Activist Purpose Aggressive Long
In plain terms
When an activist files a 13D with aggressive language (proxy contest, demand strategic alternatives, push for board seats), the post-filing drift is stronger than for passive 13D filings. Mining the purpose text isolates the value-creating subset.
How it works
13D filers explicitly signaling aggressive intent (proxy contest, strategic alternatives, board representation, letter to the board, tender offer) earn ~3-5% incremental drift over the plain 13D event window. The aggressive subset is empirically the value-creating leg; passive investment-purposes 13Ds are indistinguishable from 13G in drift.
Data dependencies
- Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
- SEC 13d filings
A data feed this strategy reads, refreshed on its normal schedule.
Expected edge
- Reported return
- +5-8% over 6-12mo
- Tested over
- T+1 to T+365d
Bebchuk-Brav-Jiang 2015; +5-8% incremental over plain 13D drift over 6-12mo.
Related families
When a hedge-fund activist (Elliott, Pershing, Starboard, etc.) discloses a brand-new stake in a company for the first time, the stock typically drifts upward for 2-3 months as the market prices in expected operational or governance changes.
Proxy fight → +6-8% over a year.
Explore Activist Purpose Aggressive Long on alphactor.ai
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