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E-MailJim Rossman is head of Shareholder Advisory at Lazard. This post is based on a Lazard publication by Mr. Rossman. Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism by Lucian Bebchuk, Alon Brav, and Wei Jiang (discussed on the Forum here); Dancing with Activists by Lucian Bebchuk, Alon Brav, Wei Jiang, and Thomas Keusch (discussed on the Forum here); and Who Bleeds When the Wolves Bite? A Flesh-and-Blood Perspective on Hedge Fund Activism and Our Strange Corporate Governance System by Leo E. Strine, Jr. (discussed on the Forum here).
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 June 30, 2018 were due on August 14, 2018
Lazard’s Shareholder Advisory Group has identified 16 core activists, 29 additional activists and 33 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 78 investors, the focus of Lazard’s analysis was on holdings in companies with market capitalizations in excess of $500 million
Lazard’s analysis, broken down by sector and by company, is enclosed. The nine sector categories are:
- Consumer
- FIG
- Healthcare
- Industrials
- Media/Telecom
- PEI
- Real Estate
- Retail
- Technology
Within each of these sectors, Lazard’s analysis is comprised of:
- A one-page summary of notable new, exited, increased and decreased positions in the sector
- A list of companies in the sector with activist holders and other notable investors
Companies are listed in descending order of market capitalization
Lazard will continue to conduct this analysis and produce these summaries for future 13F filings
- The 13F filing deadline for the quarter ending September 30, 2018 will be November 14, 2018
List of Activist and Other Notable Investors―2Q 2018
Source: Edgar.
Note: 13F filings typically disclose positions in U.S. listed securities only. Total market values as of 6/30/18.
- Reflects only holdings included in investors’ 13F filings (i.e., excludes offshore holdings that may be reflected in the analysis on the following pages).
- For investors with over 100 positions disclosed in its 13F, the analysis on the following pages presents only holdings greater than 1.0% of shares outstanding.
- Availed itself of confidential treatment to withhold disclosure of certain positions as of 6/30/18.
- Comprised on both Orbis Allan Gray Ltd. And Orbis Investment Management (U.S.), LLC.
Selected Notable Holdings of Core Activists
($ in millions)
Selected Notable Holdings of Core Activists (cont’d)
($ in millions)
Selected Notable Holdings of Core Activists (cont’d)
($ in millions)
Key Takeaways from Activist Investors’ 13F Filings―2Q 2018 (cont’d)
($ in millions)
* * *
The complete report is available here.
