13D Monitor's Activist Analysis

Activist Summary

13F Summary  (12/31/2018) ($000)
Total Holdings $20,425,534
# of Position: 18
Average Position $1,134,752
Largest Postition $10,014,206
Live 13D Filings Returns
# of 13D Filings 16
Avg Filings 34.20 % Avg S&P 74.83 %
# of Item 4 Actions 13
Avg Filings -13.57 % Avg S&P 58.57 %
Exited 13D Filings Returns
# of 13D Filings 95
Avg Filings 15.53 % Avg S&P 16.80 %
# of Item 4 Actions 77
Avg Filings 19.72 % Avg S&P 17.71 %
Average Holding Time (Number of Months)
All 13D Positions
All Item 4 No Item 4
39.76 37.32 50.22
Exited Positions
35.10 34.11 39.34

Activist History

Company NameIndustryMarket Cap
(x1000)
13D Filing DateHoldings SharesHoldings (%)Filing Date Closing PricePurchaser CostItem 4 ActionCurrent Price / Exit PriceDividends Per Share13D ReturnS&P ReturnExit DateExit Type
Energen Corp. (EGN) Energy 7,033,695 11/19/2018 - 0.00 % 73.28 68.71 Yes 72.15 0.00 5.01 % 1.75 % 11/29/2018 Sale of Company
Dell Technologies Inc (DVMT) Information Technology n/a 10/15/2018 - 0.00 % 95.10 92.29 Yes 105.66 0.00 14.49 % -9.64 % 12/28/2018 Sale of Company
Tenneco Inc (TEN) Consumer Discretionary 2,069,403 10/1/2018 5,651,177 9.90 % 41.99 n/a Yes 36.25 0.00 -13.67 % -5.09 % Live n/a
Energen Corp. (EGN) * Energy n/a 5/21/2018 - 0.00 % 68.73 69.06 Yes 72.15 0.00 4.47 % 0.17 % 11/29/2018 Sale of Company
AmTrust Financial Services Inc. (AFSI) Financials 2,916,094 5/17/2018 - 0.00 % 13.76 13.13 Yes 14.75 0.00 12.31 % 0.65 % 11/29/2018 Sale of Company
Newell Brands Inc. (NWL) Consumer Discretionary 8,010,288 3/16/2018 41,832,250 9.89 % 28.66 26.35 Yes 17.16 0.00 -34.88 % 0.86 % Live n/a
SandRidge Energy Inc. (SD) Energy 301,610 11/22/2017 4,818,832 13.51 % 18.90 17.16 Yes 8.45 0.00 -50.76 % 6.87 % Live n/a
Conduent Inc (CNDT) Information Technology 2,871,447 1/9/2017 24,586,540 11.64 % 13.31 14.54 No 13.59 0.00 -6.52 % 22.33 % Live n/a
Hertz Global Holdings Inc. (HTZ) Industrials 1,445,314 7/11/2016 29,263,869 35.27 % 48.96 44.50 Yes 17.22 0.00 -61.30 % 29.87 % Live n/a
Welbilt Inc. (WBT) Consumer Discretionary 2,135,532 3/11/2016 11,942,238 8.52 % 14.61 16.51 No 15.23 0.00 -7.77 % 37.26 % Live n/a
Pep Boys-Manny Moe and Jack (PBY) Consumer Discretionary 1,001,572 12/4/2015 - 0.00 % 15.69 14.61 Yes 18.50 0.00 26.64 % -8.57 % 2/3/2016 Sale of Company
Xerox Corp (XRX) * Information Technology 6,994,317 11/23/2015 23,456,087 9.21 % 43.00 41.44 Yes 30.46 11.88 2.17 % 33.02 % Live n/a
Freeport-Mcmoran Inc (FCX) Materials 17,794,130 8/27/2015 50,161,354 3.46 % 10.19 13.57 Yes 18.85 0.00 38.91 % 37.41 % 2/15/2018 13D/A
Rentech Nitrogen Partners LP (RNF) Materials 444,823 8/19/2015 - 0.00 % 13.83 n/a No 11.15 0.00 -19.38 % -0.33 % 4/1/2016 Sale of Company
Cheniere Energy Inc (LNG) Energy 17,010,929 8/6/2015 23,680,490 9.50 % 64.81 59.49 Yes 66.22 0.00 11.31 % 33.21 % Live n/a
Gannett Co Inc (GCI) Communication Services 1,279,268 7/9/2015 - 0.00 % 12.06 n/a No 15.96 0.00 32.34 % -7.85 % 1/13/2016 13D/A
Manitowoc Company Inc (MTW) * Industrials 621,987 12/29/2014 1,601,169 4.50 % 20.92 96.92 Yes 32.27 58.40 -6.45 % 29.34 % 2/22/2018 13D/A
Herc Holdings Inc. (HRI) * Industrials 1,170,134 8/20/2014 4,494,789 15.86 % 30.33 354.35 Yes 41.06 133.50 -50.74 % 39.72 % Live n/a
TEGNA Inc. (TGNA) Consumer Discretionary 2,641,756 8/14/2014 - 0.00 % 34.05 31.76 Yes 24.60 7.07 -0.29 % 1.74 % 3/9/2016 13D/A
Seventy Seven Energy Inc (SSE) Energy 9,234 7/9/2014 - 0.00 % 24.62 n/a Yes 0.00 0.00 -100.00 % 7.06 % 6/7/2016 Bankruptcy / Liquidation
Family Dollar Stores Inc (FDO) Consumer Discretionary 9,086,759 6/6/2014 - 0.00 % 60.53 58.18 Yes 75.21 0.00 29.27 % 1.06 % 7/30/2014 13D/A
Hologic Inc (HOLX) Health Care 13,484,960 11/21/2013 - 0.00 % 22.71 21.35 Yes 35.01 0.00 63.98 % 15.96 % 4/13/2016 13D/A
Talisman Energy Inc. (TLM) Energy 8,276,381 10/7/2013 - 0.00 % 12.75 11.76 Yes 8.00 0.00 -31.98 % 26.25 % 5/8/2015 Sale of Company
