格隆汇1月5日｜据巴克莱统计，由于市场波动、有利的融资条件和更多的交易活动为游说变革提供了理 想的条件，推动公司改善业绩的激进投资者在2025年发起的活动数量创下了历史新高。包括埃利奥特投 资管理公司在内的激进投资者以及相当数量的新晋投资者对全球企业发起了255次活动，较2024年增加 近5%，超过了2018年创下的249次的纪录。运动休闲服饰制造商Lululemon、打车公司Lyft、百事可乐等 知名品牌都受到激进投资者的"攻击"，被要求改善运营、更换董事会成员，甚至考虑出售公司。 ...

知情人士称，美国对冲基金Toms Capital Investment Management（TCIM）已在塔吉特建立了一笔重要 持股。该基金此前曾在泰诺（Tylenol）制造商Kenvue中持股，并在上月推动其以487亿美元的价格出售 给金佰利-克拉克（Kimberly-Clark）。目前尚不清楚TCIM在塔吉特的具体持股规模。 此次施压发生在塔吉特11月公布连续第12个季度销售额负增长或几乎零增长之后。 塔吉特股价已较疫情期间的历史高点下跌逾60%。疫情期间，消费者将塔吉特视为"一站式"购买生活必 需品、服装和家居用品的首选渠道，但此后其表现明显跑输整个零售板块。 TCIM拒绝就此置评。该基金成立于2017年，由总部位于伦敦的对冲基金GLGPartners前员工创立，近期 曾在家乐氏旗下Kellanova、美国钢铁和Kenvue等公司建立持股并推动战略调整。 塔吉特股价周五一度上涨3.7%，公司市值升至443亿美元。 据知情人士透露，在销售持续低迷、今年以来股价蒸发近三分之一后，美国零售连锁巨头塔吉特 （Target）正面临一家激进投资者的压力。 塔吉特在声明中表示，公司与所有股东都保持"定期沟通"。 " ...

当前露露乐蒙正处在一个动荡不安的时期。该公司上周宣布，首席执行官加尔文・麦克唐纳将于明年 1 月卸任，同时公司正面临多重压力，需扭转从产品 质量问题到 "品牌潮牌属性褪色" 等一系列决策失误。 知情人士称，埃利奥特投资管理公司正与资深零售行业高管简・尼尔森（Jane Nielsen）展开密切合作，后者曾担任拉夫・劳伦（Ralph Lauren）的首席财 务官兼首席运营官，被埃利奥特视作露露乐蒙首席执行官一职的潜在人选。（往期阅读：） 【中国服装圈.第3354期】来源：网络 近日，据知情人士透露，激进投资机构埃利奥特投资管理公司（ Elliott Investment Management）已在露露乐檬（Lululemon）累积超 10 亿美元持股，同时 正为这家正处困境、亟待扭转颓势的运动服饰零售商举荐一位潜在首席执行官人选。此次持股后，埃利奥特投资管理公司跻身露露乐蒙的最大投资方之 列。目前露露乐蒙的市值约为 250 亿美元。 ...

格隆汇12月10日｜激进投资者Elliott Management已将其在丰田工业公司(Toyota industries)的持股比例提 高至5.01%，这进一步加大了丰田汽车面临的压力。丰田汽车计划收购该公司旗下重要的叉车制造商。 Elliott 周三在一份监管文件中表示，收购丰田工业公司股份是出于投资目的，并可能提出重要的股东建 议。 ...

格隆汇12月5日｜据华尔街日报引述消息人士称，激进投资者Elliott Management接近与百事公司达成和 解协议。Elliott在9月持有百事约40亿美元的股份，并敦促公司提升股价，振兴汽水业务，并提高竞争 力。百事首席执行官Ramon Laguarta在10月表示，公司与Elliott的互动一直具有合作性，且他同意激进 投资者关于公司被低估的看法。Laguarta当时指出，许多Elliott的想法已经纳入公司当前的业务增长策 略，但对于Elliott提出将公司大型北美装瓶网络剥离以帮助提升利润率的建议，并未给出明确答覆。 ...

