Activist investors disclosed stakes in at least seven companies between Tuesday and Thursday, including Elliott Investment Management's $4 billion position in PepsiCo and previously unreported filings in Xerox Holdings, Mission Produce, Teradata, BridgeBio Pharma, and Asbury Automotive Group. The cluster of 13D forms—filed within a 72-hour window—marks the sharpest uptick in activist positioning since October 2024, when hedge funds retreated following hawkish Fed commentary.
Elliott's PepsiCo stake, disclosed Wednesday, represents roughly 2.8% of outstanding shares and includes language signaling pressure on operational efficiency and capital allocation. The filing references North American beverage volumes, which declined 3% year-over-year in Q4 2024, and notes PepsiCo's 12.4x forward EBITDA multiple trades at a 1.8-turn discount to Coca-Cola despite comparable margins. Elliott has not yet published a public letter, but the 13D includes boilerplate activist language regarding board engagement. PepsiCo shares rose 4.1% intraday Thursday before settling at +2.7% on volume 2.3x the 90-day average.
The remaining six filings span industrial automation (Xerox), specialty agriculture (Mission Produce), enterprise data (Teradata), genetic medicines (BridgeBio), automotive retail (Asbury), and mining royalties (Metalla Royalty & Streaming). No single fund appears across multiple filings, suggesting independent timing rather than coordinated deployment. Mission Produce, a $340 million market-cap avocado distributor, drew a 9.8% stake from an undisclosed fund that previously targeted agricultural processors in 2022. Teradata, trading at 8.2x forward revenue despite 22% cloud ARR growth, received a filing from a data-infrastructure specialist fund. BridgeBio's $2.1 billion market cap and three FDA-approved rare-disease therapies attracted a biotech-focused activist with a history of pushing for licensing deals or outright sales.
Xerox Holdings, down 31% over twelve months, remains the most distressed name in the cluster. The company reported $310 million in Q4 equipment sales, down 8% sequentially, and maintains $2.9 billion in net debt against a $1.8 billion market cap. The activist filing, from a fund specializing in balance-sheet restructurings, does not specify remedies but references comparable sales of printing assets in 2023 that cleared at 6.5x EBITDA, well above Xerox's current 4.1x implied multiple. Asbury Automotive, by contrast, trades near all-time highs but faces margin pressure from EV inventory writedowns, which totaled $47 million in 2024. The activist stake, at 5.2%, includes a Schedule 13D amendment referencing discussions with management that began in December.
Allocators should watch for proxy filings in March and April. Elliott typically moves from private engagement to public campaign within 90 days if management resists. Mission Produce, Teradata, and BridgeBio all hold annual meetings between late April and early June, meaning any board-nomination deadlines fall in mid-February. Xerox's next earnings call, scheduled for February 12, will clarify whether the company plans to pre-empt activist demands with its own restructuring announcement. PepsiCo's February 11 earnings, covering Q4 beverage volumes and full-year 2025 guidance, will set the tone for Elliott's next steps.
The synchronization is not coincidence. Activists file 13Ds when they cross 5% ownership or conclude that engagement has stalled. Seven filings in three days suggests hedge funds spent December and early January building positions quietly, then triggered disclosure obligations nearly simultaneously. The timing—two weeks before Q4 earnings season peaks—gives activists maximum leverage in private conversations before results go public.
The takeaway
Seven activist 13D filings in 72 hours, led by Elliott's $4B PepsiCo stake, signal Q1 campaign season has begun.
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