What this manager has argued in its own public filings, claim by claim. Each claim was checked against the document it came from and reviewed by a person before it appeared here. Follow any claim to the filing on sec.gov and read it yourself.
Each claim is the view as filed on its date, not a current recommendation, and a 13F holding is what was reported at that quarter’s end, not a position held today.
The manager believes Autodesk should target approximately 45% underlying adjusted operating margins by FY2028 through cost savings and incremental margins on revenue growth, which would drive significant value creation.
Written by the manager, in the filing
“We believe Autodesk should be targeting best-in-class underlying adjusted operating margins of approximately 45% (or 41% to 42% post-new transaction model), and we believe there…”
Starboard argues CarMax should target SG&A at 70-75% of gross profit via zero-based budgeting, restoring cost discipline lost since the pandemic to drive margin expansion.
Written by the manager, in the filing
“we encourage targeting SG&A at 70% to 75% of gross profit, with a strong preference for the achievement of 75% as soon as possible and…”
Continue the investment thesis
See the complete claim breakdown (2 more reviewed claims), how each view changed from one filing to the next, and the themes other managers are arguing.
Unlock all Letters & Theses with L3VLUP Plus