market folly

Keith Meister's activist hedge fund Corvex Management has filed an amended 13D with the SEC regarding their position in Fidelity National Financial (FNF).  Per the filing, Corvex now owns 7.3% of the company with 20.24 million shares.

This is an increase of over 1.95 million shares since the end of the second quarter.  The filing was made due to activity on September 8th.  They bought 535,000 shares at $26.64 in late July and 1.4 million shares in early September at $27.60.

Per Yahoo Finance, Fidelity National Financial is "together with its subsidiaries, provides title insurance, technology, and transaction services to the real estate and mortgage industries in the United States."


Corvex's FNFV Group Stake

Corvex at the same time filed another 13D on FNFV Group common stock (FNFV).  Per that filing, they own 2.9% of the company with 2,694,572 shares. 

FNFV was spun-off from FNF.

It's also worth pointing out that Corvex had been selling these shares throughout July and then recently sold 2.5 million shares at $15.28 in early September.

Per Yahoo Finance, Fidelity National Financial Ventures "operates as an investment arm of Fidelity National Financial, Inc. and is based in United States."