13D Activist Fund’s Q3 Letter Highlights Activist Plays as Returns Trail Russell 2000

Overview

• The fund reported a Class I return of 8.88% for Q3 2025 versus 12.39% for the Russell 2000 during a strong small-cap quarter.
• Sachem Head submitted an August 21 nomination notice for four directors at Performance Food Group and urged exploring a US Foods combination or independent margin improvement.
• The fund highlighted Tripadvisor after its April buyback of Liberty Media’s controlling stake that collapsed the dual-class structure viewed as a governance overhang.
• Carronade’s engagement at Viasat led the fund to build a position at $16.65 per share before the stock climbed to nearly $28 the following week.
• The letter discussed Workiva as an Irenic Capital target given continued losses despite approaching $1 billion in revenue, and detailed BILL’s mix spanning AP/AR (46%), Spend and Expense (38%), interest on customer funds (11%), and embedded/other solutions (5%) with noted integration challenges.