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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 14, 2026 | 13D Activist Fund | 0.4% | 3.1% | 1944.T, 9501.T, 9531.T, EBCOY, FUN, ITGR, KAEPY, WEX | activism, Japan, semiconductors, small caps, Utilities, value | 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 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. Japan presents significant opportunities with 76 new activist campaigns in 2025 and 154 live campaigns currently. Japanese companies offer value creation through margin expansion, enhanced capital returns, and improved corporate governance. The fund made its first investments in Japan with Ebara Corporation and Kansai Electric Power Company. Ebara Corporation is a semiconductor capital equipment powerhouse contributing one-third of revenue and over half of operating income. The company forms a duopoly in chemical mechanical planarization with Applied Materials, with AI semiconductors demanding greater CMP intensity offering clear growth runway. Kansai Electric Power Company is Japan's second-largest electric utility and top nuclear power operator with 48% of electrical output from nuclear. The company has favorable characteristics but trades at 0.75x price-to-book with opportunities for improved dividend payouts, capital efficiency, and asset sales. | WEX FUN ITGR 9503 JP 6361 JP |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||