Activist Engagements

Strong assets don’t speak for themselves. We give them a voice.

Build Relentlessly

The quiet path is our preference. The public path is our proof.

This section of the website is for the limited purpose of providing access to certain analyses and/or white papers prepared by our firm to share our views and, at times, third party views for how the companies in which we invest can sharpen their competitiveness and create lasting value for shareholders.

Please note that not all of our engagements are public. Generally, we are able to discuss our concerns and recommendations with the management team of a portfolio company in private. The following are our public activist engagements.

How Change Becomes Inevitable

Benevolent hostility is not a tactic. It is our commitment to turn outstanding assets into outstanding companies.

2015

Akfen Holding

(IST: AKFEN)

.PDF
Letter

February 16, 2015
Letter to Akfen Holding’s Board of
Directors

View Document

A Quiet Campaign That Ended the Drift

After years of underperformance, Akfen Holding’s trajectory changed once our public letter reached the market.

134%

Total Shareholder
Return

$622M

Shareholder Value Generated

Source: Bloomberg end of day market data; not adjusted for dividends (April 29, 2016).

Returns assume a long investment position on the date that WSD Capital Management published its thesis, and an exit based on the tender offer price of ₺13.07.

Returns do not reflect any fees, expenses or taxes.

The returns are hypothetical and do not reflect the actual results of WSD Capital Management’s investment activities, nor is it necessarily indicative of future results of WSD Capital Management’s investment activities.

Publicly Available Information

The Documents represent the opinions of the Firm. These opinions are current opinions as of the date appearing in the relevant material and are subject to change without notice. The information contained in the Documents is based on publicly available information with respect to the Issuers as of the date of such Documents and has not been updated since such date. The Firm has not sought or obtained consent from any third party to use any statements or information, which are described in the Documents as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed in the Documents. No warranty is made that data or information, whether derived or obtained from filings made with any regulatory agency or from any third party, are accurate. The Firm recognizes that there may be non-public information in the possession of the Issuer or others that could lead the Issuer or others to disagree with the Firm’s analyses, conclusions and opinions.

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