Q2 2026 13-F Activist Blog

This article first appeared on Diligent Market Intelligence's Activism newswire as the team kept a running tab on new positions as the deadline closed for disclosing portfolio changes for the quarter ended June 30, 2026.

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22NW added one investment in Q2, with a near $180,000 position in longtime Donerail Group target Turtle Beach. On the divestment side, the fund exited three positions, including a $29.8 million stake in previous target L.B. Foster as well as a $1.7 million holding in Phenixfin. 22NW also saw its $2.5 million holding in Farmer Brothers come off the books following the activist's backing of an all-cash deal to sell the coffee wholesaler to Royal Cup Coffee & Tea. The value of the fund's portfolio fell by 28% quarter-on-quarter.

Alta Fox Capital Management added eight new positions to its portfolio in Q2, the most notable of which was a $28.4 million stake in engineering and construction company Willdan Group. The Texas-based investment firm divested from two positions during the period, a $19.6 million stake in Toast, as well as an $8 million stake in Trimas. The value of Alta Fox’s overall portfolio increased by 31% during the quarter to $497 million.

Ancora Advisors established a notable new position in H.B. Fuller, buying about 1.26 million shares worth $73.3 million. It subsequently put forward a $1.1 billion proposal to acquire the company's building adhesive solutions segment. Ancora effectively unwound its Warner Bros. Discovery investment, cutting the position by 99.8% to just 3,440 shares from about 1.77 million, while reducing RB Global by 34% and its large LKQ holding by 13.7%. Ancora completely exited Norfolk Southern, where it previously held 10,553 shares worth roughly $3.0 million.

Health care focused Armistice Capital established a $28 million stake in Waters Corporation, a $16 million position in Illumina, a $16 million stake in Integer Holdings and a $15 million position in Novo Nordisk; it also substantially increased Intellia Therapeutics by 346%, E.l.f. Beauty by 18%, Best Buy by 150% and Airbnb by 390%. Armistice exited Avanos Medical and Energizer Holdings, previously worth $28.0 million and $19.7 million, respectively, while reducing Datadog by 829%, Travere Therapeutics by 68%, Immunovant common shares by 51% and PTC Therapeutics common shares by 48%.

Atlantic Investment Management built a position valued at just over $33 million in chemicals company Ashland, which announced a settlement with Ancora Advisors in late July, while also adding recent Aptiv spin-off Versigent to its portfolio. The period saw Atlantic dispense with its stakes valued at $9.6 million and $3.9 million, respectively, in Ireland-based food distributor Dole and Mohawk Industries, a New York-listed ceramics and carpet company.

Barington Capital added two new holdings in Q2 with a near-$2.8 million investment in recent Southeastern Asset Management target Mattel as well as a smaller, $262,000 investment in industrial technology company Hurco. Additionally, the investor more than doubled its holding in retailer Bath & Body Works, from 350,000 to 775,000 shares. On the divestment side, Barington sold its $4 million position in cold storage REIT Americold Realty Trust, a recent target of both Ancora Advisors and Sieve Capital.

Browning West added one new position in Q2 2026, acquiring 30,000 shares of Ensign Group worth about $4.8 million. In July, Ensign was the target of activist short seller Muddy Waters. Among existing holdings, it increased Somnigroup International by 8.0% to 6.37 million shares and Cooper Companies by 3.1% to 7.20 million shares.

Bulldog Investors added more than 20 new stakes in Q2 with a $6.4 million position in Dynamix where the closed-end fund-focused activist has called for the distribution of any termination fee equitably to all shareholders before any liquidation of the Cayman Islands shell company occurs. Additionally, the investor increased its stake in Octagon Credit Investors target XAI Floating Rate & Alternative Income Trust to $5.5 million. On the divestment side, Bulldog exited 26 positions including a $12.6 million position in previous target MFS High Yield Municipal Trust. The fund has seen its portfolio grow marginally in Q2, with a 2.2% increase.

