格隆汇9月17日｜据路透，激进投资者Elliott Management周二宣布，已斥资逾20亿美元入股人力资源软 件供应商Workday，并公开支持该公司现有的领导团队。Elliott对Workday的首席执行官和首席财务官表 达赞赏，称公司近年来取得了长足的进步，并形容管理团队经验丰富且运作有效。Elliott同时表示，与 Workday的沟通十分顺畅，对公司在财务分析师日提出的多年发展计划充满信心，认为该计划将为股东 带来可观的长期价值。 ...

智通财经APP获悉，核能在日本向来是敏感议题，因此埃利奥特管理公司入股关西电力一事备受瞩目。 据知情人士透露，这家激进投资机构已持有这家市值170亿美元的日本最大公用事业及核电运营商接近 5%的股份。埃利奥特正敦促总部位于大阪的关西电力提升投资者回报，并出售估值超2万亿日元(约136 亿美元)的非核心资产——几乎等于当前市值，其中约1万亿日元为与能源业务无关的房地产。消息曝光 后，关西电力股价周三应声飙涨5%。 2011年福岛核事故后，日本54座核反应堆全线停运，目前24座已重启，其中半数由关西电力运营。今年 7月，该公司更成为十多年来首家新建核反应堆的运营商。日本政府正加大核电投资以减少对进口化石 燃料及液化天然气价格波动的依赖。 埃利奥特为关西电力制定的策略，与2024年11月其入股东京燃气后的操作如出一辙——自该基金购入类 似规模股份以来，东京燃气股价已飙升50%。这一激进投资者的最新动作，或将推动市场重新审视能源 及其他敏感行业中尚未被挖掘的机会。 关西电力符合日本激进投资者关注的所有条件：其市净率仅0.7，远低于东证所规定的1:1标准;据埃利奥 特估算，公司持有约1万亿日元与能源业务无关的房地产资产 ...

Core Insights - Elliott Investment Management has taken a significant stake in PepsiCo, holding $4 billion worth of shares, making it one of the largest investors in the company [1][4] - The activist investor aims to push for changes at PepsiCo to enhance its stock price, citing strategic and operational challenges that have led to poor financial performance and undervaluation [4][7] - Elliott believes that with focused improvements and strategic reinvestments, PepsiCo could see a stock price increase of over 50% [7] Group 1: Business Analysis - Elliott has categorized PepsiCo's operations into three segments: North America Beverages (PBNA), North America Foods (PFNA), and the rapidly expanding international division, with a focus on revitalizing the North American market [7][9] - The report highlights that PBNA is experiencing market share loss and declining profit margins, with Pepsi's core brand falling to fourth place in U.S. sales [9][14] - Elliott suggests that PepsiCo should consider refranchising its bottling network to refocus on core competencies, similar to Coca-Cola's successful refranchising strategy [9][12] Group 2: Strategic Recommendations - Elliott recommends streamlining PBNA's extensive product portfolio due to a lack of clear growth strategy, which has led to operational complexity and pressure on brand execution [14][18] - The firm also advises PFNA to divest non-core and underperforming assets, emphasizing the need for an operational review to align costs with current sales [18][22] - Investment in profitable growth is encouraged, with the expectation that optimization measures will free up capital for targeted investments and stronger marketing support [24] Group 3: Corporate Governance and Accountability - Elliott stresses the importance of clear communication from PepsiCo's leadership regarding the implementation of these changes and the establishment of new mid-term financial goals [24][27] - The need for enhanced oversight and accountability is highlighted, particularly after a period of underperformance, to ensure that the company can capitalize on this opportunity [27] Group 4: International Market Potential - Elliott views PepsiCo's international business as having significant growth potential, noting strong performance in high-potential markets and the opportunity for continued expansion [30] - The report does not specifically address the Chinese market, where PepsiCo has established strategic partnerships and continues to innovate within its Quaker brand [30] Group 5: Company Response - PepsiCo has stated it will review Elliott's letter within the context of its strategic framework, indicating a willingness to consider targeted investments and product portfolio transformation [33] - The company has a history of successfully resisting activist investor pressures, having previously navigated challenges from Trian Partners [33][34]

