Company Overview - Clear Channel Outdoor Holdings is a major player in the outdoor advertising industry, providing services through billboards, street furniture displays, transit displays, and other out-of-home advertising formats, operating solely within the United States [1][4] - The company has transitioned to a U.S. pureplay, enhancing its focus and potential value from a multiple perspective, making it easier for potential acquirers [8] Activist Involvement - Anson Funds, which holds a 3.65% stake in Clear Channel Outdoor, has initiated a campaign calling for the sale of the company, marking a strategic shift for the fund [2][3][7] - The activist strategy is led by Sagar Gupta, who previously worked with Legion Partners during their campaign for Clear Channel Outdoor, indicating a long-term interest in the company [2][7] Financial Performance and Valuation - Clear Channel Outdoor has faced challenges with its two business lines in the Americas and Europe, with the U.S. operations trading at approximately 13-15 times EBITDA, while European operations traded around 8 times EBITDA [5][6] - Despite recent divestitures and a focus on digital transformation, the company's stock has declined by 26.56% since Legion's activist filing and over 90% from its IPO price [6] Strategic Moves and Market Position - The company has executed several divestitures, including selling its European and Latin American businesses, which has allowed it to focus on the U.S. market and reduce debt [6] - Potential acquirers for Clear Channel Outdoor include JCDecaux and Lamar, both of which have shown interest in the outdoor advertising sector [8][9] Digital Transformation - Clear Channel Outdoor's digital billboard segment has grown to only 5% of its portfolio, despite accounting for over a third of its revenue, highlighting the slow pace of digital transformation due to regulatory approvals [11] - The slow rollout of digital ads poses challenges for the company, particularly in meeting quarterly reporting expectations as a public entity [11]

Core Viewpoint - Starboard Value has nominated four directors to the board of BILL Holdings, aiming to enhance shareholder returns and unlock value for the company [1][2]. Group 1: Board Nominations - Starboard Value holds an 8.5% stake in BILL Holdings and is prepared to shake up the board to achieve its goals [1]. - Four of the company's 12 directors will stand for election at the upcoming annual meeting, with Starboard potentially nominating up to four candidates [2]. - The nominated executives bring expertise in financial technology, payments, operations, and corporate governance [2][4]. Group 2: Company Performance - Since its IPO in 2019, BILL Holdings' shares have increased by 30%, but they have declined nearly 40% this year [5]. - The company acknowledged its stock is undervalued and announced a $300 million share repurchase plan in August [5]. Group 3: Previous Engagements - Earlier this year, Starboard reached settlements with other companies, including Autodesk and Kenvue, to add independent directors to their boards [6].

Company Overview - Rexford Industrial Realty is a self-administered and self-managed full-service real estate investment trust (REIT) focused on owning, operating, and acquiring industrial properties in Southern California infill markets, with a portfolio of 424 properties totaling approximately 51.0 million rentable square feet [1] - The company also engages in acquiring or providing mortgage debt secured by industrial-zoned property and offers property management and leasing services [1] Activist Involvement - Elliott Investment Management has taken a position in Rexford Industrial Realty, indicating a significant economic exposure estimated between $400 million to $500 million, likely closer to $1 billion [3][7] - Elliott is known for advocating better corporate governance and capital allocation, aiming to restore strategic focus on shareholder value [8] Market Context - The industrial REIT sector has benefited from strong secular tailwinds due to the rise of e-commerce, increasing demand for warehouse space, particularly in Southern California, which faces land scarcity and entitlement challenges [4] - Historically, Rexford has traded at a premium to net asset value (NAV), but currently trades at a 20% discount to NAV and a 5-6 turn AFFO discount to peers, with stock prices declining from over $80 in December 2021 to around $40 [6][10] Strategic Implications - The involvement of Elliott may catalyze strategic outcomes for Rexford, making it a potential acquisition candidate due to its premium assets and current discounted valuation [10][11] - If an acquisition opportunity arises, Elliott would evaluate the best path for shareholder value, potentially favoring an acquisition at a reasonable premium over a long-term standalone plan [12]

SNC Investment Highlights - SNC shares offer an attractive dividend yield of 6.3% (8.5% grossed up for franking)[15] - The SNC portfolio can be acquired at a 9.8% discount to its Net Tangible Assets (NTA)[11, 15] - As of July 31, 2025, the company possesses solid profits reserves and franking credits amounting to 42.7 cents per share[11] - SNC has paid and announced 65.8 cents per share in dividends and 24.9 cents per share in imputation credits since its inception[18] SNC Performance - SNC's gross performance to July 31, 2025, shows a 1-year return of 19.0%, a 3-year return of 13.8% per annum, and a since-inception annualized return of 9.9%[22] - SNC's investment selection and portfolio discipline are highlighted by a win/loss ratio of approximately 70%[24] - SNC's gross performance in rising markets averaged 2.9%, while in falling markets, it averaged -3.3% since inception[26] Portfolio Companies - Carbon Conscious Investments Ltd (CCIL) manages large-scale projects of approximately 17,000 hectares[28] - SNC received a fully franked dividend of $720,000 from CCIL in February 2025 and currently holds approximately $1.7 million in cash[30] - QPM Energy Ltd (QPM) has gas reserves exceeding 400PJ and an enterprise value of $143.8 million[31]

Company Overview - Qiagen NV is a Netherlands-based holding company that provides "Sample to Insight" solutions, transforming biological samples into molecular insights through integrated sample and assay technologies, bioinformatics, and automation systems [1] - The company specializes in isolating and preparing DNA, RNA, and proteins from various biological materials, and its assay technologies enable the analysis of these biomolecules [1] - Qiagen operates primarily in two end markets: Molecular Diagnostics and Life Sciences, generating approximately 90% of its sales from recurring consumables revenue [4] Investment Context - Fivespan Partners has established a position in Qiagen and is engaging with its management to explore potential improvements [3][7] - Qiagen has struggled to create shareholder value post-Covid, with 1-, 3-, and 5-year returns of 1%, -6%, and 1%, respectively, while trading at around 13 times EV/EBITDA compared to peers at approximately 15 times [5] - The company has a strong market position and brand reputation but has lost focus on its core business, leading to missed opportunities for growth [6] Strategic Opportunities - Management is encouraged to invest more in its core business, improve communication with the market, and optimize its balance sheet to enhance shareholder value [6] - Qiagen's operating margin is currently at 25%, with potential for expansion to over 30% through a more disciplined approach [6] - The company holds $1.15 billion in cash and short-term investments against $1.39 billion in debt, suggesting room for leveraging to fund growth initiatives and share buybacks [6] Market Dynamics - Qiagen's dual-listing and geographical revenue distribution show that 52% of its FY24 sales are from North America, 32% from Europe, the Middle East, and Africa, and 16% from Asia [4] - The company has previously engaged in discussions for potential transactions, including a failed offer from Thermo Fisher Scientific at 43 euros per share, indicating its attractiveness as an acquisition target [8] - Fivespan's investment philosophy includes evaluating strategic transactions, and while it does not prioritize sales, it remains open to advocating for shareholder value in the event of acquisition offers [8]