Pharma-focused investor Caligan Partners opened new positions in six companies while exiting the stocks of five, changes that expanded its portfolio by around 40% in value terms. Among the new stakes are two of around $40 million in Immunocore and Viridian Therapeutics, while the divestments included from a $44 million position in Spyre Therapeutics.

Corvex Management added five new positions in Q2, including a $130 million holding in People Incorporated, which is facing pressure from Yakira Capital Management on its plans to acquire casino giant MGM Resorts International. The fund shed eight stakes, with a $34.4 million holding in prominent activism target CoStar Group as well as a $15.6 million position in buyout target Lionsgate Studios among the largest. The value of the fund's portfolio grew by 30% to $3.3 billion.

The D3 Family Funds added three new positions in Q2, including a near-$2 million stake in healthcare company Haemonetics and $1.5 million in natural gas explorer Ring Energy. The investor divested from 12 firms, with the sale of a $1.4 million holding in healthcare staff provider Cross Country Healthcare the most significant.

Paul Singer's Elliott Investment Management acquired 227,500 shares of Synopsys worth $101.5 million, representing about 0.12% of the shares outstanding. In May, Elliott gained a board seat via a settlement with management. Elliott exited a 1.225-million-share Crown Castle stake, as well as positions in GCI Liberty. It increased Hewlett Packard Enterprise to about 2.4% of shares outstanding, and Norwegian Cruise Line to about 3.2%, while cutting Suncor Energy by 44 and Southwest Airlines by almost 20% to 24.3 million shares, or about 4.97%. The reported value of Elliott’s 13F portfolio increased 12.7% during the quarter to approximately $22.7 billion from $20.1 billion.

Glenn Welling's Engaged Capital added two new securities in Q2 2026, including a new $28.7 million position in Freshpet and $4.2 million of Evolent Health convertible notes, while increasing its GXO Logistics stake by 19.8% to 984,769 shares. Engaged made no complete exits during the quarter, but cut its BlackLine holding by 39.5%, five months after securing two board seats in a settlement. It also cut Cognex by 30.0% and YETI by 33.1%. The reported value of Engaged’s 13F portfolio increased 7.8% to about $327.1 million from $303.4 million at the end of Q1.

Engine Capital entered the stocks of nine companies, including a $23.6 million stake in H.B. Fuller, where the activist has called for a sale, and a $52.3 million investment in SPS Commerce, which is facing pressure to sell from Anson Funds and Irenic Capital. Engine sold its holdings in six companies, including MGM Resorts International - where Barry Diller’s People Incorporated has been reportedly considering an acquisition - and from Sunoco, a $62 million holding that made up around 7% of the activist’s previous-quarter portfolio.

Farallon Capital added 19 new positions during the quarter, which included a more than $56 million stake in Novartis. The San-Francisco-based investment firm made more than 100 divestments during the period, among these was a $371 million stake in Charles Schwab. The total value of Farallon’s portfolio increased by almost 25% in the period to $21.6 billion.

HG Vora Capital Management sold its $12 million holding in Driven Brands, and divested from United Parks and Resorts, where it had owned a stake valued at almost $20 million. The activist halved its stake in Optimum Communications while expanding its holding in UGI, resulting in a slight increase in portfolio value compared to the last reporting period.

Hudson Executive sold its $100 million stake in Cantaloupe, where it overhauled the board at the turn of the decade when the point-of-sale technology provider was known as USA Technologies. The investor’s sole holding is a $50 million stake in Talkspace, where Doug Braunstein, the activist’s founder and managing partner, was named interim CEO in 2021.

Impactive Capital made no new investments in Q2 but increased its stake in Stride by 17.1% to 1.30 million shares and GitLab by 6.2% to 4.16 million shares. The activist exited two positions, selling its entire 1.57 million share stake in Maplebear, previously worth about $58.9 million, and its 450,540 share position in ICON, previously worth $49.9 million; it also cut its SLM holding by 32.1% to 5.31 million shares, Advanced Drainage Systems by 8.6% to 782,790 shares and Asbury Automotive by 3.2% to 1.04 million shares.