Core Viewpoint - Elliott Management Corporation has made a significant $4 billion investment in PepsiCo, aiming to push for a strategic overhaul to improve the company's lagging performance [1] Group 1: Investment and Strategy - Elliott has become one of the top five active investors in PepsiCo, excluding index funds, and has submitted a detailed reform proposal to the board [1] - The activist investor believes that PepsiCo represents a historic opportunity to revitalize a leading global company and unlock substantial shareholder value [1] - Elliott's proposal suggests that PepsiCo could see its stock price increase by at least 50% through the proposed reforms [1] Group 2: Current Challenges - PepsiCo is facing significant operational challenges, with its core product, Pepsi, dropping to fourth place in U.S. soda sales, behind Coca-Cola, Dr Pepper, and Sprite [4] - The company's food business, which accounts for approximately 60% of total revenue, is also under pressure, with sales growth slowing since late 2022 [4] - PepsiCo's market capitalization has decreased from around $270 billion in May 2023 to approximately $200 billion [5] Group 3: Proposed Changes - Elliott's key recommendations include evaluating the possibility of refranchising its bottling network, returning ownership to independent local bottlers, similar to Coca-Cola's successful refranchising in 2017 [5] - The firm also urges PepsiCo to streamline its extensive product portfolio by divesting non-core and underperforming assets [5] - Elliott emphasizes the need for PepsiCo to provide a more specific performance improvement plan to restore market confidence [5] Group 4: Company Response - PepsiCo has stated that it maintains a constructive dialogue with shareholders and will assess Elliott's viewpoints while expressing confidence in its existing strategy for sustainable growth [3][6] - The company has already been taking measures to address challenges, including cost-cutting initiatives and strategic adjustments to improve performance [6][7] - Recent financial results have exceeded analyst expectations, and the company anticipates a rebound in weak North American demand as strategic adjustments take effect [6]

Group 1 - Elliott Management has made a $4 billion investment in PepsiCo, aiming to push for a strategic overhaul to improve the company's lagging performance [1][4] - The activist investor believes that PepsiCo represents a unique opportunity to revitalize a leading global company and unlock significant shareholder value, projecting a potential stock price increase of at least 50% [1][6] - PepsiCo's stock saw a brief increase of 5% following the news, but closed with a more modest gain of 1.1% [1] Group 2 - PepsiCo is currently facing significant operational challenges, with its core product, Pepsi, dropping to fourth place in U.S. sales behind Coca-Cola, Dr Pepper, and Sprite [4] - The company's food business, which accounts for approximately 60% of total revenue, is also under pressure, with sales growth slowing since late 2022 [4][5] - PepsiCo's market capitalization has decreased from around $270 billion in May 2023 to approximately $200 billion [5] Group 3 - Elliott's proposals include evaluating the possibility of refranchising its bottling network and streamlining its extensive product portfolio by divesting non-core and underperforming assets [6] - The firm emphasizes the need for PepsiCo to provide a more detailed performance improvement plan to restore market confidence [6] - Elliott is recognized as one of the most active activist investors globally, managing over $70 billion in assets and known for driving change in various well-known companies [6] Group 4 - In response to Elliott's pressure, PepsiCo has expressed a willingness to engage in constructive dialogue while defending its existing strategic initiatives aimed at sustainable growth [3][7] - The company has already been taking steps to address its challenges, with CEO Ramon Laguarta focusing on delivering higher value to consumers since taking office in 2018 [7] - Recent financial results exceeded analyst expectations, and the company anticipates a rebound in weak North American demand as strategic adjustments take effect [7][9]

Core Viewpoint - Elliott Management has acquired a $1.5 billion stake in HPE, indicating potential influence over the company's strategic direction and management [1][2]. Group 1: Investment and Management Dynamics - The investment by Elliott Management is a long position rather than a short bet, suggesting a focus on improving HPE's performance rather than undermining it [1]. - HPE's CEO, Antonio Neri, faces pressure as Elliott's involvement could lead to significant changes in leadership, as evidenced by past actions where 14 CEOs were ousted following Elliott's investments [1][2][10]. - HPE has not publicly commented on the situation, maintaining silence on the ongoing negotiations with Elliott [2][10]. Group 2: Financial Performance and Market Position - HPE's stock price dropped nearly 16% following a Q1 earnings report due to a miscalculation in inventory costs, which Neri acknowledged as a significant error [4][5][6]. - This miscalculation resulted in a market value loss of over $3 billion for HPE [6]. - HPE's revenue per employee is significantly lower than its peers, with $494, compared to Dell's $882 and Cisco's $595, indicating operational inefficiencies [7][8]. Group 3: Stock Performance and Market Comparison - Since 2018, HPE's stock has only increased by 48%, while the S&P 500 has risen by 135%, highlighting underperformance relative to the broader market [9]. - Despite a recent uptick in stock price after the U.S. Department of Justice dropped its investigation into HPE's acquisition of Juniper Networks, the overall performance remains lackluster [9]. Group 4: Potential Strategic Outcomes - Elliott Management may prefer to negotiate a board seat and collaborate on a turnaround strategy rather than instigating a proxy fight, as seen in previous engagements with other companies [10][11]. - HPE's board, with many members serving for over a decade, may be due for a refresh, which could align with Elliott's interests in enhancing corporate governance [10].

