Profiles >> Legion Partners Asset Management LLC

Legion Partners Asset Management LLC

Last Updated: 12/3/2020

Legion Partners Asset Management LLC is a Limited Liability Company that started in 2012 and is primarily owned and controlled by Raymond T. White, Christopher Kiper, and Bradley Vizi.

LegionPartners specializes in fundamental research, long-term oriented investing and building a productive relationshipwith portfolio companies. This involves long-term holdings and actively engaging the management and boards of public companies in order to help achieve superior long-term performance.

LegionPartners specializes in conducting deep fundamental analysis and professional long-term engagements,which results in the ability to focus resources on selected issues with the potential to have the most significant impact on the rights and economics of long-••term orientedinstitutions. This element of Legion Partners’ overall strategy is intendedto focus on complex aspects of governance and/or specific situations that provide the opportunity to enhance institutional investors’ ability to execute their investment,to improve their governanceprograms and to meettheir long-term obligations to their constituents. LegionPartners may also collaborate with institutional investors and others on key policy issues. These may include, for example, research related to the effectiveness of mergers and acquisitions activity and how institutions should evaluate their positions in this process (transparency, valuation methodology and metrics, alignment of interests and long-term measures of success), accounting policies or practices, capital efficiency, alignment between share owners and companies, company performance, regulatory concerns and/or issues related to individual companies. This work may be used to support a particular investmentthesis and/or to propose specific reforms.

Legion Partners Asset Management LLC operates out of an office in Los Angeles, CA. Based on the Form ADV filed on 2020-04-03 00:00:00, the investment firm is comprised of 6 employees, only 5 of whom performs investment advisory functions.

Fact Sheet

      Name: Legion Partners Asset Management LLC
      CRD No: 164136
      Filing Recorded: 2020-04-03 00:00:00
      Year of Origin: 2012
      Employees: 6
      Clients: 6
      AUM: 393,300,000
      Management Fee: Unknown Percent
      Performance Fee: Unknown Percent
      Client Type: Pooled Investment Vehicles
      Assets Traded: Unspecified

      Email: Unknown
      Telephone: 424-253-1774
      Address: 12121 Wilshire Blvd Suite 1240, Los Angeles, CA 90025

Investment Strategy

According to the brochure submitted to IAPD, Legion Partnerss investment strategy is as follows:

LegionPartners specializes in fundamental research, long-term oriented investing and building a productive relationshipwith portfolio companies. This involves long-term holdings and actively engaging the management and boards of public companies in order to help achieve superior long-term performance.

LegionPartners engages a company by focusing the attention of its shareholders, management and board of directors on factors that LegionPartners believes are contributing to the company’s underperformance. LegionPartners periodically meetswith members of the board of directors and/or management as well as representatives of portfolio companies. The intendedresult of this engagement is to increase the company’s stock price to align with LegionPartners’ view of its true long-term value.

In executing its investment strategy, among other techniques, LegionPartners may submit shareholder proposals under Rule 14a-8 of the SecuritiesExchange Act of 1934 as amended (the “Exchange Act”) or pursuant to procedures set forth by the companies and may seek board representation through negotiation or use of the Exchange Act’s proxy rules. Additionally, Legion Partners may participate in proxy contests,tender offers and restructurings of companies in or out of formal bankruptcy proceedings.

LegionPartners implements its investment strategywith a primary focus on small and mid-cap companies, typically with a market cap under $5 billion. The portfolio typically consists of five to fifteen investments in equity securities of North American companies at any given time. LegionPartners has no fixed guidelines for diversification of investments among companies or industries. However, Legion Partners does not invest more than twenty-five percent(25%) of a Client’s assets at the time of investmentin the securities of a single company or group of affiliated companies except in situations where the client may also have a Co-Investment in such securities in which event such amount shall not apply.

LegionPartners typically purchases securities for a holding period to exceed one year (with a target holding period of two to three years). Nevertheless, Legion Partners may sell securities after holding such securities for less than a year or the target period if, for example: the risk associated with a particular company is altered to a degree that outweighs the expected return; its stock price aligns with Legion Partners’ view of its value; if LegionPartners needs to liquidate certain holdings in order to fund new acquisitions; or for other reasons.

Methods of Analysis

In addition, Legion Partnerss methods of analysis include:

LegionPartners uses deep fundamental analysis to identify companies it believes may be significantly undervalued relative to intrinsic value and future opportunity.

LegionPartners uses proprietary research and analysis to determine its investment decisions and the engagement process for each portfolio company.

Top 10 Holdings from Form 13F

Reporting Period: 09/30/2020

Issuer Share Value(1000s) Put/Call
BED BATH & BEYOND INC 5,731,629 85,860
VONAGE HLDGS CORP 5,503,194 56,298
ONESPAN INC 2,277,091 47,728
SVMK INC 1,543,600 34,129
COLONY CAP INC NEW 11,141,208 30,415
LANDEC CORP 2,904,340 28,230
AUTONATION INC 450,000 23,819 Call
NN INC 3,890,382 20,074
BED BATH & BEYOND INC 1,150,000 17,227 Call

Historical 13F Filings

EdgeGiant has compiled all 13F filings since Q2 2013 for your convenience. You can view historical portfolio position forLegion Partners Asset Management LLCin our 13F section HERE.

To get the comprehensive list of holdings that fall under 13F regulatory guidelines, check out our write up on how to access and use 13Fs in your personal investment decisions.

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Historical Portfolio Holdings for Legion Partners Asset Management LLC