| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.0% | 0.4% | 3.1% |
| 2025 | 2024 |
|---|---|
| 3.1% | 1.7% |
The 13D Activist Fund returned 0.40% net in Q4 2025 versus 2.19% for the Russell 2000, underperforming in a large-cap dominated market. However, early 2026 performance suggests a more favorable environment with the fund up 6.77% versus 6.11% for the Russell 2000. Shareholder activism reached record levels in 2025 with 152 North American campaigns, up 20.6% from 2024, as the strategy evolved from stigmatized to necessary. The fund expanded internationally with first investments in Japan through Third Point's Ebara Corporation campaign and Elliott's Kansai Electric Power engagement. Portfolio turnover accelerated with five exits and five new positions added, including Integer Holdings (Irenic), Six Flags (JANA/Sachem Head), and WEX (Impactive Capital). The thesis centers on activism becoming essential as passive investing increases, reducing fundamental-based trading and requiring catalysts to realize intrinsic value. International opportunities, particularly in Japan with 154 live campaigns, offer significant value creation potential through margin expansion, enhanced capital returns, and improved governance.
The 13D Activist Fund capitalizes on the growing acceptance and necessity of shareholder activism by investing in companies where activist investors are driving value creation through operational improvements, capital allocation optimization, and corporate governance enhancements.
The fund expects to continue looking in the US and internationally for the best activism opportunities. As activism evolves globally, particularly in Japan and Europe where significant value can be found, the 13D Activist Fund will continue to adapt its strategy accordingly.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 14 2026 | 2025 Q4 | 1944.T, 9501.T, 9531.T, EBCOY, FUN, ITGR, KAEPY, WEX | activism, Japan, semiconductors, small caps, Utilities, value |
6361 JP 9503 JP ITGR FUN WEX |
Shareholder activism continues to grow with 152 campaigns in North America in 2025, a 20.6% increase from 2024. The strategy has evolved from stigmatized to… |
| Oct 27 2025 | 2025 Q3 | BILL, PFGC, TRIP, VSAT, WK | activism, catalysts, Governance, Margins, SMIDcaps |
PFGC TRIP VSAT WK |
Shareholder activism continues to accelerate in both frequency and success rates, aided by the universal proxy and a rotation toward SMID value that favors activist-led… |
| Apr 5 2025 | 2025 Q1 | KVUE, MIDD, QRVO, YETI | - | - | - |
| Jan 13 2025 | 2024 Q4 | APD, HR, LW, RIOT, RPD | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ActivismShareholder activism continues to grow with 152 campaigns in North America in 2025, a 20.6% increase from 2024. The strategy has evolved from stigmatized to accepted and now necessary as passive investing increases. Non-activist managers are resorting to activism to realize intrinsic value as fewer investors buy and sell based on fundamentals. |
Shareholder activism Proxy contests Board representation Value creation Catalyst |
JapanJapan offers tremendous value opportunities with one-third of companies trading below book value. Corporate governance reforms, record shareholder returns, and structural changes like unwinding cross-holdings are unlocking value. The investment opportunity is in early innings and could last several years. |
Corporate Governance Value Reforms Shareholder Returns Cross Holdings | |
SemiconductorsMACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. |
Demand Competition Connectivity Customer Concentration | |
UtilitiesThe utilities sector led returns in Q4 2025, with SSE delivering strong performance supported by its upgraded investment plan and improved visibility across regulated earnings and renewable infrastructure growth. The portfolio maintains an 8.9% allocation to utilities, representing a +5.3% overweight versus the benchmark. |
Regulated Utilities Renewable Infrastructure Investment Plan Earnings Visibility Infrastructure | |
| 2025 Q3 |
SpaceSpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. |
Satellites Launch Starlink Starship Reusable |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 27, 2025 | Fund Letters | Ken Squire | PFGC | Performance Food Group Co. | Consumer Staples | Food Distributors | Bull | NYSE | Activism, antitrust, consolidation, Distribution, synergies | Login |
| Oct 27, 2025 | Fund Letters | Ken Squire | TRIP | TripAdvisor, Inc. | Consumer Discretionary | Interactive Media & Services | Bull | NASDAQ | AI, Governance, Platforms, Travel, valuation | Login |
| Oct 27, 2025 | Fund Letters | Ken Squire | VSAT | Viasat, Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | Defense, growth, Satellites, Spin-offs, valuation | Login |
| Oct 27, 2025 | Fund Letters | Ken Squire | WK | Workiva Inc. | Information Technology | Application Software | Bull | NYSE | Activism, buyout, Governance, profitability, SaaS | Login |
