Group 1 - The 13D Activist Fund reported a Q3 2025 return of 8.88%, underperforming the Russell 2000 Index which returned 12.39% [1] - The Russell 2000 outperformed the S&P 500 by the largest margin in three years, with returns of 12.39% compared to the S&P 500's 8.12% [1] - The fund expressed satisfaction with its performance but acknowledged the need for improvement relative to the market [1] Group 2 - Workiva Inc. (NYSE:WK) was highlighted as a key investment, with a one-month return of 5.95% and a 52-week loss of 8.65% [2] - As of December 03, 2025, Workiva Inc. had a stock price of $92.08 and a market capitalization of $5.168 billion [2] - The fund noted that Irenic Capital, an activist investor, has been involved with Workiva Inc. and focuses on strategic activism, including recommendations for spinoffs and sales of businesses [3]

The UK investment trust sector has seen two big activist stories this week - the collapse of an infrastructure mega-merger, and the return of US activist Saba to the headlines. It's all part of an ongoing tidying-up process. https://t.co/OUjwotuKDW ...

Core Insights - Gold prices have surged to over $4,000 per ounce in October, marking a 144% increase since 2022, driven by geopolitical tensions and demand for safe-haven assets [1] - Barrick Mining Corporation's share price has increased over 140% year-to-date, supported by a strong balance sheet and solid North American assets [1][5] - Elliott Management has acquired a stake of at least $700 million in Barrick, indicating significant interest in the company's operations and potential restructuring [2][3] Company Performance - Barrick Mining, a major gold and copper producer, has seen its stock rise by 112% over the last year, with a 143% increase since January, reflecting renewed investor interest [5] - The company trades at a forward price-to-earnings (P/E) ratio of 16.60x, slightly above the sector average of 15.54x, indicating investor willingness to pay a premium for its growth prospects [6] Dividend Strategy - Barrick has increased its base quarterly dividend by 25% to $0.125 per share, with an additional performance dividend of $0.05, totaling $0.175 per share quarterly [7] - The annual yield stands at 1.22%, and the forward payout ratio is just 24.17%, suggesting potential for continued dividend growth without hindering other projects [8]

Core Insights - Monro (MNRO) shares surged over 15% on November 5 following activist investor Carl Icahn's additional investment of $9.7 million, making him the largest shareholder with approximately 4.4 million shares [1][3] - Despite the recent rally, Monro's stock is still down over 25% year-to-date, indicating ongoing challenges [2] - Icahn's involvement is seen as a bullish signal for MNRO, suggesting potential strategic changes and value creation opportunities [3][4] Financial Performance - Monro reported better-than-expected earnings in its latest quarter, which may attract more investors to follow Icahn's lead [4] - The stock is currently trading at a price-sales (P/S) multiple of only 0.38x, indicating a compelling valuation [5] Market Sentiment - Options traders anticipate a continued increase in Monro's share price, targeting around $20.50 by January 16 [6] - Historically, Monro has delivered an average return of 5.54% in November and 1.60% in December, suggesting seasonal strength [6] Analyst Recommendations - Wall Street analysts have a consensus rating of "Hold" on MNRO shares, with price targets reaching as high as $19, indicating a potential upside of 7% from current levels [8]

Core Viewpoint - HoldCo Asset Management, a hedge fund based in Fort Lauderdale, Florida, is challenging American banks, particularly regional lenders, to improve governance and shareholder value, threatening public campaigns against underperforming management [1][4][5]. Group 1: Activism and Mergers - HoldCo successfully pressured Comerica to agree to a $10.9 billion merger with Fifth Third, marking the largest bank merger of the year [2]. - The fund has initiated activist campaigns against Eastern Bank and First Interstate, with plans for a proxy battle against Columbia Bank, which has $70 billion in assets [3][5]. - HoldCo's activism is reviving a trend in an industry that has been largely insulated from such movements since the 2008 financial crisis [4]. Group 2: Market Conditions and Opportunities - Regional banks are currently vulnerable due to struggles following the 2023 crisis involving Silicon Valley Bank and First Republic, making them attractive targets for activists [5][13]. - The current regulatory environment under the Trump administration is perceived to favor mergers, providing activists with a clearer exit strategy [5]. Group 3: Management Critique - HoldCo's founders argue that many regional bank CEOs prioritize personal financial gain over shareholder interests, leading to undervaluation of their banks [8][9]. - Compensation structures incentivize CEOs to pursue acquisitions that may not benefit shareholders, with boards often acting as rubber stamps for such decisions [9][12]. - The performance of regional banks has lagged behind larger peers and broader stock indexes, with the S&P Regional Banking ETF still 14% below its 2021 peak [13]. Group 4: HoldCo's Strategy and Background - HoldCo has amassed over $1 billion in regional bank shares and is employing a strategy of public shaming and proxy battles to enforce accountability [15][32]. - The founders, Ghei and Zaitzeff, have a history of identifying undervalued assets and have built their reputation through confrontations with bank management [22][29]. - Their approach includes direct discussions with bank CEOs and public presentations to advocate for shareholder-friendly actions [16][21]. Group 5: Future Plans - HoldCo intends to continue its activist approach, planning to publish reports on banks that destroy shareholder value, even if they do not hold stakes in those firms [32]. - The firm is also targeting Bank United, having acquired nearly 5% of its shares, and plans to initiate a proxy battle unless management agrees to enhance shareholder returns [31].

