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Carvana Co. (CVNA) And Alder BioPharmaceuticals, Inc. (ALDR) Activist Update

|Includes: ALDR, Carvana Co. (CVNA)

When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC. If these groups intend to influence management into changing the business strategy, they are considered "activist" investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.

Cvan Holdings Llc has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 13,295,376 shares of Carvana Co. (NYSE:CVNA). This represents 30.66 percent ownership of the company. Previously, Cvan Holdings Llc had reported owning 13,795,376 shares, indicating a decrease of -3.62 percent.

NB Public Equity K/S has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 3,419,954 shares of Alder BioPharmaceuticals, Inc.(NASDAQ:ALDR). This represents 5.0 percent ownership of the company. Alder BioPharmaceuticals, Inc. has declared a standard industrial code (sic) of 2834 which is the "Pharmaceutical Preparations" industry.

Investors that acquire 10% or more of a company's shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.

New Activist Investor Filings

Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D.

Primo Water Corp. (NASDAQ:PRMW) - Legion Partners Asset Management, LLC has filed a new SC 13D, reporting a 5.20% ownership stake in Primo Water.

Amended Activist Investor Filings

Navient Corporation (NASDAQ:NAVI) - Canyon Capital Advisors Llc has filed an amended Schedule 13D/A, reporting a 9.60% ownership stake in Navient. This is an increase of 23.08% from their previous filing.

AgroFresh Solutions, Inc. (NASDAQ:AGFS) - Dowdupont Inc. has filed an amended Schedule 13D/A, reporting a 39.50% ownership stake in AgroFresh Solutions. This is a decrease of 3.89% from their previous filing.

Credit Suisse Asset Management Income Fund, Inc. (AMEX:CIK) - Saba Capital Management, L.P. has filed an amended Schedule 13D/A, reporting a 5.95% ownership stake in Credit Suisse Asset Management Income Fund. This is a decrease of 54.23% from their previous filing.

First Trust Mortgage Income Fund (NYSE:FMY) - Sit Investment Associates Inc has filed an amended Schedule 13D/A, reporting a 41.41% ownership stake in First Trust Mortgage Income Fund. This is an increase of 4.28% from their previous filing.

Horizon Technology Finance Corp. (NYSE:HTF) - Compass Horizon Partners, LP has filed an amended Schedule 13D/A, reporting a 4.60% ownership stake in Horizon Technology Finance. This is a decrease of 19.30% from their previous filing.

Cheniere Energy Partners LP Holdings, LLC (AMEX:CQH) - Cheniere Energy Inc has filed an amended Schedule 13D/A, reporting a 91.90% ownership stake in Cheniere Energy Partners LP Holdings. This is an increase of 2.91% from their previous filing.

New Passive Investor Filings

Investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.

Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR) - NB Public Equity K/S has filed a new SC 13G, reporting a 5.00% ownership stake in Alder BioPharmaceuticals.

One Stop Systems, Inc. (NASDAQ:OSS) - Hirschman Orin has filed a new SC 13G, reporting a 7.40% ownership stake in One Stop Systems.

Goosehead Insurance, Inc. (NASDAQ:GSHD) - Gilder Gagnon Howe & Co Llc has filed a new SC 13G, reporting a 17.14% ownership stake in Goosehead Insurance.

Oasis Petroleum Inc. (NYSE:OAS) - Integrated Core Strategies (us) Llc has filed a new SC 13G, reporting a 4.50% ownership stake in Oasis Petroleum. This is an increase of 12.50% from their previous filing.

Mattersight Corp. (NASDAQ:MATR) - MMCAP International Inc. SPC has filed a new SC 13G, reporting a 6.23% ownership stake in Mattersight.

HMS Holdings Corp. (NASDAQ:HMSY) - Van Berkom & Associates Inc. has filed a new SC 13G, reporting a 5.67% ownership stake in HMS Holdings.

Primoris Services Corp. (NASDAQ:PRIM) - Van Berkom & Associates Inc. has filed a new SC 13G, reporting a 5.27% ownership stake in Primoris Services.

REV Group, Inc. (NYSE:REVG) - Van Berkom & Associates Inc. has filed a new SC 13G, reporting a 5.18% ownership stake in REV Group.

DXP Enterprises, Inc. (NASDAQ:DXPE) - Van Berkom & Associates Inc. has filed a new SC 13G, reporting a 5.89% ownership stake in DXP Enterprises. This is an increase of 21.44% from their previous filing.

AZZ, Inc. (NYSE:AZZ) - Van Berkom & Associates Inc. has filed a new SC 13G, reporting a 5.30% ownership stake in AZZ.

Altisource Asset Management Corp (AMEX:AAMC) - Snow Park Capital Partners, Lp has filed a new SC 13G, reporting a 6.20% ownership stake in Altisource Asset Management.

Amended Passive Investor Filings

Forward Pharma A/S (NASDAQ:FWP) - Biotechnology Value Fund L P has filed an amended Schedule 13D/A, reporting a 19.30% ownership stake in Forward Pharma A. This is an increase of 70.80% from their previous filing.

Carvana Co. (NYSE:CVNA) - Cvan Holdings Llc has filed an amended Schedule 13D/A, reporting a 30.66% ownership stake in Carvana Co.. This is a decrease of 33.62% from their previous filing.

Layne Christensen Co. (NASDAQ:LAYN) - Linden Capital L.P. has filed an amended Schedule 13D/A, reporting a 9.50% ownership stake in Layne Christensen Co.. This is an increase of 3.26% from their previous filing.

GrubHub Inc. (NYSE:GRUB) - Baillie Gifford & Co has filed an amended Schedule 13D/A, reporting a 10.07% ownership stake in GrubHub. This is an increase of 4.57% from their previous filing.

Fiat Chrysler Automobiles N.V (NYSE:FCAU) - Baillie Gifford & Co has filed an amended Schedule 13D/A, reporting a 4.96% ownership stake in Fiat Chrysler Automobiles N.V. This is a decrease of 2.36% from their previous filing.

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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.