Irenic Capital Management established 16 new positions in Q2, led by a $43.2 million stake in Coupang, a $41.2 million investment in DPC Holdings and a $37.6 million position in Merit Medical Systems. Among existing holdings, Irenic increased Atkore by 3,500% to 507,613 shares, Adeia by 217.5% to 634,772 shares and Sonida Senior Living by 56.1% to 1.9 million shares. The activist exited 14 positions, including a $20.6 million Forward Air stake and an $18.7 million Hewlett Packard Enterprise position—each a 100% divestment—while reducing Apartment Investment & Management by 72.2%, Whitestone REIT by 67.7% and Compass Minerals by 25.6%. Irenic’s reported 13F portfolio value increased 35.6% during the quarter to about $2.08 billion, from $1.54 billion.

JCP Investment Management has added seven new investments in Q2, with its largest new position a $9.3 million stake in energy company Ameresco as well as a $6.2 million holding in ABM Industries. JCP also revealed a $2 million position in previous H Partners target Harley-Davidson. James C. Pappas’ namesake fund exited five positions including its $10.4 million stake in utility company Sempra, a recent Voss Capital target, which featured on JCP's portfolio for just one quarter.

Kimmeridge Energy Management added two new positions to its portfolio during the quarter, an almost $665 million stake in Viper Energy, as well as a position valued at $50 million in Vitesse Energy. Kimmeridge holds a $133 million stake in Devon Energy, which acquired Coterra Energy in April. During the last reporting period, Kimmeridge held a stake in Coterra valued at $300 million. The total value of the energy-focused asset manager’s portfolio almost tripled during the quarter to $848.5 million.

Real estate focused Land & Buildings disclosed a new $47-million stake in Blackstone Digital Infrastructure Trust, along with D.R. Horton ($18.4 million), VICI Properties ($5.5 million) and Douglas Emmett ($1.8 million). The activist exited National Health Investors, Prologis, Gaming & Leisure Properties, Six Flags Entertainment and SBA Communications, while increasing Ventas by 44% and reducing Ryman Hospitality Properties by 50%, Equinix by 34% and Invitation Homes by 29%.

Legion Partners Asset Management existed much of its portfolio in the second quarter, leaving its 13F portfolio concentrated in Lifecore Biomedical, where it holds 4.46 million shares and NN Inc. with 4.77 million shares. In July, Legion co-founder and a managing director Ted White stepped down from the board of NN. Legion exited Clear Channel Outdoor, previously worth $62.2 million, Advance Auto Parts ($42.2 million), Five9 ($9.0 million) and Payoneer Global ($0.8 million). The reported value of Legion’s 13F portfolio fell 71% during the period to $40.6 million, from $137.7 million.

It was a busy quarter for Oasis Capital Management, which added 13 new stakes to its portfolio, most notable of which was a more than $14 million investment in Palantir Technologies. The fund also divested from 13 positions in the period, including an $11.6 million stake in ODD Holdings, as well as a $10.5 million stake in Wendy’s. Oasis’ portfolio is now valued overall around $1.87 billion, up from $1.71 billion three months ago.

P2 Capital Partners added a near-$14.3 million stake in former JCP activism target Casella Waste Systems and one of just over $10 million in Stride, an education company that was the subject of a 2024 Fuzzy Panda short report, as it expanded its portfolio value by 17%.

Pershing Square added five stakes to its portfolio, with positions of around $1 billion built in Mastercard, Netflix and Visa the most notable components of an expansion of close to 42% in value terms. Bill Ackman’s firm enlarged its holdings in Meta Platforms and Uber Technologies but also reduced the size of its Amazon and Brookfield positions.