Nuance Communications, Inc. (NUAN) Information Technology 4,700,835 8/29/2013 - 0.00 % 18.31 18.50 Yes 19.47 0.00 5.24 % 23.75 % 3/16/2016 13G
Dell Inc (DELL) Information Technology 24,381,976 5/10/2013 - 0.00 % 13.45 13.57 Yes 13.75 0.00 1.33 % 7.93 % 10/30/2013 Sale of Company
Herbalife Limited (HLF) * Consumer Staples 8,865,973 2/14/2013 35,227,904 22.41 % 38.27 21.03 Yes 56.79 0.00 170.04 % 82.44 % Live n/a
Transocean Limited (RIG) Energy 4,124,821 1/25/2013 - 0.00 % 56.76 48.60 Yes 9.85 0.00 -79.73 % 44.47 % 9/28/2016 13D/A
CVR Refining Limited Partnership (CVRR) Energy 1,548,324 1/25/2013 147,600,000 100.00 % 25.70 n/a Yes 10.49 0.00 -59.18 % 84.68 % Live n/a
Greenbrier Companies Inc. (GBX) Industrials 1,394,941 11/13/2012 - 0.00 % 16.73 14.87 Yes 16.44 0.00 10.60 % 3.08 % 12/21/2012 13D/A
Netflix, Inc. (NFLX) Consumer Discretionary 155,808,900 10/31/2012 - 0.00 % 79.24 58.40 Yes 328.80 0.00 463.01 % 24.51 % 10/22/2013 13D/A
Voltari Corp (VLTC) * Information Technology 5,129 10/19/2012 4,739,620 52.70 % 4.20 n/a Yes 0.57 0.00 -86.42 % 93.65 % Live n/a
Chesapeake Energy Corp. (CHK) Energy 2,393,935 5/25/2012 - 0.00 % 15.81 15.77 Yes 6.99 1.68 -45.01 % 62.01 % 9/19/2016 13D/A
CVR Energy Inc. (CVI) Energy 4,280,593 1/13/2012 71,198,718 70.80 % 23.05 28.22 Yes 42.58 0.00 50.89 % 116.08 % Live n/a
WebMD Health Corp. (WBMD) Information Technology 2,473,960 10/21/2011 - 0.00 % 32.39 30.33 Yes 34.00 0.00 12.12 % 42.22 % 10/21/2013 13D/A
Navistar International Corp (NAV) Industrials 3,610,041 10/13/2011 16,729,960 17.05 % 38.68 30.70 Yes 36.49 0.00 18.86 % 130.60 % Live n/a
Commercial Metals Company (CMC) Materials 1,872,816 7/28/2011 - 0.00 % 14.30 13.96 Yes 15.29 0.00 9.49 % 12.03 % 1/8/2013 13D/A
Oshkosh Corp. (OSK) Industrials 5,516,876 6/30/2011 - 0.00 % 28.94 29.06 Yes 28.57 0.00 -1.69 % 7.46 % 12/13/2012 13D/A
Forest Laboratories Inc (FRX) Health Care 26,406,210 6/17/2011 - 0.00 % 38.68 34.66 Yes 100.09 0.00 188.77 % 55.20 % 7/1/2014 Sale of Company
The Clorox Company (CLX) Consumer Staples 20,029,520 2/11/2011 - 0.00 % 71.26 63.47 Yes 65.33 0.00 2.93 % -6.13 % 12/1/2011 13D/A
Motorola Mobility Holdings Inc. (MMI) Real Estate 1,539,870 1/12/2011 - 0.00 % 32.63 33.12 Yes 40.00 0.00 20.77 % 2.78 % 5/22/2012 Sale of Company
Chesapeake Energy Corp. (CHK) Energy 2,393,935 12/17/2010 - 0.00 % 23.30 24.49 Yes 34.85 0.00 42.31 % 2.84 % 3/18/2011 13D/A
Dynegy Inc (DYN) Utilities 1,849,648 10/12/2010 - 0.00 % 4.87 4.79 Yes 0.00 0.00 -100.00 % 15.40 % 7/6/2012 Bankruptcy / Liquidation
Mentor Graphics Corp. (MENT) Information Technology 4,116,749 5/27/2010 - 0.00 % 9.05 9.08 Yes 18.74 0.00 106.39 % 79.43 % 3/8/2016 13D/A
Lawson Software, Inc. (LWSN) Information Technology 1,842,857 5/24/2010 - 0.00 % 8.15 7.79 Yes 11.25 0.00 44.46 % 24.61 % 7/5/2011 Sale of Company
The Hain Celestial Group, Inc. (HAIN) Consumer Staples 1,849,143 5/13/2010 - 0.00 % 21.18 20.63 Yes 78.47 0.00 280.28 % 46.67 % 9/16/2013 13D/A
TROPICANA ENTERTAINMENT INC. (TPCA) Consumer Discretionary 1,757,795 3/9/2010 - 0.00 % n/a n/a Yes 75.14 0.00 n/a 156.44 % 10/1/2018 Sale of Company
Take Two Interactive Software Inc. (TTWO) Information Technology 10,558,010 12/17/2009 - 0.00 % 8.25 9.24 Yes 16.76 0.00 81.45 % 64.47 % 11/26/2013 13D/A
Altaba Inc (AABA) Information Technology 41,089,790 12/4/2008 - 0.00 % 11.05 23.59 Yes 14.75 0.00 -37.47 % 20.75 % 8/31/2009 13D/A
Lions Gate Entertainment Corp. (LGF) Consumer Discretionary 3,870,007 10/20/2008 - 0.00 % 7.37 6.96 Yes 7.03 0.00 1.03 % 24.27 % 10/14/2011 13D/A
Biogen Idec Inc (BIIB) Health Care 65,478,450 8/11/2008 - 0.00 % 50.76 52.34 Yes 99.32 0.00 89.75 % -1.39 % 6/22/2011 13D/A
Amylin Pharmaceuticals Inc. (AMLN) Health Care 1,465,756 5/22/2008 - 0.00 % 30.96 23.29 Yes 31.00 0.00 33.08 % 0.53 % 8/8/2012 Sale of Company
Enzon Pharmaceuticals Inc. (ENZN) Health Care 11,496 3/14/2008 6,598,886 14.92 % 8.66 8.30 Yes 0.26 2.00 -72.79 % 115.47 % Live n/a