Group 1 - Starboard Value, a hedge fund with $9 billion in assets, has a history of activist investing, notably with Darden Restaurants, which led to significant changes in the company's management and strategy [1][2][20] - The firm is currently targeting companies like Ken View and Corvo, aiming to improve their operational efficiency and unlock shareholder value [2][20] - Activist investing has made corporate America more responsive, with companies acting faster to improve performance due to the pressure from activist investors [19][20] Group 2 - The CEO of Starboard Value, Jeff Smith, emphasizes the importance of understanding a company's inner workings to identify areas for improvement [4][7] - The firm looks for companies with lower margins and multiples compared to peers, believing that there are no structural disadvantages preventing them from performing better [23][45] - The approach involves engaging with management teams to foster open dialogue about strategic improvements, which can lead to better business outcomes [15][49] Group 3 - The merger between Ken View and Kimberly Clark is viewed positively, as both companies have complementary organizational structures that can enhance operational efficiency [36][38] - Concerns regarding Tylenol's brand trust due to past controversies are acknowledged, but the overall business is expected to remain stable [41][42] - Starboard Value's involvement in companies like Salesforce has led to improved profit margins and operational performance, despite broader market pressures [34][35]

Core Viewpoint - Activist investor Pleasant Lake Partners disclosed a 9.7% stake in African e-commerce platform Jumia, which reported a significant 25% increase in Q3 revenue, reaching $45.6 million [1] Group 1 - Pleasant Lake Partners holds a 9.7% stake in Jumia [1] - Jumia's Q3 revenue increased by 25% [1] - Jumia's Q3 revenue reached $45.6 million [1]

Core Insights - The interview featuring Warren Buffett, Charlie Munger, and Bill Gates highlighted their perspectives on various topics including market valuations, corporate governance, and economic outlook, emphasizing a long-term optimistic view on the U.S. economy [3][4][12]. Group 1: Market and Economic Outlook - Buffett expressed confidence in the long-term performance of the U.S. economy, stating that decisions at Berkshire Hathaway are not influenced by short-term interest rate fluctuations [12][15]. - The trio agreed that stocks remain attractive in a low-interest-rate environment, with Buffett holding approximately $47 billion in cash, indicating a preference for equities over cash [4][5][46]. - Munger warned that future returns may be lower than historical averages but affirmed a commitment to long-term holdings [4]. Group 2: Corporate Governance and Shareholder Engagement - Buffett chose to abstain from voting against Coca-Cola's generous equity incentive plan, believing that constructive dialogue is more effective than confrontation [16][17]. - Munger criticized the disclosure of executive compensation as fostering jealousy and compared high-frequency trading to a societal curse [3][4]. - Buffett highlighted the importance of private discussions with management over public disputes, emphasizing the need for constructive engagement [16][19]. Group 3: Investment Strategies and Capital Allocation - Berkshire Hathaway's capital allocation strategy allows for efficient resource distribution across its diverse subsidiaries, with projected capital expenditures reaching $12 billion [78]. - Buffett indicated that the company would prioritize maintaining a cash reserve of $20 billion while having an additional $27 billion available for investments [46][78]. - The company is open to future collaborations with 3G Capital, recognizing their operational strengths and the potential for large transactions [42][43]. Group 4: Taxation and Corporate Strategy - Buffett discussed the impact of corporate tax structures on mergers and acquisitions, noting that tax considerations are increasingly driving corporate strategies [60][61]. - He emphasized that while tax reform is necessary, it is a complex issue that involves significant political challenges [64][65]. - The discussion highlighted the need for a balanced approach to corporate taxation, ensuring that reforms do not disproportionately benefit or harm specific companies [66][67].

Core Viewpoint - Activist investor Starboard Value has increased its stake in beverage company Keurig Dr Pepper following the announcement of a plan to acquire European coffee manufacturer JDE Peet's for approximately $18 billion [1] Group 1 - Starboard began building its position in Keurig Dr Pepper after the acquisition announcement [1] - Starboard has been holding private meetings with Keurig's management in recent weeks [1]

Core Viewpoint - Activist investor Elliott Management has invested over $2 billion in human resources software provider Workday and publicly supports the existing leadership team [1] Group 1: Investment Details - Elliott Management has acquired a stake exceeding $2 billion in Workday [1] - The investment reflects Elliott's confidence in Workday's long-term value creation potential for shareholders [1] Group 2: Management Support - Elliott expressed appreciation for Workday's CEO and CFO, highlighting the significant progress the company has made in recent years [1] - The management team is described as experienced and effective in their operations [1] Group 3: Communication and Future Plans - Elliott noted that communication with Workday has been very smooth [1] - The firm is optimistic about Workday's multi-year development plan presented to financial analysts, believing it will deliver substantial long-term value [1]