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March 27, 2019  

Activist Embraces Passive Exposure to Market

Activist manager Corvex Capital’s flagship fund gained 15% in the first two months of the year, likely helped by an unusually large position in equity-index options.Put and call options on the S&P 500 Index, Nasdaq 100 Index and Russell 2000 Index, on a notional basis, accounted for 56% of Corvex’s U.S. equity long exposure at yearend, according to the firm’s latest Form 13F filing. Until now, Corvex never allocated nearly so...

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