Activist Insight Online has kept a running tab on new positions as the deadline for disclosing portfolios for the quarter ended June 30 passed on Friday.
Jana Partners exited its stake in Jack in the Box, where the activist had won two board seats in a settlement last year. Jana also disclosed a new $217 million in Perspecta, while Conagra Brands remains the activist’s largest investment.
Carl Icahn sold out of Freeport-McMoRan and Hertz Rental during the second quarter. He also exited HP, which he had tried to merge with Xerox earlier in the year before COVID-19 derailed the bid.
Trian Partners appeared to cut its stake in Procter & Gamble by two-thirds, signaling a possible ending to its blockbuster campaign of 2017. The activist is likely sitting on some dry powder after selling out of Legg Mason following the announcement of its acquisition by Franklin Templeton.
ValueAct Capital Partners sold stakes in Stars Group, Comcast, HD Supply, and Outfront Media, only adding electric truck maker Nikola – where former CEO Jeff Ubben serves as a director – to its Spring Fund during the second quarter.
Land & Buildings, a vocal expounder of the shift from big city landlords to suburban homebuilders, has sold around six positions and added 18, illustrating the abrupt impact of COVID-19 on real estate. Big new positions include Diamondback Hospitality Vereit, and Vici Properties. Some of the most notable exits included MGM Growth Properties and Prologis.
Voce Capital Management sold its stake in On Deck Capital, where it ran an unsuccessful withhold campaign earlier this year, alongside positions in Imax, Sonos, and Tivity Health. The San Francisco-based activist added to a host of positions, most notably Argo Group International.
HG Vora Capital Management sold stakes in five gaming and lodging companies during the second quarter, although it retained other bets on the sectors. It added positions in TPG Real Estate Finance Trust, Outfront Media, and Ally Financial.
Elliott Management exited a position in Cornerstone On Demand that led Activist Insight Vulnerability to tip the company as a potential target. It added a stake in American Airlines, an Activist Insight Vulnerability pick in October 2018 – less turbulent times for the industry.
Engine Capital performed one of the biggest portfolio overhauls, jettisoning a large number of positions. Big purchases included Darling Ingredients, worth $14 million at the end of the quarter, and Quanta Servces, worth $10 million.
Praesidium Investment Management exited stakes in Applied Materials, Cornerstone On Demand and Realpage, buying into Autodsk, Copart, Descartes, Primo Water, and Proofpoint.
Wynnefield Capital exited stakes in Granite Construction and SunOpta during the second quarter.
Starboard Value increased its stake in ACI Worldwide by around 40% and took a toehold stake in Textron. It exited its stake in Resideo Technologies, which it initiated in the first quarter, cuts stake in eBay by more than 60% and trimmed stakes in Box and Cerner.
Armistice Capital increased its holding in Ross Stores by more than 70% and took a new stake in Autozone worth over $30 million. It doubled its stake in retail supplier Aptar Group to nearly 300,000 shares and took new stake in drug company Argenex and increased its holding in Zymeworks eight-fold. The fund exited a position in Assembly Bioscience and Activision Blizzard and reduced by almost half its stake in Burlington Stores, that it initiated in the first quarter.
Engaged Capital took substantial new positions in Jack in the Box, Magellan Health, Tivo Corp and Simply Good Foods. It trimmed its stake in Hain Celestial by around 25% and exited its stake in Apogee Enterprises
Viex Capital took a new position in Forescout Technologies, sold more than 75% of the shares it owned in Babcock & Wilcox, and exited position in RealNetworks and Red Robin Gourmet Burgers.
New Mountain Vantage, which is engaged in a proxy battle with Virtusa, added a new position in Restaurant Brands and doubled it stake in real estate investment trust JBG Smith. It cut its stake in Avantor by around 20%, which remains the fund’s largest investment. It cut its position in Ebay by more than 50% and exited its position in Electronic Arts.
P2 Capital Partners disclosed a new 4.7 million share position in Change Healthcare, worth $52 million, along with new positions in Cornerstone OnDemand and CDK Global. The hedge fund did not exit any of its previously disclosed positions.
Sir Christopher Hohn’s The Children’s Investment Fund (TCI) is bullish on the pandemic-besieged real estate industry. TCI disclosed two new investments in the most recent quarter, namely in office real estate investment trust Boston Properties and Vornado Realty, a $7 billion diversified REIT owning office, retail and residential assets in some key cities in the U.S., including New York and San Francisco. Collectively valued at around $300 million, the two stakes make a relatively small of part of TCI’s portfolio. At the same time, TCI exited its small stakes in health insurer Anthem and Irish-domiciled industrial gas provider Linde.
Marathon Partners Equity Management disclosed a new $4.7 million stake in Simply Good Foods, and increased its stake in e.l.f. Beauty following a settlement this year that saw the activist win one board seat.
Sachem Head Capital Management has made a big bet on the embattled restaurant and food industry, one of the most hit by the COVID-19 pandemic. Sachem Head revealed a $50 million stake in Darden Restaurants, a $38 million investment in Restaurant Brands, which houses Burger King and Tim Hortons brands, and a smaller investment in Sysco, a food and kitchen appliances distributor to restaurants. At the same time, the activist fund led by Scott Ferguson doubled its stake in U.S. Foods to 4.5 million shares which have a market value of $88 million. Elsewhere, Sachem Head revealed stakes in Altice USA, Comcast, KBR, Grand Canyon Education, Nuance Communications and Synchrony Financial, while shedding Exact Sciences and Allergan, which earlier this sold itself to Abbvie.
Roumell Asset Management disclosed a new 7.8 million share stake in Tetra Technologies, while it cut its stake in Zagg by 430,000 shares to just over 761,000, after winning board representation as part of a settlement in April. The activist also slashed its stake in Liquidity Services, having urged the company to sell itself in March.
Senator Investment Group disclosed a near-$190 million stake in API Group in call options and stock. Senator also reported a new position in Humana worth around $136 million, while the activist’s investment in CoreLogic where it is running a proxy fight alongside Cannae Holdings remains its largest in dollar value, worth $283 million.
Weiss Asset Management increased its stake in Crown Castle International which is being pressured by Elliott Management. The activist also disclosed a new stake in Qiagen which saw its proposed sale to Thermo Fisher Scientific scuppered by Davidson Kempner this week, and the activist exited its stake in Boeing.
General Atlantic scrapped its positions in Science Applications International, Crowdstrike Holdings, and Arco Platform, while the private equity firm disclosed a new stake in Royalty Pharma, and held its position in Futu Holdings, where it was given a board seat last year.
Legion Partners has acquired almost a million shares in Primo Water, after having exited the stock in the first quarter. The fund cut its stake in The Chef’s Warehouse by half, continuing sales started in first quarter, cut its SVMK holdings by about 20% and, exited its stake in Dave & Buster’s Entertainment.
Osmium Partners took a new stake of almost 8% in retailer Kirklands and exited its stake in Travelzoo, which had been 6% of its portfolio.
Cove Street Capital has doubled its stake in TEGNA to around 900,000 shares and exited its position in Hallmark Financial services
Bandera Partners has reduced its stake in Viad Corp and Shake Shack by about one third, and Alphabet Inc by over 20%. No acquisitions were recorded.
Dalton Investments has doubled its stake in 21Vianet Group, while reducing its holding in ICICI Bank and Infosys.