| Jan 14, 2026 | Fund Letters | Ken Squire | 6361 JP | Ebara Corporation | Industrials | Semiconductor Equipment | Bull | New York Stock Exchange | Activism, capital allocation, Cmp, Margins, semiconductors | Login |
| Jan 14, 2026 | Fund Letters | Ken Squire | 9503 JP | The Kansai Electric Power Company | Utilities | Electric Utilities | Bull | New York Stock Exchange | Activism, capital returns, Nuclear, Real Estate, utilities | Login |
| Jan 14, 2026 | Fund Letters | Ken Squire | ITGR | Integer Holdings Corporation | Health Care | Medical Devices | Bull | New York Stock Exchange | Activism, CDMO, Medical devices, Takeout, valuation | Login |
| Jan 14, 2026 | Fund Letters | Ken Squire | FUN | Six Flags Entertainment Corporation | Consumer Discretionary | Leisure Facilities | Bull | New York Stock Exchange | Activism, Leisure, Operations, Real Estate, turnaround | Login |
| Jan 14, 2026 | Fund Letters | Ken Squire | WEX | WEX Inc. | Information Technology | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Activism, Governance, Margins, Payments, spinoff | Login |
| TICKER | COMMENTARY |
|---|---|
| EBCOY | This is a Japanese activist campaign by Third Point. Ebara Corporation was founded over 100 years ago and established its roots as an industrial manufacturer of pumps, compressors, chillers, turbines, and related equipment. However, over the last several decades, Ebara has entered another business: Precision Equipment, quietly becoming a semiconductor capital equipment powerhouse that is high-growth and contributes approximately one-third of the Company's revenue and just over one-half of its operating income. Despite this, Ebara is still viewed as an industrial Company, trading closer to its legacy Fluid Machinery business at 20x P/E versus 30x for its semiconductor capital equipment peers. |
| FUN | This is a US activist campaign by JANA Partners and Sachem Head Capital Management. Six Flags Entertainment is a regional amusement-resort operator with approximately 27 amusement parks, 15 water parks and nine resort properties across 17 states in the United States, Canada and Mexico. However, this arrangement has not really gone as planned. In Q2, Six Flags faced severe weather conditions during their typical peak May to June season, which resulted in substantial EBITDA and attendance misses. This sent Six Flags' share price down over 58% from the completion of the Cedar Fair merger to the day prior to JANA's announcement. |
| ITGR | Integer Holdings Corporation (ITGR), which specializes in the design, development, and production of medical technologies and components. In late October, Integer's stock sank more than 30% after the company significantly lowered its outlook for growth and margin expansion in 2026, as several products experienced slower market adoption than was expected. But management expects these headwinds to be short-lived, with a robust portfolio of higher growth and margin products coming to market, which should allow the company to get back on track. The company still expects to outgrow its industry peers by 2% while growing earnings before interest and taxes (EBIT) at twice the rate of sales. Even better, the company announced a $200 million stock repurchase authorization after the selloff, increasing our conviction that the shares are materially undervalued. This confidence drove us to increase our exposure to Integer in the quarter. |
| KAEPY | This is a Japanese activist campaign by Elliott Investment Management. Kansai Electric Power is a diversified utility based in Osaka, providing electrical power primarily to the Kansai region of Japan. It is Japan's second-largest electric power utility, trailing only Tokyo Electric Power Company. Notably, it is also Japan's top nuclear power operator with 6,580 MW of installed capacity from which 48% of its electrical output was derived in FY25. Despite these favorable characteristics, KEPCO has underperformed TEPCO over the past 1- and 5-year periods and was trading at 0.75x price-to-book prior to the announcement of Elliott taking a position in the Company. |
| WEX | This is a US activist campaign by Impactive Capital. WEX is a diversified payments company with three high-quality, market-leading segments - Mobility, Corporate Payments, and Benefits - each characterized by strong competitive moats, recurring revenue, dominant market share, and long-standing customer relationships. Despite these strengths, WEX trades at a deeply discounted valuation of ~9.2x NTM P/E versus its historical average and peers. Impactive Capital attributes this valuation gap to four core issues: poor capital allocation, empire building via non-core acquisitions, operational under-earning, and weak governance and misaligned incentives. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
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