Sachem Head invests where other activists tread in FedEx, Hasbro


By Svea Herbst-Bayliss

BOSTON, Aug 12 (Reuters)Investment agency Sachem Head Capital Management, which settled its proxy struggle with US Foods Holding Corp in May, added three new positions throughout the second quarter in firms where other activists had already flexed their muscle.

The agency, run by Scott Ferguson, reported proudly owning 493,099 shares of freight transport firm FedEx FDX.N, 1.5 million shares of cloud-based software program firm New Relic NEWR.N, and 620,000 shares of toymaker Hasbro HAS.O on June 30, in line with a regulatory submitting.

Activist agency Jana Partners gained two board seats at New Relic in June whereas FedEx added two board administrators in an settlement with hedge fund DE Shaw. Hasbro in June beat again a board problem from hedge fund Alta Fox which has pushed the corporate to spin off a profitable division.

Investment managers are required to inform regulators how a lot stock they owned in U.S. firms on the finish of every quarter in so-called 13F filings. While the filings are backward trying, other buyers watch them carefully for hints on developments, together with ideas of which firms activist buyers is likely to be focusing on.

Sachem Head mounted a high-profile proxy struggle this yr in opposition to US Foods however agreed to drop the struggle in change for 3 seats on the meals distributor’s board. US Foods had struggled to spice up revenue margins in line with opponents.

The agency doesn’t push administration for modifications in any respect its portfolio firms.

Sachem Head additionally boosted its stake in industrial firm Arconic ARNC.N, including 3.6 million shares to personal 4 million shares on the finish of the quarter.

It exited investments in Carvana POST.N and Post Holdings POST.N.

(Reporting by Svea Herbst-Bayliss; Editing by David Gregorio)

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