |
+6.1% |
+0.3% |
| UGI |
1.6% |
+17.1% |
+0.27% |
| PLTR |
2.1% |
+11.4% |
+0.24% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ILMN |
6.4% |
-40.6% |
-2.59% |
| VSTS |
7.3% |
-34.9% |
-2.54% |
| FTRE |
1.8% |
-59.5% |
-1.08% |
| MGM |
5.5% |
-14.5% |
-0.8% |
| SPY |
16.4% |
-4.6% |
-0.75% |
2024-Q3 → 2024-Q4 segment return
+3.58%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WGS |
4.2% |
+81.1% |
+3.37% |
| LLYVA |
3.1% |
+34.4% |
+1.05% |
| AMZN |
3.8% |
+18.3% |
+0.7% |
| ILMN |
11.8% |
+2.5% |
+0.29% |
| VSTS |
10.0% |
+2.5% |
+0.25% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
8.9% |
-11.4% |
-1.01% |
| SWX |
13.9% |
-3.3% |
-0.47% |
| FMX |
1.6% |
-12.6% |
-0.2% |
| KOF |
1.6% |
-10.6% |
-0.17% |
| NSC |
2.7% |
-5.0% |
-0.14% |
2024-Q2 → 2024-Q3 segment return
+7.98%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ILMN |
13.0% |
+24.9% |
+3.24% |
| VSTS |
9.8% |
+22.1% |
+2.16% |
| WGS |
3.0% |
+62.4% |
+1.89% |
| SWX |
15.8% |
+5.7% |
+0.9% |
| LLYVA |
2.7% |
+32.0% |
+0.88% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
12.2% |
-12.0% |
-1.47% |
| AMZN |
4.7% |
-3.9% |
-0.19% |
| FMX |
2.0% |
-7.5% |
-0.15% |
| MSFT |
3.6% |
-4.1% |
-0.15% |
| GRAL |
0.3% |
-10.5% |
-0.03% |
2024-Q1 → 2024-Q2 segment return
-2.0%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WGS |
1.1% |
+186.3% |
+1.99% |
| TKO |
3.3% |
+25.0% |
+0.82% |
| AMZN |
4.4% |
+7.5% |
+0.33% |
| MSFT |
3.5% |
+6.5% |
+0.23% |
| SPY |
4.9% |
+4.1% |
+0.2% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ILMN |
6.5% |
-21.9% |
-1.43% |
| SWX |
17.2% |
-6.8% |
-1.17% |
| VSTS |
3.0% |
-36.3% |
-1.1% |
| MGM |
13.4% |
-5.9% |
-0.79% |
| LLYVA |
3.1% |
-11.4% |
-0.36% |
2023-Q4 → 2024-Q1 segment return
+8.79%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SWX |
16.2% |
+21.5% |
+3.48% |
| UBER |
4.6% |
+25.3% |
+1.17% |
| MGM |
15.4% |
+5.7% |
+0.87% |
| WGS |
0.4% |
+232.0% |
+0.85% |
| AMZN |
4.2% |
+18.5% |
+0.78% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ADBE |
2.9% |
-15.4% |
-0.45% |
| ILMN |
7.3% |
-1.4% |
-0.1% |
| TSLA |
0.0% |
-29.6% |
-0.01% |
| FMX |
5.4% |
-0.1% |
-0.0% |
| GOOGL |
1.4% |
+0.0% |
+0.0% |
2023-Q3 → 2023-Q4 segment return
+9.76%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
12.9% |
+21.5% |
+2.79% |
| UBER |
3.8% |
+33.9% |
+1.27% |
| FMX |
5.3% |
+20.5% |
+1.08% |
| KKR |
2.5% |
+34.8% |
+0.88% |
| AMZN |
3.6% |
+19.5% |
+0.7% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| WGS |
0.7% |
-24.5% |
-0.16% |
| TKO |
2.3% |
-3.0% |
-0.07% |
| TSLA |
0.0% |
-0.6% |
-0.0% |
| GOOGL |
1.3% |
+0.0% |
+0.0% |
| AAPL |
0.0% |
+12.2% |
+0.0% |
2023-Q2 → 2023-Q3 segment return
-3.51%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CEG |
3.4% |
+19.5% |
+0.67% |
| KKR |
1.7% |
+10.3% |
+0.18% |
| ADBE |
2.4% |
+4.4% |
+0.1% |
| UBER |
1.5% |
+6.6% |
+0.1% |
| DLR |
0.8% |
+7.3% |
+0.06% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
14.3% |
-16.3% |
-2.32% |
| AES |
2.5% |
-26.1% |
-0.66% |
| WGS |
1.0% |
-38.9% |
-0.39% |
| IWM |
6.6% |
-5.5% |
-0.37% |
| CSX |
3.4% |
-9.9% |
-0.33% |
2023-Q1 → 2023-Q2 segment return
+3.15%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FMX |