Company Overview - Fluor is a holding company providing engineering, procurement, construction, fabrication, modularization, and project management services across three segments: energy solutions, urban solutions, and mission solutions [1] - The energy solutions segment focuses on traditional oil and gas markets, while urban solutions serve advanced technologies, life sciences, and infrastructure industries [1] - The mission solutions segment provides technical solutions to U.S. government agencies, including the Department of Energy and Department of Defense [1] Recent Developments - On October 21, Starboard Value announced a nearly 5% stake in Fluor, aiming to unlock value from Fluor's approximately 39% holding in NuScale Power, which constitutes over 60% of Fluor's market capitalization [3] - Fluor's operational turnaround began with the appointment of David Constable as CEO in 2021, shifting focus to lower-risk reimbursable projects, increasing their backlog from 45% to 80% [5] - The company has reduced exposure to loss-making legacy projects from $1.8 billion to $558 million, significantly lowering its risk profile [5] Financial Performance - Fluor has maintained a steady backlog and achieved a 14% compound annual growth rate (CAGR) in EBITDA from fiscal year 2021 to fiscal year 2024, with projections of approximately 9% CAGR from fiscal 2024 to fiscal 2028 [6] - The construction market has grown to over $918 billion, positioning Fluor favorably within a duopoly alongside Bechtel [7] - Fluor's current enterprise value is $6.7 billion, valued at 8.9 times its enterprise value to calendar year 2027 estimates for consensus EBITDA [8] Investment in NuScale - Fluor's investment in NuScale, valued at approximately $4.3 billion, represents more than half of Fluor's current enterprise value [11] - If the NuScale stake is excluded, Fluor's enterprise value would drop to $3.3 billion, reflecting a depressed valuation of 4.6 times [12] - Starboard has proposed various strategies to monetize Fluor's NuScale stake, including open-market sales or a tax-free spinoff, which could significantly enhance shareholder value [13][14] Activist Investor Influence - Starboard Value has a successful track record in activist investing, with an average return of 50.55% from prior campaigns in the industrial sector [2] - The relationship between Starboard and Fluor's management, particularly with David Constable, is expected to be constructive and beneficial for shareholders [16]

Core Insights - Activist investor Jana Partners has acquired a 9% stake in Six Flags Entertainment and is collaborating with NFL star Travis Kelce to advocate for improvements in marketing and customer experiences [1][5] - Following the announcement, Six Flags' shares increased by 17%, although the stock has declined by 58% since its merger with Cedar Fair in July 2024 [2][7] - The current market capitalization of Six Flags is approximately $2.6 billion, and the company has faced challenges this year due to adverse weather conditions affecting visitor attendance [3] Company Developments - Jana Partners is joining other activist investors in proposing strategies to enhance Six Flags' share price [3] - The company recently appointed an executive from Sachem Head Capital Management to its board, indicating a shift towards addressing shareholder concerns [4] - Alongside Kelce, consumer executive Glenn Murphy and technology executive Dave Habiger are also collaborating with Jana Partners and may be considered for board nominations [6]

Core Viewpoint - TripAdvisor's stock increased by 3.4% following activist investor Starboard Value's suggestion that the company should consider selling itself or its TheFork division [2] Group 1: Company Actions - Starboard Value's CEO Jeff Smith presented plans for TripAdvisor at the 13D Monitor, indicating a strategic shift for the online travel booking company [2]

Core Insights - Carl Icahn's Icahn Enterprises portfolio is valued at $7.89 billion, with the top five holdings comprising 89.74% of total assets, indicating a highly concentrated investment strategy [1][7] Group 1: Portfolio Overview - The largest position is Icahn Enterprises (IEP), valued at $3.98 billion, representing 50.47% of the total portfolio, highlighting Icahn's alignment with shareholders [2] - CVR Energy Inc. (CVI) is the second-largest position, valued at $1.89 billion, accounting for 23.97% of the portfolio, reflecting confidence in its cash generation potential [3] - Southwest Gas Holdings (SWX) holds a value of $560 million, making up 7.11% of the portfolio, with Icahn advocating for strategic changes [4] - CVR Partners LP (UAN) is valued at $370 million, representing 4.69% of the portfolio, linked to agricultural commodity prices [5] - International Flavors & Fragrances (IFF) rounds out the top five with a value of $276 million, accounting for 3.50% of the portfolio, focusing on operational improvements [6] Group 2: Investment Strategy - The portfolio's concentration underscores Icahn's activist investment style, characterized by significant positions in companies where he believes shareholder value can be unlocked through strategic changes [7]

Core Insights - Acadia Healthcare Company, Inc. (ACHC) shares increased by 11.7% following Engine Capital's announcement of a 3% stake and a call for significant changes within the company [1][6] - Engine Capital believes Acadia is undervalued due to strong cash generation and real estate, which have been overshadowed by poor execution and management issues [2][3] - ACHC's current forward P/E ratio is 8.87X, significantly lower than its five-year median of 20.55X and the industry average of 13.55X, indicating potential for operational improvements to unlock value [3][4] Company Performance - ACHC's stock has declined by 67.5% over the past year, compared to a 5.8% decline in the industry, exacerbated by a Department of Justice investigation into alleged misconduct [4][6] - The Zacks Consensus Estimate for ACHC's 2025 earnings is $2.54 per share, reflecting a 23% decrease year-over-year [11] Proposed Changes by Engine Capital - Engine Capital is advocating for a board refresh with directors experienced in behavioral health and capital allocation, realigning executive compensation, and pausing aggressive expansion [7] - The proposal includes streamlining operations, reinstating a regional leadership model, and monetizing select assets to fund buybacks, aimed at restoring investor trust and closing the valuation gap [7] Industry Context - Competitors like Tenet Healthcare Corporation (THC) and HCA Healthcare, Inc. (HCA) are experiencing growth due to rising demand from an aging population and increased disease cases [9][10] - THC is benefiting from higher patient revenue and strategic divestitures, while HCA is leveraging increased admissions and a broad healthcare services network [10]