Lazard's Shareholder Advisory Group
CONFIDENTIAL
NOVEMBER 2018
13F FILING ANALYSIS (3Q 2018)
Lazard's Shareholder Advisory Group
Lazard has prepared the information herein based upon publicly available information and for general informational purposes only. The information is not intended to be, and should not be construed as, financial, legal or other advice, and Lazard shall have no duties or obligations to you in respect of the information.
CONFIDENTIAL
Table of Contents
I
EXECUTIVE SUMMARY
II
CONSUMER
III
FIG
IV
HEALTHCARE
V
INDUSTRIALS
VI
MEDIA/TELECOM
VII
PEI
VIII REAL ESTATE
IX
RETAIL
X
TECHNOLOGY
LAZARD'S SHAREHOLDER ADVISORY GROUP
1 8 13 23 30 44 50 55 60 65
1
CONFIDENTIAL
LAZARD'S SHAREHOLDER ADVISORY GROUP
I Executive Summary
LAZARD'S SHAREHOLDER ADVISORY GROUP
I EXECUTIVE SUMMARY
Lazard's 13F Filing Analysis3Q 2018
? 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 September 30, 2018 were due on November 14, 2018
? Lazard's Shareholder Advisory Group has identified 16 core activists, 28 additional activists and 32 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 76 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
- PEI
- FIG
- Real Estate
- Healthcare
- Retail
- Industrials
- Technology
- Media/Telecom
? 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 December 31, 2018 will be February 14, 2019
2
LAZARD'S SHAREHOLDER ADVISORY GROUP
List of Activist and Other Notable Investors3Q 2018
I EXECUTIVE SUMMARY
CORE ACTIVISTS (16)
Investor
13F Holdings1
#
$bn Investor
Blue Harbour
14 $2.2 Ancora2
Cevian
2
0.8 Atlantic
Corvex
30 2.2 Barington
Elliott
76 22.8 Basswood2
Glenview Capital
58 15.7 Bulldog2
Greenlight Capital
63 2.4 Clover
Icahn Associates3
41 25.2 D.E. Shaw2
JANA Partners
53 3.3 Eminence
Land & Buildings
14 0.5 Engaged
Marcato Capital
28 0.9 Fir Tree
Pershing Square
7
5.2 FrontFour
Starboard Value
16
3.9 GAMCO2
TCI
14 19.1 Hudson Executive
Third Point
31 14.3 Legion
Trian
9 10.3
ValueAct
19 10.2
ADDITIONAL ACTIVISTS (28)
13F Holdings1
#
$bn Investor
1,992 $2.6 Mantle Ridge
20 0.6 Oasis
16 0.1 PL Capital
134 2.2 Red Mountain
122 0.3 Sachem Head
28 0.1 SailingStone
4,883 83.2 Sandell
40 6.1 Sarissa
16 0.7 Scopia
72
1.9 Senator3
27 0.3 Southeastern
832 14.8 SpringOwl
7
1.2 Seidman
13 0.5 Voce
13F Holdings1
#
$bn Investor
1 $3.2 40 North
OTHER NOTABLE INVESTORS (32)
13F Holdings1
#
$bn Investor
6 $0.9 New Mountain
12 0.1 Abrams
22
3.8 Orbis2,4
38 0.4 Avenue
8
0.5 Owl Creek
6
0.2 Appaloosa
37 5.7 P2 Capital
11
2.2 Berkshire Hathaway2 168 221.0 Paulson
17 3.1 Camber
26 2.3 Praesidium
42
1.3 Carlson2
264 8.0 Schoenfeld
9
0.5 Discovery
50 1.7 Raging
38 5.2 H Partners
2
0.9 RWC2
40 7.8 HG Vora
18 1.6 Soroban
57 8.3 Kimmeridge
1
0.1 SRS
31
0.1 Lansdowne2
124 9.5 Stelliam
30 0.1 Lion Point
35 1.1 Stilwell
10 0.1 Luxor
50 4.0 VIEX
Maverick2
238 8.0 West Face
Moab
31 0.5 Wintergreen
13F Holdings1
#
$bn
$28 1.4
105 $17.1
74 2.1
16 1.1
58 5.3
14 1.4
34 1.1
26 0.6
104 2.1
25 6.5
22 4.9
39 1.9
38 0.1
24 0.1
1 ................
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