Overview
- 13D Activist Fund reported a 0.40% Q4 2025 return for its I share versus 2.19% for the Russell 2000, with a 3.06% year‑to‑date gain versus the index’s 12.81%.
- The fund highlights WEX as the subject of an Impactive Capital campaign and describes it as a diversified payments company across mobility, corporate payments and benefits.
- WEX is characterized by the fund as trading at about 9.2x next‑twelve‑months P/E versus a historical ~17x and peers near ~19x, with Q4 2025 revenue up 5.7% to $672.9 million.
- Hedge‑fund ownership of WEX rose to 39 portfolios at the end of Q4 from 31 in the prior quarter, and the stock closed March 5 at $166.06 for a $5.519 billion market cap.
- The letter describes Six Flags as under campaigns by JANA Partners and Sachem Head, notes its Cedar Fair merger announced in November 2023 and completed in July 2024, and records the shares at $17.51 on March 5 with a one‑month drop of 10.89% and a 52‑week decline of 55.66% for a $1.699 billion market cap.