Activist Investors Shake Up Portfolios: Q2 2025 13F Highlights

Activist hedge funds have made bold moves in their latest 13F filings, revealing new stakes, increased positions, reductions, and exits across a diverse range of sectors. Below, we dive into the most notable portfolio changes from prominent activist funds, including Anson Funds Management, Corvex Management, Elliott Investment Management, and others, based on their Q2 2025 disclosures. The filings were due this week, so we’ll continue to analyze what we’re seeing from the activists and traditional investors over the next week.

Anson Funds Management: Aggressive New Bets and Strategic Exits

Anson Funds Management LP made significant waves with new positions in high-growth and speculative sectors. The fund established a substantial $89.7 million stake in Quantum Computing Inc. (QUBT), acquiring 4.68 million shares, signaling confidence in the emerging quantum computing space. Other new positions include:

• Perpetua Resources Corp. (PPTA): $26.1 million, 2.15 million shares, targeting sustainable mining.
• Nano Labs Ltd. (NA): $16.8 million, 1.81 million shares, focusing on semiconductor innovation.
• Cantor Equity Partners III Inc. (CAEP): $11.6 million, 1.1 million shares, a play in private equity.
• Trump Media & Technology Group Corp. (DJT): $9 million, 500,001 shares, a bold move into media and tech.

Anson also bolstered existing positions, notably increasing its stake in NVIDIA Corp. (NVDA) by $15 million (adding 94,800 shares to reach 229,890) and Match Group Inc. (MTCH) by $9.3 million (adding 300,000 shares to hold 1.37 million). Smaller increases were seen in Tesla Inc. (TSLA), Globalstar Inc. (GSAT), and Lamb Weston Holdings Inc. (LW).

On the sell side, Anson significantly reduced its exposure to SharkNinja Inc. (SN), slashing its position by $22.4 million to just 10,000 shares, and Sellas Life Sciences Group Inc. (SLS), cutting $16 million and reducing shares from 7.58 million to 275,000. The fund fully exited 15 positions, including SomniGroup International Inc. (SGI) ($25.6 million), IAMGOLD Corp. (IAG) ($24.3 million), and Reddit Inc. (RDDT) ($19.1 million), suggesting a strategic pivot away from certain speculative or underperforming assets.

Corvex Management: Tech and Consumer Focus

Corvex Management LP initiated new stakes in Restaurant Brands International Inc. (QSR) ($57.9 million, 873,183 shares) and Oracle Corp. (ORCL) ($21.8 million, 99,500 shares), reflecting a focus on consumer and enterprise tech. The fund also increased its exposure to GeneDx Holdings Corp. (WGS) by $54 million, adding 584,848 shares to reach 3.06 million, and Amazon.com Inc. (AMZN) by $24.1 million, boosting its stake to 675,029 shares.

Corvex trimmed significant positions, notably reducing Dollar Tree Inc. (DLTR) by $220.7 million, cutting shares from 3.21 million to 981,899, and Alphabet Inc. (GOOGL) by $73.6 million, dropping to 225,709 shares. The fund exited Coca-Cola FEMSA SAB de CV (KOF) ($96.6 million) and UGI Corp. (UGI) ($71.4 million), indicating a shift away from certain consumer and utility sectors.

Elliott Investment Management: Energy and Tech Rebalancing

Elliott Investment Management made a blockbuster entry into Hewlett Packard Enterprise Co. (HPE) with a $381 million stake, acquiring 18.63 million shares, signaling strong confidence in enterprise tech. The fund also significantly increased its Phillips 66 (PSX) position by $420.7 million, adding 3.53 million shares to reach 19.25 million, doubling down on energy.

Elliott exited several positions, including BioMarin Pharmaceutical Inc. (BMRN) ($192.4 million) and Match Group Inc. (MTCH) ($185.3 million), alongside smaller exits like HDFC Bank Ltd. (HDB) and Transocean Ltd. (RIG). These moves suggest a reallocation of capital toward higher-conviction bets.

