Lazard’s 1Q 2018 13F Filing Analysis

Jim Rossman is head of Shareholder Advisory at Lazard. This post is based on a Lazard publication by Mr. Rossman.

  • Rule 13F-1 of the Securities Exchange Act of 1934 requires institutional investors with discretionary authority over more than $100m of public equity securities to make quarterly filings on Schedule 13F
    • Schedule 13F filings disclose an investor’s holdings as of the end of the quarter, but generally do not disclose short positions or holdings of certain debt, derivative and foreign listed securities
    • Filing deadline is 45 days after the end of each quarter; filings for the quarter ended March 31, 2018 were due on May 15, 2018
  • Lazard’s Shareholder Advisory Group has identified 16 core activists, 29 additional activists and 34 other notable investors (listed on the following page) and analyzed the holdings they disclosed in their most recent 13F filings and subsequent 13D and 13G filings, other regulatory filings and press reports
    • For all 79 investors, the focus of Lazard’s analysis was on holdings in companies with market capitalizations in excess of $500 million

  • Lazard’s analysis, broken down by sector and by company, is enclosed. The nine sector categories are:
    • Consumer
    • FIG
    • Healthcare
    • Industrials
    • Media/Telecom
    • PEI
    • Real Estate
    • Retail
    • Technology
  • Within each of these sectors, Lazard’s analysis is comprised of:
    • A one-page summary of notable new, exited, increased and decreased positions in the sector
    • A list of companies in the sector with activist holders and other notable investors
  • Companies are listed in descending order of market capitalization
  • Lazard will continue to conduct this analysis and produce these summaries for future 13F filings
    • The 13F filing deadline for the quarter ending June 30, 2018 will be August 15, 2018

List of Activist and Other Notable Investors―1Q 2018

Source: Edgar.
Note: 13F filings typically disclose positions in U.S. listed securities only.
1Reflects only holdings included in investors’ 13F filings (i.e., excludes offshore holdings that may be reflected in the analysis on the following pages).
2For investors with over holdings 100 13F holdings, the analysis on the following pages presents only holdings greater than 1.0% of shares outstanding.
3Icahn availed itself of confidential treatment to withhold disclosure of certain positions as of 3/31.

Selected Notable Holdings of Core Activists ($ in millions)

Source: Press reports and SEC filings.
Note: Analysis based on positions in companies with market capitalizations greater than $500 million, as of May 15, 2018.
Excludes short, ETF and non-equity positions.

Selected Notable Holdings of Core Activists ($ in millions)

Source: Press reports and SEC filings.
Note: Analysis based on positions in companies with market capitalizations greater than $500 million, as of May 15, 2018.
Excludes short, ETF and non-equity positions.

Key Takeaways from Activist Investors’ 13F Filings―1Q 2018 (cont’d) ($ in millions)

Source: Press reports and SEC filings.
Note: Analysis based on positions in companies with market capitalizations greater than $500 million, as of May 15, 2018.
1Trian obtained shares in nVent via the spin-off from Pentair, a company in which Trian sits on the Board

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The complete publication is available here.

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