8.5% |
+17.7% |
+1.5% |
| CEG |
7.3% |
+17.0% |
+1.24% |
| IWM |
10.9% |
+4.5% |
+0.49% |
| CSX |
3.0% |
+14.0% |
+0.41% |
| UBER |
1.1% |
+35.8% |
+0.41% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| WGS |
1.6% |
-50.5% |
-0.81% |
| AES |
4.9% |
-13.3% |
-0.65% |
| MGM |
15.0% |
-1.1% |
-0.17% |
| GOOGL |
1.0% |
+0.0% |
+0.0% |
| CRM |
0.2% |
+5.7% |
+0.01% |
2022-Q4 → 2023-Q1 segment return
+7.95%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
12.2% |
+32.5% |
+3.96% |
| FMX |
10.7% |
+21.9% |
+2.34% |
| QQQ |
9.4% |
+20.5% |
+1.94% |
| MSFT |
4.7% |
+20.1% |
+0.95% |
| CCEP |
2.4% |
+7.0% |
+0.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AES |
6.5% |
-15.7% |
-1.03% |
| CEG |
6.1% |
-8.6% |
-0.52% |
| CSX |
1.4% |
-3.4% |
-0.05% |
| GOOGL |
2.7% |
+0.0% |
+0.0% |
| SWX |
0.1% |
+1.9% |
+0.0% |
2022-Q3 → 2022-Q4 segment return
+7.83%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FMX |
8.8% |
+26.0% |
+2.28% |
| MDU |
16.9% |
+10.9% |
+1.85% |
| AES |
5.7% |
+28.0% |
+1.61% |
| MGM |
12.1% |
+12.8% |
+1.55% |
| CRC |
7.2% |
+13.2% |
+0.95% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
4.4% |
-25.7% |
-1.14% |
| WGS |
0.9% |
-69.9% |
-0.6% |
| CRM |
5.3% |
-7.8% |
-0.41% |
| UBER |
2.3% |
-6.9% |
-0.16% |
| SWX |
1.0% |
-10.4% |
-0.1% |
2022-Q2 → 2022-Q3 segment return
+1.82%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CEG |
6.7% |
+45.5% |
+3.05% |
| UBER |
2.0% |
+29.3% |
+0.57% |
| AES |
6.3% |
+8.3% |
+0.52% |
| MGM |
12.8% |
+2.7% |
+0.34% |
| AMZN |
4.0% |
+5.9% |
+0.24% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
7.6% |
-9.3% |
-0.7% |
| FIVN |
3.5% |
-17.7% |
-0.63% |
| CCEP |
2.7% |
-17.4% |
-0.47% |
| WGS |
1.3% |
-30.3% |
-0.4% |
| BOOT |
1.9% |
-15.2% |
-0.28% |
2022-Q1 → 2022-Q2 segment return
-13.94%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CEG |
10.9% |
+2.0% |
+0.22% |
| CCEP |
3.5% |
+6.1% |
+0.21% |
| SWX |
0.4% |
+12.0% |
+0.04% |
| GOOGL |
8.5% |
+0.0% |
+0.0% |
| JPM |
0.1% |
-17.6% |
-0.02% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
18.6% |
-31.0% |
-5.76% |
| AMZN |
8.6% |
-34.8% |
-3.01% |
| MSFT |
8.8% |
-17.0% |
-1.49% |
| UBER |
3.4% |
-42.5% |
-1.46% |
| AES |
3.4% |
-17.7% |
-0.6% |
2021-Q4 → 2022-Q1 segment return
-3.18%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| EXC |
9.0% |
+14.8% |
+1.34% |
| TMUS |
2.5% |
+10.7% |
+0.26% |
| V |
0.1% |
+2.4% |
+0.0% |
| GOOGL |
8.8% |
+0.0% |
+0.0% |
| MA |
0.1% |
-0.6% |
-0.0% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MGM |
30.8% |
-6.5% |
-2.02% |
| MSFT |
6.7% |
-7.9% |
-0.53% |
| CCEP |
4.0% |
-13.0% |
-0.52% |
| CRM |
2.9% |
-16.5% |
-0.48% |
| JPM |
3.0% |
-13.8% |
-0.41% |
2021-Q3 → 2021-Q4 segment return
+5.14%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
7.9% |
+25.4% |
+2.01% |
| NVDA |
3.3% |
+41.5% |
+1.39% |
| MSFT |
4.1% |
+19.3% |
+0.8% |
| MU |
2.3% |
+30.9% |
+0.71% |
| EXC |
3.3% |
+20.8% |
+0.68% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TMUS |
2.8% |
-9.9% |
-0.27% |
| DIS |
2.1% |
-8.7% |
-0.18% |
| CRM |
2.8% |
-6.3% |
-0.18% |
| UBER |
1.8% |
-6.6% |
-0.12% |
| JPM |
2.2% |
-2.9% |
-0.06% |
Cumulative Contribution (all segments)