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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the US and Japan."
In Q4 2025, the 13D Activist Fund returned 0.40%, trailing the Russell 2000. Despite a growth-dominated environment throughout 2025, the level of global shareholder activism continues to break records. To capitalize on this, the fund has refined its portfolio construction, exiting five stagnant positions (Asbury, Janus Henderson, Match Group, Performance Food Group, Qorvo) and adding five high-conviction US and Japanese activist campaigns: Ebara Corporation, Kansai Electric Power, Integer Holdings, Six Flags, and WEX.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
Growth Outlook
Market outlook remains above average conviction: The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
Risk Appetite
Risk appetite posture is above average conviction: The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
Forward Guidance
Forward guidance signal: The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
Language Signal
Tone analysis indicates above average conviction language: The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
Time Horizon
Investment time horizon reflects a high conviction orientation. The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the...
