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Letters and positions

23 letters by 10 managers whose 13F filings are tracked, naming 21 listed companies. Beside each company, the manager’s reported position in the quarter ending on or before the letter and in the quarter after it.

Shown because the letter names the company. A letter is commentary; it is not a record of why a position changed.

Manager
AllBerkshire Hathaway IncElliott Investment Management LPGAMCO Investors IncJana PartnersMarkel Group IncPershing Square Capital Management LPSachem Head Capital Management LPStarboard Value LPThird Point LLCTrian Fund Management LP
Role
AllSubject of the letterMentionedThe writer’s own company

Starboard Value LP

  • Starboard Value's letter to CarMax's incoming CEO10 Mar 2026 · Activist letter

    • KMX CarMax · Subject of the letter

      Before the letter
      31 Dec 2025 (Q4 2025 13F): not among Starboard Value LP’s listed positions. A holding below the listed range, under another security, or none at all would read the same.
      After the letter
      31 Mar 2026 (Q1 2026 13F): 6,201,362 shares, reported at $258m.
  • Starboard Value's second letter to Autodesk shareholders, on returns and margin claims26 Mar 2025 · Activist letter

    • ADSK Autodesk · Subject of the letter

      Before the letter
      31 Dec 2024 (Q4 2024 13F): 1,038,000 shares, reported at $307m.
      After the letter
      31 Mar 2025 (Q1 2025 13F): 2,000,000 shares, reported at $524m.

      962,000 more shares listed at 31 Mar 2025 than at 31 Dec 2024.

  • Starboard Value's letter to Autodesk shareholders on margins and board change19 Mar 2025 · Activist letter

    • ADSK Autodesk · Subject of the letter

      Before the letter
      31 Dec 2024 (Q4 2024 13F): 1,038,000 shares, reported at $307m.
      After the letter
      31 Mar 2025 (Q1 2025 13F): 2,000,000 shares, reported at $524m.

      962,000 more shares listed at 31 Mar 2025 than at 31 Dec 2024.

  • Starboard's February 2019 letter to Bristol-Myers Squibb shareholders on the Celgene deal28 Feb 2019 · Activist letter

    • BMY Bristol-Myers Squibb Company · Subject of the letter

      Before the letter
      31 Dec 2018 (Q4 2018 13F): not among Starboard Value LP’s listed positions. A holding below the listed range, under another security, or none at all would read the same.
      After the letter
      31 Mar 2019 (Q1 2019 13F): not among Starboard Value LP’s listed positions. A holding below the listed range, under another security, or none at all would read the same.
  • Starboard Value's letter to the Darden Restaurants board (July 2014)15 Jul 2014 · Activist letter

    • DRI Darden Restaurants · Subject of the letter

      Before the letter
      30 Jun 2014 (Q2 2014 13F): 8,215,061 shares, reported at $380m.
      After the letter
      30 Sep 2014 (Q3 2014 13F): 11,635,000 shares, reported at $599m.

      3,419,939 more shares listed at 30 Sep 2014 than at 30 Jun 2014.

Elliott Investment Management LP

Jana Partners

Trian Fund Management LP

  • Trian's March 2024 letter to Disney shareholders18 Mar 2024 · Activist letter

    • DIS The Walt Disney Company · Subject of the letter

      Before the letter
      31 Dec 2023 (Q4 2023 13F): 32,337,856 shares, reported at $2.9bn.
      After the letter
      31 Mar 2024 (Q1 2024 13F): 32,337,856 shares, reported at $4.0bn.

      The same number of shares in both filings: 32,337,856.

  • Trian's July 2017 letter to Procter & Gamble shareholders31 Jul 2017 · Activist letter

    • PG The Procter & Gamble Company · Subject of the letter

      Before the letter
      30 Jun 2017 (Q2 2017 13F): 37,612,012 shares, reported at $3.3bn.
      After the letter
      30 Sep 2017 (Q3 2017 13F): 37,908,621 shares, reported at $3.4bn.

      296,609 more shares listed at 30 Sep 2017 than at 30 Jun 2017.

Sachem Head Capital Management LP

  • Sachem Head's April 2022 letter to US Foods stockholders26 Apr 2022 · Activist letter

    • USFD US Foods Holding Corp. · Subject of the letter

      Before the letter
      31 Mar 2022 (Q1 2022 13F): 19,184,852 shares, reported at $722m.
      After the letter
      30 Jun 2022 (Q2 2022 13F): 18,932,877 shares, reported at $581m.

      251,975 fewer shares listed at 30 Jun 2022 than at 31 Mar 2022.

Third Point LLC

  • Third Point's letter to the chief executive of Star Gas Partners14 Feb 2005 · Activist letter

    • SGU Star Gas Partners · Subject of the letter

      Before the letter
      31 Dec 2004 (Q4 2004 13F): no Third Point LLC filing for this quarter is on file.
      After the letter
      31 Mar 2005 (Q1 2005 13F): no Third Point LLC filing for this quarter is on file.

How to read this

A letter appears here only when its record names the company. The before figure is the manager’s 13F at the last quarter end on or before the letter’s date; the after figure is the next quarter end. A 13F shows the long US-listed equity book at a quarter end, filed up to 45 days later, and large books are listed to their largest positions. A company that is not among a manager’s listed positions may still be held below that range, through another security, or not at all: the filing cannot say which.

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