Motorola Solutions Inc (MSI) * Information Technology 22,665,260 2/6/2008 - 0.00 % 11.47 12.03 Yes 7.08 4.14 -6.78 % 3.14 % 2/27/2012 13D/A
Greenbrier Companies Inc. (GBX) Industrials 1,394,941 2/4/2008 - 0.00 % 24.75 18.21 Yes 20.61 0.00 13.18 % -7.52 % 7/22/2008 13D/A
Guaranty Financial Group Inc (GFGF) Financials 436 1/24/2008 - 0.00 % 3.76 n/a Yes 0.09 0.00 -97.62 % -22.89 % 10/28/2009 13D/A
Federal Mogul Corp. (FDML) Industrials 1,688,716 1/7/2008 - 0.00 % 14.83 n/a Yes 10.00 0.00 -32.57 % 59.95 % 1/23/2017 Sale of Company
BEA Systems Inc (BEAS) Information Technology n/a 9/14/2007 - 0.00 % 13.25 12.81 Yes 19.34 0.00 50.98 % -6.29 % 4/29/2008 Sale of Company
Cyberonics Inc (CYBX) Health Care 1,818,731 1/22/2007 - 0.00 % 20.14 18.68 Yes 32.82 0.00 75.69 % -7.62 % 6/1/2011 13D/A
Temple Inland Inc (TIN) Industrials 20,663 1/22/2007 - 0.00 % 46.50 45.68 Yes 19.16 22.62 -8.54 % -37.02 % 11/28/2008 13D/A
Telik Inc (TELK) Health Care 6,691 1/16/2007 - 0.00 % 6.11 7.29 No 0.25 0.00 -96.61 % -32.35 % 10/31/2008 13D/A
WCI Communities, Inc. (WCIC) Real Estate 617,599 1/16/2007 - 0.00 % 22.47 18.46 Yes 0.00 0.00 -100.00 % -12.77 % 8/4/2008 Bankruptcy / Liquidation
Reckson Associates Realty Corp. (RA) Real Estate 9,280 11/27/2006 - 0.00 % 49.11 44.49 Yes 45.75 0.00 2.83 % 1.97 % 12/4/2006 Dissolution of Group
Lear Corp. (LEA) Consumer Discretionary 9,814,296 10/17/2006 - 0.00 % 28.34 21.92 Yes 1.96 0.00 -91.06 % -29.16 % 11/3/2008 13D/A
Lexar Media, Inc. (LEXR) Information Technology n/a 3/17/2006 - 0.00 % 9.39 7.71 Yes 9.69 0.00 25.68 % -4.69 % 6/28/2006 Sale of Company
Imclone Systems Inc (IMCL) Health Care 4,592 2/14/2006 - 0.00 % 36.25 33.46 Yes 70.00 0.00 109.21 % -33.22 % 11/24/2008 Sale of Company
American Railcar Industries Inc (ARII) Industrials 1,335,299 1/31/2006 - 0.00 % 21.32 n/a Yes 70.00 0.00 228.33 % 110.93 % 12/5/2018 Sale of Company
Fairmont Hotels & Resort Incorporated (FHR) Consumer Discretionary n/a 11/7/2005 - 0.00 % 38.04 27.62 Yes 45.00 0.00 62.93 % 3.89 % 5/17/2006 13D/A
BKF Capital Group Inc (BKFG) Financials 7,472 10/31/2005 - 0.00 % n/a 17.82 Yes 1.15 0.00 -93.55 % 2.27 % 7/28/2008 13D/A
Adventrx Pharmaceuticals Inc (ANX) Health Care 34,978 8/5/2005 - 0.00 % 3.60 1.85 Yes n/a 0.00 n/a -15.96 % 6/30/2010 13D/A
Mast Therapeutics Inc (MSTX) Health Care 35,232 8/5/2005 - 0.00 % 90.00 0.93 No 0.42 0.00 -54.84 % 68.24 % 12/30/2015 13D/A
Transkaryotic Therapies Inc. (TKTI) Health Care n/a 7/21/2005 - 0.00 % 37.41 37.19 Yes 37.00 0.00 -0.51 % 1.36 % 7/28/2005 Sale of Company
Kerr McGee Corp. (KMG) Materials 1,184,242 3/3/2005 - 0.00 % 81.46 73.64 No 98.68 0.00 34.00 % 4.99 % 2/2/2006 13D/A
Blockbuster Inc (BBICP) Consumer Discretionary 3,049 12/14/2004 - 0.00 % 9.20 7.34 Yes 0.25 0.00 -96.58 % -1.41 % 4/8/2010 13D/A
Hollywood Entertainment (HET) Consumer Discretionary n/a 11/26/2004 - 0.00 % 12.74 12.08 Yes 13.25 0.00 9.69 % -2.22 % 4/27/2005 Sale of Company
Mylan Inc (MYL) Health Care 16,417,710 9/7/2004 - 0.00 % 12.92 17.46 Yes 19.39 0.00 11.01 % 10.02 % 7/22/2005 13D/A
Atlantic Coast Entertainment Holdings, Inc. (ATLCC) Consumer Discretionary n/a 8/2/2004 - 0.00 % n/a n/a Yes 21.19 0.00 n/a 31.82 % 11/16/2007 Sale of Company
Register Com Inc. (REGCOM) Information Technology n/a 8/1/2003 - 0.00 % 6.18 5.90 Yes 5.07 0.00 -14.07 % 6.48 % 11/17/2003 13D/A
Perry Ellis International Inc. (PERY) Consumer Discretionary 436,810 7/3/2003 - 0.00 % 23.98 n/a No 28.55 0.00 19.06 % 1.04 % 9/30/2003 13D/A
TROPICAL SPORTSWEAR INTERNATIONAL CORPORATION (TSIC) Consumer Discretionary n/a 4/4/2003 - 0.00 % 4.60 4.80 No 0.45 0.00 -90.55 % 37.69 % 12/23/2004 13D/A
Hallwood Realty Partners, L.P. (HRY) Real Estate 55,233 3/3/2003 - 0.00 % 80.00 80.00 Yes 137.91 0.00 72.39 % 31.93 % 7/16/2004 Sale of Company
XO Holdings Inc (XOHO) Telecommunication Services 245,801 1/27/2003 - 0.00 % n/a n/a Yes 1.40 0.00 n/a 34.16 % 8/18/2011 Sale of Company
Insignia Financial Group, Inc. (INSGA) Real Estate n/a 12/2/2002 - 0.00 % 7.49 7.56 Yes 11.16 0.00 47.64 % 6.86 % 7/25/2003 Sale of Company
