Activist Fivespan
Any details on the relatively new activist fund Fivespan, spun out of ValueAct? Assume their performance must be decent if their AUM (per ADV) is ~$600M?
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600m doesn't seem great for an activist? you need big positions to get taken seriously unless youre a huge brand name
but 600m doesnt let you get involved in many situations
You can just pursue smallcaps? Duh.
Dunno why you got MS lol, there's a lot of sub-500M funds out there doing small-cap activism with decent returns
edit Accidentally posted w/o finishing my thought…
Founded by Dylan Haggart and Sarah Coyne. Both former ValueAct PMs. Behind several of VAC’s marquee campaigns during their time there. Individually excellent reputations. While they may have some small-cap investments they’re not necessarily a small-cap focused shop. For example, their latest public stake is in the NYT — a former VAC target, where the activist was at least partially responsible for the company’s pivot to bundling subscriptions. Believe it was a campaign run by Dylan or Sarah at the time. NYT is not a small cap obviously. The point is that a fund with strong rep among investors can have an outsized impact with the right idea/messaging, regardless of position size.
Relatedly, $600mm is a fairly strong showing for an activist fund 2 years into its lifespan. VAC itself is only ~$10bn AUM with a 20+ year history as a leader in the space. Other new funds with founders from notable backgrounds have less. For example, Garden Investments (Ed Garden, former Trian CIO/Founding Partner) is at about $500mm. Vision One (former Icahn PM) and Ananym (former Jana/P72) both like $200mm… Some nuance around fund sizes ofc, but small is relative on this
Helpful, thanks
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