Activist

We help build stronger, more valuable companies

Unlocking Potential

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 increase their competitiveness and enhance value for all shareholders.

As a firm, we favor a long-term approach by providing patient, engaged, and productive capital, which encourages portfolio companies to choose performance over promise through a combination of strategic redirection, improved operational execution and more disciplined capital allocation.

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.

Distinctive Process

Our unique position in the investment profession is built on our distinctive process of developing outstanding assets into outstanding companies through benevolent hostility.

2015

Akfen Holding

(IST: AKFEN)

.PDF
Letter

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

View Document

From Laggard to Leader

Akfen Holding’s chronic underperformance ended following the release of the WSD-Akfen letter and publication of our firm’s engagement.

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.

Forward-Looking Statements

The information contained in the Documents includes forward-looking statements (including statements as to potential future performance or prices), estimates, projections and opinions prepared with respect to, among other things, the Issuers and other companies. Such statements, estimates, projections and opinions may prove to be inaccurate and are subject to economic, competitive, financial and other risks and uncertainties. No representation or warranty, express or implied, is made as to the accuracy or completeness (currently or historically) of those statements, estimates, projections or opinions or any other written or oral communication made by or on behalf of the Firm in the Documents or otherwise with respect to the Issuers, the information contained in the Documents or otherwise. The information contained in the Documents is provided ‘as is’ and, except where otherwise indicated, statements speak as of the date made, and the Firm undertakes no obligation to correct, update or revise those statements or to otherwise provide any additional information.

Content Disclaimer

Neither this website nor the Documents are intended to be, nor should they be construed as, an offer to sell or a solicitation of an offer to buy any security. The information provided on this website and in the Documents (including any statements, estimates, projections or opinions) is not, and should not be construed as, investment advice or as a recommendation, invitation or inducement to engage in any investment activity, and should not be used as the basis for any investment decision. The Firm does not assume liability or responsibility (in the absence of fraud) for the content, accuracy or appropriateness of the content available on this website and in the Documents.

Neither this website nor the Documents are intended to be, nor should they be construed as, a marketing or solicitation vehicle for the Firm or the WSD Funds. The information herein does not provide a complete presentation of the investment strategies or portfolio holdings of the WSD Funds and should not be relied upon for purposes of making an investment or divestment decision with respect to the WSD Funds.

The WSD Funds are in the business of trading – buying and selling – securities, and intend to continue trading in the securities of the Issuers or the other companies or industries referenced in the information contained in the Documents. You should assume that the WSD Funds will from time to time modify all or a portion of their investment positions of one or more of the Issuers or such other companies or industries in open market transactions or otherwise (including via short sales), buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to some or all of such securities, regardless of the views expressed in the Documents.

Investing involves risks, including possible loss of principal. Asset allocation strategies do not ensure a profit or protect against loss in declining markets. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments in emerging or smaller capital markets.

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