Shelbourne Properties III, Inc. (SBIII) Real Estate n/a 8/1/2002 - 0.00 % 48.10 37.45 Yes 58.30 0.00 55.67 % 0.99 % 9/4/2002 13D/A
Mortons Restaurant Group Inc (MRT) Real Estate 344,116 5/6/2002 - 0.00 % 6.79 13.82 Yes 17.00 0.00 23.01 % -20.33 % 7/25/2002 Sale of Company
Cadus Corp. (KDUS) Health care 42,061 4/25/2002 - 0.00 % 1.58 1.64 Yes 1.61 0.00 -1.78 % 148.86 % 6/28/2018 Sale of Company
Ladenburg Thalmann Financial Services Inc (LTS) Financials 432,532 12/28/2001 - 0.00 % 0.83 n/a No 0.58 0.00 -30.14 % 4.38 % 12/31/2004 13D/A
GenesisIntermedia Inc (GENI) Consumer Discretionary n/a 7/10/2001 - 0.00 % n/a n/a Yes n/a 0.00 n/a 115.48 % 12/17/2018 Delisted
GB Holdings Inc. (GBHD) Consumer Discretionary n/a 2/13/2001 - 0.00 % n/a n/a No n/a 0.00 n/a -9.20 % 6/6/2005 Sale of Company
VISX Inc. (VISX) Health Care n/a 10/20/2000 - 0.00 % 21.01 23.58 Yes 17.60 0.00 -25.36 % -32.02 % 5/29/2003 13D/A
TransTexas Gas Corp. (TTGC) Energy n/a 5/2/2000 - 0.00 % n/a n/a No 0.00 0.00 n/a -36.65 % 5/1/2003 Bankruptcy / Liquidation
Philip Services Corp. (PSCDE) Materials n/a 4/18/2000 - 0.00 % n/a n/a Yes 0.00 0.00 n/a -32.61 % 6/3/2003 Bankruptcy / Liquidation
Federal Mogul Corp. (FDML) Industrials 1,688,716 3/28/2000 - 0.00 % 14.83 15.97 No 0.67 0.00 -95.80 % -28.80 % 10/19/2001 13D/A
RJR Acquisition Corp. (RJRAC) Consumer Staples n/a 2/4/2000 - 0.00 % 8.91 9.98 Yes 30.00 0.00 200.60 % -4.52 % 12/13/2000 Sale of Company
New Valley Corporation (NVCP) Health Care 727 6/14/1999 - 0.00 % n/a n/a No 10.28 0.00 n/a -2.05 % 12/13/2005 Sale of Company
Next Generation Technology Holdings Inc. (NGTHQ) Information Technology n/a 4/21/1999 - 0.00 % 10.50 n/a Yes 0.00 0.00 -100.00 % -26.53 % 7/24/2003 Bankruptcy / Liquidation
RJR Acquisition Corp. (RJRAC) Consumer Staples n/a 12/22/1998 - 0.00 % 28.38 26.77 Yes 31.63 0.00 18.14 % 8.11 % 6/15/1999 13D/A
Stratosphere Corp. (SSPC) Information Technology 122 10/26/1998 - 0.00 % n/a 53.63 Yes 45.32 0.00 -15.50 % -13.50 % 1/10/2003 Sale of Company
Integrated Resources High Equity Partners (INTGRD) Real Estate n/a 8/5/1998 - 0.00 % n/a 93.43 Yes 101.87 0.00 9.03 % 13.60 % 12/23/1998 13D/A
High Equity Partners LP (HHEP) Real Estate n/a 8/5/1998 - 0.00 % n/a 83.29 Yes 91.87 0.00 10.30 % 13.60 % 12/23/1998 13D/A
Philip Services Corp. (PSCDE) Materials n/a 6/15/1998 - 0.00 % 4.59 3.66 Yes 0.08 0.00 -97.81 % 20.40 % 10/27/1999 13D/A
Vector Group Limited (VGR) Consumer Staples 1,674,066 1/28/1998 - 0.00 % n/a 20.29 No 17.70 0.00 -12.77 % 19.37 % 11/23/2011 13D/A
Gothic Energy Corporation (GTHC) Energy n/a 10/1/1997 - 0.00 % 2.88 2.66 No 1.78 0.00 -33.03 % 41.82 % 1/26/2001 Sale of Company
Growth Hotel Investors (GRWTH) Consumer Discretionary n/a 4/10/1996 - 0.00 % n/a 704.38 No 1,032.00 0.00 46.51 % 67.76 % 8/14/1998 Bankruptcy / Liquidation
RJR Acquisition Corp. (RJRAC) Consumer Staples n/a 3/11/1996 - 0.00 % 34.63 30.03 Yes 36.75 0.00 22.38 % 24.23 % 2/27/1997 13D/A
Trans World Airlines Inc (TWAIQ) Industrials n/a 11/13/1995 - 0.00 % n/a n/a No 16.31 0.00 n/a 12.38 % 5/14/1996 13D/A
Icahn Enterprises LP (IEP) Industrials 12,996,440 9/18/1995 175,441,588 91.70 % n/a 8.31 No 69.63 0.00 737.91 % 376.29 % Live n/a
National Energy Group Income (NEGI) Energy n/a 7/27/1995 - 0.00 % 3.60 2.97 Yes n/a 0.00 n/a 137.28 % 3/26/2008 Sale of Company
Panaco Inc (PNOIQ) Energy n/a 7/24/1995 - 0.00 % 4.88 4.60 Yes 0.00 0.00 -100.00 % 61.88 % 7/16/2002 Bankruptcy / Liquidation
Alexander Energy Corporation (ALXRE) Energy n/a 7/24/1995 - 0.00 % 4.75 4.31 No 7.28 0.00 68.95 % 18.11 % 8/29/1996 Sale of Company
Western Company of North America (WCNA) Energy n/a 10/14/1994 - 0.00 % 17.38 15.64 Yes 20.00 0.00 27.88 % 8.55 % 4/13/1995 Sale of Company
Samsonite Corp. (SAMSCP) Consumer Discretionary n/a 8/22/1994 - 0.00 % 19.25 19.00 No 48.75 0.00 156.58 % 73.65 % 2/20/1997 13D/A
111 item(s).       
Average Return:

