Activist Holdings

BJ’s Restaurants (BJRI)

Fund 1 Investments reported as an active investor when it disclosed owning 2,202,476 shares of the casual-dining-restaurant operator, including 900,000 underlying options. From Nov. 30, 2023, through Jan. 2, 2024, Fund 1 sold 576,860 BJ’s Restaurants shares at prices ranging from $30.14 to $36.54 each. Fund 1 also purchased 663,896 BJ’s Restaurants shares from Nov. 20, 2023, through Jan. 17, 2024, at per-share prices ranging from $30.03 to $36.83.

As a result, Fund 1 now owns a 9.5% interest in the restaurant chain. Fund 1 believes there are "operational and strategic opportunities to maximize value" at BJ’s Restaurants, though it is "unconvinced that a standalone strategy would produce the best results." Given that, Fund 1 believes "now is an opportune time to explore strategic alternatives" and filed as an active investor "to encourage" such a move. BJ’s Restaurants shares surged 37% in 2023.

Original Filings

Daseke (DSKE)

Magnetar Capital initiated a position in the trucking company of 2,544,013 shares, equal to nearly 5.5% of the outstanding stock. Magnetar acquired those shares from Dec. 22, 2023, through Jan. 19, 2024, at prices ranging from $8.08 to $8.11 each. Magnetar is making an arbitrage play, as in late December 2023, TFI International announced that it would acquire Daseke for $8.30 per share in cash. The acquisition is expected to close during the second quarter of this year, subject to regulatory approval. News of the buyout sent Daseke stock rocketing in December to end the year with a 42% gain.

Decreases in Holdings

Dell Technologies (DELL)

Silver Lake trimmed its stake in the IT stalwart to 86,204,307 shares. Silver Lake sold 3,419,084 Dell shares over Jan. 12 and Jan. 16 at per-share prices ranging from $78.51 to $79.77. In addition, Silver Lake affiliates distributed 1,281,555 Dell shares to members, partners, and equity holders from Dec. 5, 2023, through Jan. 17, 2024, for no consideration. Accounting for all share classes, Silver Lake now holds a 12.1% interest in Dell.

Beacon Roofing Supply (BECN)

Clayton, Dubilier & Rice liquidated its stake in the roofing-products wholesaler. CD&R sold 5,218,134 Beacon Roofing shares—slightly more than 8% of the outstanding stock—on Jan. 22 through an underwritten offering that priced those shares at $83.16 apiece. CD&R’s 13D form cited no reason for ending the investment.

Wix.com (WIX)

Starboard Value trims its stake in the website development technology company to 2,789,000 shares. Apart from purchasing 116,000 Wix shares at a price of $107.35 each in mid-December 2023, Starboard has sold 879,445 Wix shares at prices ranging from $100.20 to $131.35 per share between Nov. 28, 2023, and Jan. 24, 2024. With Starboard's ownership falling below 5%, the need for further disclosure of Wix stock sales is eliminated.