Profiles of Selected Shareholder Activists

Jim Rossman is Head of Shareholder Advisory, Christopher Couvelier is Director, and Charles Kim is Vice President at Lazard. This post is based on a Lazard memorandum authored by Messrs. Rossman, Couvelier, Kim, and Quinn Pitcher. 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).

  • Lazard’s Shareholder Advisory Group analyzed activist campaign data, news sources and background information in order to profile activist hedge funds
  • The enclosed materials include abridged profiles for eight notable activists
    • The eight profiles include holdings information, strategy observations and other relevant information
    • Profiles reflect a combination of publicly available information and the Lazard Shareholder Advisory Group’s perspectives on the behavior and tactics of these investors
  • In total, Lazard’s Shareholder Advisory Group has profiled 57 activist hedge funds
    • Lazard has prepared in-depth profiles (including detailed biographies, campaign analyses and case studies) for the 16 most significant activists
    • Shorter-form profiles containing key facts have been prepared for the 41 other hedge funds
    • Those interested in receiving the full volume of activist profiles can contact Quinn Pitcher at [email protected]
  • Lazard will update this set of profiles following future 13F filings
    • The 13F filing deadline for the quarter ending on March 31, 2019 will be May 15, 2019

I. Cevian Capital

II. Elliott Management

III. Icahn Associates

IV. JANA Partners

 V. Starboard Value

VI. Third Point

VII. Trian Partners

VIII. ValueAct Capital

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