Average Return (Item 4 Actions):
18.52 %

14.50 %
25.17 %

23.62 %
  

Footnote (*): Energen Corp.: Co-Filer
Xerox Corp: The return is reflected to show the spinoff of Conduent Incorporated (CNDT) from Xerox Corp. (XRX) where each XRX shareholder received one share of CNDT for every five shares of XRX they held as of the close of business on December 15, 2016, the record date for the distribution. In addition, the return is reflected to show the one-for-four reverse stock split on June 14, 2017.
Manitowoc Company Inc: The return is reflected to show the spin-off of Welbilt, Inc. (WBT) from Manitowoc Co. (MTW) on March 4, 2016. Each shareholder received one share of MFS for each share of MTW previously owned. The return is also reflected to show the 1-for-4 reverse stock split on November 20, 2017.
Herc Holdings Inc.: The return is reflected to show the spin-off of Hertz Global Holdings, Inc. (HTZ) from Herc Holdings Inc. (HRI) where for every five shares of HRI, shareholders received one share of HTZ.
Herbalife Limited: The return is reflected to show the 2-for-1 stock split on May 15, 2018.
Voltari Corp: The return is reflected to show the 1-for-10 reverse stock split on April 22, 2013.
Motorola Solutions Inc: The return is reflected to show the one-for-seven reverse stock split of MSI and the spinoff of Motorola Mobility (MMI), where for every eight shares of old Motorola, shareholders received one share of MMI.

Under The Threshold

Activism where the activist owns 5% or less of the company’s common stock, and therefore was not required to file a 13D.

Company NameIndustryMarket Cap
(x1000)
Approximate Action DateHoldings (%)Announcement Date PriceCurrent Price / Exit PriceUTT ReturnS&P ReturnExit DateExit Type
Cigna Corp (CI) Health Care $75,344,500 8/1/2018 0.56 % 185.42 210.93 13.76 % 3.58 % 9/30/2018 13F
VMware Inc (VMW) Information Technology $69,550,320 4/17/2018 0.10 % 131.88 169.68 28.66 % 2.56 % Live n/a
Newell Brands Inc. (NWL) Consumer Discretionary $8,010,288 2/28/2018 n/a 25.69 28.66 11.56 % 1.41 % 3/16/2018 Over 5%
Bristol-Myers Squibb Co. (BMY) Health Care $84,335,710 2/22/2017 n/a 54.78 53.99 -1.44 % 0.00 % 3/31/2017 13F
American International Group Inc (AIG) Financials $37,438,320 10/28/2015 4.76 % 63.89 53.28 -16.61 % 27.86 % 5/7/2018 N/A
eBay Inc (EBAY) Consumer Discretionary $33,466,330 1/22/2014 3.80 % 22.90 24.44 6.72 % 4.07 % 9/30/2015 13F
Apple Inc (AAPL) Information Technology $803,578,000 8/13/2013 0.95 % 69.94 108.99 55.84 % 21.58 % 3/31/2016 13F
7 item(s).      
Average Return:
14.07 %
8.72 %
  

Types of Activism

Activism where the activist owns 5% or less of the company’s common stock, and therefore was not required to file a 13D.