It was a busy quarter for Saba Capital Management, which added 59 new positions, most notably a $22.4 million stake in Liberty All-Star Equity Fund and a $23 million stake in Royce Small-Cap Trust. Boaz Weinstein’s investment firm divested from 49 holdings during the period, including a $18.1 million stake in Oxford Lane Capital. The overall value of Saba’s portfolio increased marginally during the quarter, up to around $3.9 billion.

Sachem Head Capital Management added seven new positions during the quarter, including a $455 million stake in Seagate Technology Holdings and a $266 million position in Celsius Holdings. The New York-based investment firm also divested from several positions during the period, most notable of which was a $351 million holding in Echostar.

Scopia Capital Management carried out a second straight quarter of portfolio rationalization, divesting from Azenta, Canada Goose and Vistance Networks, a new addition in the prior reporting period, as part of a 23.4% reduction in portfolio value that also included cuts to aircraft lessor AerCap and e-commerce giant Amazon.

Starboard Value established two new positions in the latest quarter, making demands at both. It acquired 8.87 million shares of Dynatrace worth about $389 million. In July, the company appointed two new directors after talks with the activist. It also bought 1.44 million shares of Flowserve, where it publicly called for better performance. Starboard exited Becton Dickinson, Clearwater Analytics, Gen Digital and Rogers. It cut Healthcare Realty by 72%, News Corp Class A by 64%, Tripadvisor by 53%.

Steel Partners built a position in Nano Dimension, an Israel-based printing company that revamped its board in a July settlement with Murchinson. The new holding makes up slightly less than 1% of Steel Partners’ portfolio value, which has been reduced by 19% with stakes in Trimas and Green Dot coming off the books.

It was a quiet quarter for Stilwell Value, which added a minor stake valued at $854,000 in U.S. aerospace company Space Exploration Technologies. The fund divested from two positions in the period, a $613,000 stake in ImmunityBio and a $337,000 stake in SR Bancorp.

In Q2, Taconic Capital added six new positions, including a $30.8 million stake in building products company TopBuild as well as a $13 million dollar position in U.K. investment house Janus Henderson, the target of a recent bidding war between Victory Capital and Nelson Peltz’s Trian Fund Management and General Catalyst. The asset manager, whose portfolio value reduced by 4.7%, divested six of its investments including Axalta Coating Systems, OneStream, Hologic and Qiagen, all four of which were added to its books in Q1. Taconic also divested a $4.5 million holding in PayPal.

The Children’s Investment Fund Management (TCI) added two new investments in Q2, with a $758 million stake in construction materials firm Martin Marietta Materials as well as a $722 million holding in peer Vulcan Materials. TCI divested just one position in the last quarter, a $1 billion holding in software giant Microsoft. The total value of its portfolio has increased by nearly 17% and currently stands at $52.8 billion.

Third Point Partners removed nine companies from its list of investments over the period, with Nvidia and Meta Platforms holdings making up 2.5% of the investor’s portfolio, among those to be dropped. The investor opened 16 new positions during the quarter, including a $204 million stake in Keysight Technologies and one worth over $41 million in Ares Management – additions that contributed to a doubling of its portfolio in valuation terms.

ValueAct Holdings purchased 2.15 million shares of PayPay worth about $30.9 million, while increasing its holdings in CBRE by 323%, Rocket Companies by 48% and Spotify by 47%. ValueAct exited its stake in Walt Disney. In 2024, ValueAct was a key player supporting Disney management in its board fight with Trian. The activist cut its stake in MongoDB by 84%, Liberty Live Series A by 55.8%, Live Nation Entertainment by 52%, Roblox by 46% and Simpson Manufacturing by 41%.

Wynnefield Capital increases its holding in Cadre Holdings by 4.8% to 1.205 million shares. Wynnefield exited one position, selling its entire 28,128-share stake in NN Inc. In June, Ted White, co-founder and a managing director of Legion Partners Asset Management, stepped down from the board of NN after the activist fund trimmed its stake in the U.S.-based assembly and components maker.