Engaged Capital: Consumer and Health Focus

Engaged Capital entered Freshpet Inc. (FRPT) with a $42.1 million stake (619,130 shares), capitalizing on the pet food boom. The fund increased its Yeti Holdings Inc. (YETI) position by $19.5 million, adding 619,000 shares to reach 2.16 million, and Evolent Health Inc. (EVH) by $7.6 million, boosting shares to 5.85 million.

Reductions included Portillo’s Inc. (PTLO) by $7.6 million and V.F. Corp. (VFC) by $787,250. Engaged exited Chart Industries Inc. (GTLS) ($60.8 million) and NCR Atleos Corp. (NATL) ($22.1 million), streamlining its portfolio.

Other Notable Activists

• Engine Capital Management took a new $74.1 million position in Avantor Inc. (AVTR) (5.5 million shares) and increased its KBR Inc. (KBR) stake by $24.4 million, adding 509,619 shares. It significantly reduced National Vision Holdings Inc. (EYE) by $89 million, cutting shares to just 9,938.
• JANA Partners Management entered WEX Inc. (WEX) with a $24.1 million stake and boosted Rapid7 Inc. (RPD) by $37.6 million, adding 1.62 million shares. It reduced Lamb Weston Holdings Inc. (LW) by $39.1 million.
• Land & Buildings Investment Management initiated new stakes in real estate, including Gaming & Leisure Properties Inc. (GLPI) ($25.2 million) and Rexford Industrial Realty Inc. (REXR) ($20 million). It reduced Equity Residential (EQR) by $20.5 million and exited Apartment Investment & Management Co. (AIV) ($27.2 million).
• Maverick Capital made large new bets in Walt Disney Co. (DIS) ($187.1 million) and Huntington Ingalls Industries Inc. (HII) ($93.3 million). It increased Microsoft Corp. (MSFT) by $167.6 million and reduced Verona Pharma PLC (VRNA) by $119.3 million.
• Oasis Management Co entered Vail Resorts Inc. (MTN) with a $147.8 million stake and Sequans Communications (SQNS) with $20.7 million. It reduced Applied Digital Corp. (APLD) by $77.5 million.
• Sachem Head Capital Management took new positions in Kenvue Inc. (KVUE) ($212.6 million) and Vistra Corp. (VST) ($134.7 million). It reduced US Foods Holding Corp. (USFD) by $129.8 million.
• Starboard Value entered Tripadvisor Inc. (TRIP) with a $110.9 million stake and increased Becton Dickinson & Co. (BDX) by $149.9 million. It reduced Autodesk Inc. (ADSK) by $164.9 million.
• Third Point initiated stakes in Mr. Cooper Group Inc. (COOP) ($138 million) and Meta Platforms Inc. (META) ($110.7 million). It increased NVIDIA Corp. (NVDA) by $213.3 million and exited EQT Corp. (EQT) ($172 million).
• ValueAct Holdings took new positions in Simpson Manufacturing Co. Inc. (SSD) ($218.4 million) and MongoDB Inc. (MDB) ($145 million). It significantly increased Amazon.com Inc. (AMZN) by $726 million while reducing Roblox Corp. (RBLX) by $424.3 million.

Key Trends and Takeaways

1. Tech and AI Dominance: Activists like Anson, Third Point, and ValueAct are heavily investing in technology, with significant stakes in NVIDIA, Amazon, and MongoDB, reflecting optimism in AI and cloud computing.
2. Energy and Real Estate Rebound: Elliott’s bet on Phillips 66 and Land & Buildings’ real estate investments highlight a renewed focus on energy and property sectors.
3. Consumer and Media Shifts: Maverick’s entry into Disney and Starboard’s stake in Tripadvisor suggest activists see value in consumer discretionary and travel recovery.
4. Portfolio Streamlining: Large-scale exits, such as Anson’s departure from Reddit and IAMGOLD, and Corvex’s exit from Coca-Cola FEMSA, indicate a focus on high-conviction investments.

These 13F filings reveal activist funds are recalibrating their strategies, doubling down on high-growth sectors like technology and consumer goods while exiting underperforming or less strategic holdings. Investors should watch these moves closely, as activist involvement often signals potential for operational improvements or strategic shifts in the targeted companies.

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Supporting 13-F Summary Data