Company NameCorporate GovernanceStrategicCapital Allocation / Balance SheetOperationalActivist LevelSuccess LevelResult
Adventrx Pharmaceuticals Inc (ANX) ▪ N/A ▪ Director
Alexander Energy Corporation (ALXRE) ▪ N/A
Altaba Inc (AABA) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Sell Company
▪ Spinoff Subsidiary/sell division
▪ Solicit Proxies or consents ▪ Settlement ▪ Director
American International Group Inc (AIG)* ▪ Change in Board Composition
▪ Corporate Governance
▪ Other
▪ Spinoff Subsidiary/sell division
▪ Strategic
▪ Operational
▪ Reduce cost structure
▪ Letter to Management
▪ Meetings with Managements
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Settlement
▪ Director
American Railcar Industries Inc (ARII) ▪ N/A
AmTrust Financial Services Inc. (AFSI) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Solicit Proxies or consents
▪ Standstill or Voting agreement
▪ Settle with Company
▪ Settlement
Amylin Pharmaceuticals Inc. (AMLN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Strategic
▪ Sell Company
▪ Nominate Directors
▪ Submit Shareholder Proposal
▪ Filed lawsuit
▪ Letter to Management
▪ Meetings with Managements
▪ Solicit Proxies or consents
▪ Request company documents
▪ Withdrawal
▪ Partial Win ▪ Director
Apple Inc (AAPL)* ▪ Buy Back Shares / Pay Special Dividends
▪ Capital Allocation / Balance Sheet
▪ Letter to Management
▪ Meeting with / letter to shareholders or third party
▪ Meetings with Managements
▪ Submit Shareholder Proposal
▪ Withdrawal
▪ Partial Win
Atlantic Coast Entertainment Holdings, Inc. (ATLCC) ▪ N/A
BEA Systems Inc (BEAS) ▪ Corporate Governance
▪ Compel an annual or special meeting
▪ Strategic
▪ Sell Company
▪ Oppose Strategic Transaction
▪ Other
▪ Letter to Management ▪ N/A
Biogen Idec Inc (BIIB) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Nominate Directors
▪ Letter to Management
▪ Submit Shareholder Proposal
▪ Solicit Proxies or consents
▪ Partial Win ▪ Director
BKF Capital Group Inc (BKFG) ▪ Corporate Governance
▪ Poison Pill Redemption/Amendment
▪ Change in Board Composition
▪ Eliminate Staggered Board
▪ Meetings with Managements ▪ N/A ▪ Director
Blockbuster Inc (BBICP) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Capital Allocation / Balance Sheet
▪ Buy Back Shares / Pay Special Dividends
▪ Meetings with Managements
▪ Nominate Directors
▪ Solicit Proxies or consents
▪ Full Win ▪ Director
Bristol-Myers Squibb Co. (BMY)* ▪ N/A
Cadus Corp. (KDUS) ▪ Acquisition of company
▪ Letter to Management
▪ N/A
Cheniere Energy Inc (LNG) ▪ Corporate Governance
▪ Change in Board Composition
▪ Settle with Company ▪ Settlement ▪ Director
Chesapeake Energy Corp. (CHK) ▪ Corporate Governance
▪ Change in Board Composition
▪ Letter to Management
▪ Settle with Company
▪ Settlement ▪ Director
Chesapeake Energy Corp. (CHK) ▪ N/A
Cigna Corp (CI)* ▪ Oppose Strategic Transaction
▪ Strategic
▪ Withdrawal
Commercial Metals Company (CMC) ▪ Corporate Governance
▪ Poison Pill Redemption/Amendment
▪ Change in Board Composition
▪ Strategic
▪ Offer to Acquire Company
▪ Nominate Directors
▪ Letter to Management
▪ Offer to acquire company
▪ Solicit Proxies or consents
▪ Loss
Conduent Inc (CNDT)
CVR Energy Inc. (CVI) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Offer to Acquire Company
▪ Sell Company
▪ Acquisition of Company
▪ Letter to Management
▪ Nominate Directors
▪ Offer to acquire company
▪ Meetings with Managements
▪ Acquisition of company
▪ Solicit Proxies or consents
▪ Full Win ▪ Director
▪ Acquire Company
CVR Refining Limited Partnership (CVRR) ▪ N/A
Cyberonics Inc (CYBX) ▪ Corporate Governance
▪ Change in Board Composition
▪ N/A
Dell Inc (DELL) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Oppose Strategic Transaction
▪ Other
▪ Letter to Management
▪ Nominate Directors
▪ Solicit Proxies or consents
▪ Filed lawsuit
▪ Loss
Dell Technologies Inc (DVMT) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Letter to Management
▪ Solicit Proxies or consents
▪ Filed lawsuit
▪ Withdrawal
▪ Full Win
Dynegy Inc (DYN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Oppose Strategic Transaction
▪ Offer to Acquire Company
▪ Capital Allocation / Balance Sheet
▪ Financing of Company
▪ Financing of company
▪ Letter to Management
▪ Offer to acquire company
▪ Partial Win ▪ Director
eBay Inc (EBAY)* ▪ Change in Board Composition
▪ Corporate Governance
▪ Spinoff Subsidiary/sell division
▪ Strategic
▪ Meeting with / letter to shareholders or third party
▪ Nominate Directors
▪ Request company documents
▪ Settle with Company
▪ Solicit Proxies or consents
▪ Withdrawal
▪ Settlement, Full Win
▪ Director
Energen Corp. (EGN)
Energen Corp. (EGN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Sell Company
▪ Letter to Management
▪ Nominate Directors
▪ Standstill or Voting agreement
▪ Settle with Company
▪ Director
Enzon Pharmaceuticals Inc. (ENZN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Standstill or Voting agreement ▪ N/A ▪ Director
Fairmont Hotels & Resort Incorporated (FHR) ▪ N/A
Family Dollar Stores Inc (FDO) ▪ Strategic
▪ Sell Company
▪ Letter to Management ▪ Full Win
Federal Mogul Corp. (FDML) ▪ N/A
Federal Mogul Corp. (FDML) ▪ Strategic
▪ Offer to Acquire Company
▪ Letter to Management
▪ Offer to acquire company
▪ Acquisition of company
▪ N/A ▪ Director
Forest Laboratories Inc (FRX) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Separate position of Chairman and CEO
▪ Executive Compensation
▪ Meetings with Managements
▪ Nominate Directors
▪ Request company documents
▪ Letter to Management
▪ Filed lawsuit
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Solicit Proxies or consents
▪ Partial Win
Freeport-Mcmoran Inc (FCX) ▪ Corporate Governance
▪ Change in Board Composition
▪ Executive Compensation
▪ Capital Allocation / Balance Sheet
▪ Other
▪ Operational
▪ Other
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Settlement ▪ Director
Gannett Co Inc (GCI)
GB Holdings Inc. (GBHD) ▪ N/A
GenesisIntermedia Inc (GENI) ▪ N/A
Gothic Energy Corporation (GTHC) ▪ N/A
Greenbrier Companies Inc. (GBX) ▪ N/A
Greenbrier Companies Inc. (GBX) ▪ Strategic
▪ Offer to Acquire Company
▪ Offer to acquire company ▪ Loss
Growth Hotel Investors (GRWTH) ▪ N/A
Guaranty Financial Group Inc (GFGF) ▪ N/A
Hallwood Realty Partners, L.P. (HRY) ▪ Solicit Proxies or consents ▪ N/A
Herbalife Limited (HLF) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Standstill or Voting agreement
▪ Settle with Company
▪ Nominate Directors
▪ Settlement ▪ Director
Herc Holdings Inc. (HRI) ▪ Corporate Governance
▪ Change in Board Composition
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Nominate Directors
▪ Settlement ▪ Director
Hertz Global Holdings Inc. (HTZ)
High Equity Partners LP (HHEP) ▪ N/A
Hollywood Entertainment (HET) ▪ N/A
Hologic Inc (HOLX) ▪ Corporate Governance
▪ Change in Board Composition
▪ Settle with Company ▪ Settlement ▪ Director
Icahn Enterprises LP (IEP) ▪ N/A
Imclone Systems Inc (IMCL) ▪ Corporate Governance
▪ Poison Pill Redemption/Amendment
▪ Change in Board Composition
▪ Operational