Core Insights - The article discusses the investment journey of Bill Ackman, highlighting his evolution from a value investor to a more aggressive activist investor, and his recent shift towards long-term investments. Group 1: Investment Philosophy - Ackman identifies as a value investor but is often described as an "aggressive value investor" or "value speculator" due to his active involvement in company management and transformation [5][7][8]. - His investment strategy includes concentrated holdings, deep research, and a willingness to push for change within companies [27]. Group 2: Key Investments and Strategies - Ackman's notable investment in General Growth Properties during the financial crisis yielded a return of 26 times his initial investment of $60 million, showcasing his ability to identify undervalued assets [36]. - His investment in Canadian Pacific Railway involved a proxy battle to replace the CEO, resulting in a significant increase in stock price from $49 to $220 between September 2011 and December 2014 [44]. - During the COVID-19 pandemic, Ackman made a strategic move by investing $27 million in credit protection, which led to a profit of $2.6 billion in less than a month, demonstrating his market timing and risk management skills [72][75]. Group 3: Lessons from Failures - Ackman's investment in Valeant Pharmaceuticals resulted in a loss of over $4 billion, highlighting the risks associated with aggressive growth strategies and reliance on price increases [57]. - His battle with Herbalife, which lasted over five years, ended in a significant loss of nearly $1 billion, illustrating the challenges of short-selling and the impact of market dynamics [66]. Group 4: Future Aspirations - Ackman aims to transform Howard Hughes Corporation into a diversified holding company, aspiring to create a "modern Berkshire Hathaway" by acquiring quality businesses and establishing an insurance operation [86][90]. - He has expressed a desire to evolve from an activist investor to a builder of long-term value, indicating a shift in his investment approach [79][89].

Core Insights - The article discusses the quarterly 13F filings by institutional investors, highlighting the investment strategies of prominent figures like Warren Buffett, Carl Icahn, and Bill Ackman during Q1 2025, particularly in response to market conditions and economic forecasts [1] Group 1: Warren Buffett's Investment Strategy - Buffett increased his holdings in consumer-oriented companies, particularly in the beverage and food sectors, indicating a focus on stable cash flow and consumer demand [2][6] - Significant increases in holdings include Constellation Brands (STZ) from 5.6 million shares to 12 million shares, Pool Corp from 600,000 shares to 1.46 million shares, and Domino's Pizza (DPZ) to 2.62 million shares [3][4][5] - Buffett maintained his core positions in Coca-Cola (KO) at 400 million shares, Apple (AAPL) at 300 million shares, and other long-term investments, reflecting his commitment to brand value and long-term holding principles [7] - He completely sold his holdings in Nu Holdings (NU) and Citigroup (C), indicating a cautious outlook on the financial sector [8][11] Group 2: Carl Icahn's Aggressive Moves - Icahn significantly increased his stake in JetBlue Airways (JBLU) from 17.73 million shares to 33.62 million shares, signaling intentions to influence company restructuring [16] - He also raised his position in CVI Energy to 68.53 million shares and increased his holdings in Illumina (ILMN) from 40,000 shares to 220,000 shares [16] - Icahn reduced his stake in Southwest Gas (SWX) from 9.63 million shares to 7.53 million shares, suggesting a strategic shift [19] Group 3: Bill Ackman's Tactical Adjustments - Ackman made a substantial investment in Uber (UBER), acquiring 30.3 million shares, reflecting confidence in urban mobility and AI-driven business models [19] - He increased his holdings in Brookfield (BN) from 34.89 million shares to 41 million shares, Hertz (HTZ) from 12.71 million shares to 15 million shares, and Google A shares (GOOGL) to 4.44 million shares [20] - Ackman completely exited his position in Nike (NKE), previously holding 18.77 million shares, due to concerns over the impact of new trade policies on global companies [21]