▪ Replace CEO or other Management
▪ Meetings with Managements
▪ Letter to Management
▪ Solicit Proxies or consents
▪ Full Win ▪ Director
Insignia Financial Group, Inc. (INSGA) ▪ N/A
Integrated Resources High Equity Partners (INTGRD) ▪ N/A
Kerr McGee Corp. (KMG) ▪ Solicit Proxies or consents ▪ N/A
Ladenburg Thalmann Financial Services Inc (LTS) ▪ N/A
Lawson Software, Inc. (LWSN) ▪ N/A
Lear Corp. (LEA) ▪ Corporate Governance
▪ Change in Board Composition
▪ Capital Allocation / Balance Sheet
▪ Financing of Company
▪ Meetings with Managements ▪ Loss ▪ Director
Lexar Media, Inc. (LEXR) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Meetings with Managements ▪ Full Win
Lions Gate Entertainment Corp. (LGF) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Offer to Acquire Company
▪ Offer to acquire company
▪ Letter to Management
▪ Filed lawsuit
▪ Nominate Directors
▪ Solicit Proxies or consents
▪ Loss
Manitowoc Company Inc (MTW) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Standstill or Voting agreement
▪ Settle with Company
▪ Full Win ▪ Director
Mast Therapeutics Inc (MSTX)
Mentor Graphics Corp. (MENT) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Consider acquisition of company
▪ Offer to Acquire Company
▪ Capital Allocation / Balance Sheet
▪ Other
▪ Meetings with Managements
▪ Nominate Directors
▪ Offer to acquire company
▪ Letter to Management
▪ Solicit Proxies or consents
▪ Full Win ▪ Director
Mortons Restaurant Group Inc (MRT) ▪ N/A
Motorola Mobility Holdings Inc. (MMI) ▪ Strategic
▪ Other
▪ Meetings with Managements ▪ Settlement ▪ Director
Motorola Solutions Inc (MSI) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Letter to Management
▪ Nominate Directors
▪ Solicit Proxies or consents
▪ Settlement ▪ Director
Mylan Inc (MYL) ▪ Solicit Proxies or consents ▪ N/A
National Energy Group Income (NEGI) ▪ N/A
Navistar International Corp (NAV) ▪ Corporate Governance
▪ Change in Board Composition
▪ Eliminate Staggered Board
▪ Meetings with Managements
▪ Request company documents
▪ Letter to Management
▪ Settle with Company
▪ Settlement ▪ Director
Netflix, Inc. (NFLX) ▪ Corporate Governance
▪ Other
▪ N/A
New Valley Corporation (NVCP) ▪ N/A
Newell Brands Inc. (NWL) ▪ Settle with Company
▪ Standstill or Voting agreement
▪ Settlement ▪ Director
Newell Brands Inc. (NWL)* ▪ Settlement
Next Generation Technology Holdings Inc. (NGTHQ) ▪ N/A
Nuance Communications, Inc. (NUAN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Settlement ▪ Director
Oshkosh Corp. (OSK) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Offer to Acquire Company
▪ Operational
▪ Replace CEO or other Management
▪ Letter to Management
▪ Nominate Directors
▪ Meetings with Managements
▪ Offer to acquire company
▪ Solicit Proxies or consents
▪ Loss
Panaco Inc (PNOIQ) ▪ N/A
Pep Boys-Manny Moe and Jack (PBY) ▪ Strategic
▪ Consider acquisition of company
▪ Offer to Acquire Company
▪ Meetings with Managements
▪ Offer to acquire company
▪ Letter to Management
▪ Submit Shareholder Proposal
▪ Acquisition of company
▪ Full Win
Perry Ellis International Inc. (PERY) ▪ N/A
Philip Services Corp. (PSCDE) ▪ N/A
Philip Services Corp. (PSCDE)
Reckson Associates Realty Corp. (RA) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Offer to Acquire Company
▪ Letter to Management
▪ Offer to acquire company
▪ Loss
Register Com Inc. (REGCOM) ▪ N/A
Rentech Nitrogen Partners LP (RNF)
RJR Acquisition Corp. (RJRAC) ▪ N/A
RJR Acquisition Corp. (RJRAC) ▪ Solicit Proxies or consents
RJR Acquisition Corp. (RJRAC) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Meetings with Managements
▪ Nominate Directors
▪ Solicit Proxies or consents
Samsonite Corp. (SAMSCP) ▪ N/A
SandRidge Energy Inc. (SD) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Oppose Strategic Transaction
▪ Sell Company
▪ Operational
▪ Replace CEO or other Management
▪ Request company documents
▪ Solicit Proxies or consents
▪ Letter to Management
▪ Nominate Directors
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Full Win ▪ Director
Seventy Seven Energy Inc (SSE) ▪ N/A
Shelbourne Properties III, Inc. (SBIII) ▪ N/A
Stratosphere Corp. (SSPC) ▪ N/A
Take Two Interactive Software Inc. (TTWO) ▪ Withdrawal ▪ Settlement ▪ Director
Talisman Energy Inc. (TLM) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Settle with Company ▪ Settlement ▪ Director
TEGNA Inc. (TGNA) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Allow Stockholders to Call Special Meetings
▪ Letter to Management
▪ Nominate Directors
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Full Win
Telik Inc (TELK) ▪ N/A
Temple Inland Inc (TIN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Letter to Management
▪ Nominate Directors
▪ Withdrawal
▪ Full Win
Tenneco Inc (TEN) ▪ Standstill or Voting agreement
The Clorox Company (CLX) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Offer to Acquire Company
▪ Offer to acquire company
▪ Letter to Management
▪ Nominate Directors
▪ Withdrawal
▪ Withdrawal
The Hain Celestial Group, Inc. (HAIN) ▪ Settlement ▪ Director
Trans World Airlines Inc (TWAIQ) ▪ N/A
Transkaryotic Therapies Inc. (TKTI) ▪ N/A
Transocean Limited (RIG) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic ▪ Capital Allocation / Balance Sheet
▪ Buy Back Shares / Pay Special Dividends
▪ Other
▪ Operational
▪ Replace CEO or other Management
▪ Meetings with Managements
▪ Letter to Management
▪ Standstill or Voting agreement
▪ Nominate Directors
▪ Solicit Proxies or consents
▪ Partial Win ▪ Director
TransTexas Gas Corp. (TTGC) ▪ N/A
TROPICAL SPORTSWEAR INTERNATIONAL CORPORATION (TSIC) ▪ N/A
TROPICANA ENTERTAINMENT INC. (TPCA) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Offer to Acquire Company
▪ Acquisition of company ▪ N/A ▪ Director
Vector Group Limited (VGR) ▪ N/A
VISX Inc. (VISX) ▪ Solicit Proxies or consents ▪ N/A
VMware Inc (VMW)* ▪ N/A
Voltari Corp (VLTC) ▪ Acquisition of company ▪ N/A
WCI Communities, Inc. (WCIC) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Poison Pill Redemption/Amendment
▪ Strategic
▪ Sell Company
▪ Consider acquisition of company
▪ Letter to Management
▪ Nominate Directors
▪ Meetings with Managements
▪ Solicit Proxies or consents
▪ Settlement ▪ Director
WebMD Health Corp. (WBMD) ▪ Corporate Governance
▪ Change in Board Composition
▪ Capital Allocation / Balance Sheet
▪ Buy Back Shares / Pay Special Dividends
▪ Standstill or Voting agreement ▪ Settlement ▪ Director
Welbilt Inc. (WBT)
Western Company of North America (WCNA) ▪ N/A
Xerox Corp (XRX) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Hire Investment Bank to explore strategic alternatives
▪ Oppose Strategic Transaction
▪ Operational
▪ Replace CEO or other Management
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Nominate Directors
▪ Meeting with / letter to shareholders or third party
▪ Solicit Proxies or consents
▪ Request company documents
▪ Letter to Management
▪ Settlement, Full Win ▪ Director
XO Holdings Inc (XOHO) ▪ Strategic
▪ Offer to Acquire Company
▪ Letter to Management
▪ Offer to acquire company
▪ N/A

Footnote (*): Under The Threshold

13F Analysis

Portfolio Summary ($ 000)
Summary Date Total Holdings Total of Positions Average Position Largest Position New Positions Closed Positions Increased Positions Unchanged Positions Decreased Positions
12/31/2018 $20,425,534 18 $1,134,752 $10,014,206 2 5 3 12 1
View Original Filing

Holdings

TickerCompany NameTypeStock PriceMarket Value
(x1000)
Shares HeldShares Held ChangeTotal Shares Outstanding (%)
 CVR REFNG LP Unchanged $10.43 $59,973 5,750,0000 0.00 %
 NEWELL BRANDS INC Increased $18.59 $764,410 41,119,4152,419,415 0.00 %
CNDTCONDUENT INC Unchanged $10.63 $210,538 19,806,0000 9.37 %
CVICVR ENERGY INC Unchanged $34.48 $2,454,932 71,198,7180 70.82 %
DELLDELL TECHNOLOGIES INC Increased $48.87 $625,455 12,798,3453,983,873 1.67 %
FANGDIAMONDBACK ENERGY INC New $92.70 $577,250 6,227,0780 6.15 %
FCXFREEPORT-MCMORAN INC Unchanged $10.31 $517,164 50,161,3540 3.46 %
HLFHERBALIFE NUTRITION LTD Unchanged $58.95 $2,076,685 35,227,9040 22.56 %
HRIHERC HLDGS INC Unchanged $25.99 $116,820 4,494,7890 15.77 %
HTZHERTZ GLOBAL HLDGS INC Unchanged $13.65 $399,451 29,263,8690 34.87 %
IEPICAHN ENTERPRISES LP Increased $57.08 $10,014,206 175,441,5884,647,788 98.46 %
LNGCHENIERE ENERGY INC Unchanged $59.19 $1,383,891 23,380,4900 9.10 %
MTWMANITOWOC CO INC Decreased $14.77 $23,649 1,601,169-84,907 4.50 %
NAVNAVISTAR INTL CORP NEW Unchanged $25.95 $434,142 16,729,9600 16.91 %
SDSANDRIDGE ENERGY INC Unchanged $7.61 $36,671 4,818,8320 13.50 %
TENTENNECO INC New $27.39 $154,786 5,651,1770 9.90 %
WBTWELBILT INC Unchanged $11.11 $112,019 10,082,6600 7.19 %
XRXXEROX CORP Unchanged $19.76 $463,492 23,456,0870 10.22 %
Terms & Conditions

The information contained herein is based on public filings, public data and, in some cases, information provided by third parties that may not be publicly available. The information is based upon sources we believe to be reliable, but is not guaranteed by us and does not support to be a complete or error-free statement or summary of the available data. In certain situations, such as bankruptcy exits and acquisitions, the returns may not reflect proceeds received by the filer after the 13D exit due to a restructuring investment made pursuant to a bankruptcy or an investment made by the filer as part of the acquisition group. The filer’s return on its 13D investment is based on the filer’s average cost and if not available, the closing price on the date of the 13D filing. When a filer exits its 13D investment pursuant to a 13G filing or 13D amendment reporting less than 5% ownership, the exit price assumes that the filer disposed of its remaining shares at the closing price on the date of exit. In certain situations, the filer may own less than 5% of the company and still have a live filing, as it may be part of a group.