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US Activist Hedge Fund Institutional SEC 13D 13G — September 25, 2026

Activist & Institutional Activity

By Gunpowder Editorial ·

17 high priority 14 medium priority 31 total filings analysed

Executive Summary

The 31 filings reveal a surge in activist and strategic stake-building, with Tessenderlo Group's 20% private placement in FMC Corp and Byron Allen's 55.7% controlling stake in BuzzFeed as the most material events.

Insider trading patterns show significant accumulation in TORM plc (Hafnia Ltd adding $202.9M in two weeks) and Redwood Trust (Howard Amster group investing $46M), while Carl Icahn's routine dividend distribution and the Dondero entities' small DRIP purchases indicate passive maintenance. Period-over-period comparisons highlight a notable dilution event at Jin Medical International, where CEO Erqi Wang's economic stake fell from 6.77% to 3.35% due to share issuance for an acquisition, though he retains 96.15% voting control. The Grayscale Near Trust filing shows a rapid in-and-out trade, with Karminski acquiring 8.04% then selling down to 2.61% within the same period. Overall, the digest points to concentrated activist positioning in undervalued assets (FMC, BuzzFeed, TORM), passive institutional accumulation in SPACs and biotech, and a few exit filings from completed mergers or dilution events.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Schedule 13D · Schedule 13G

Tracking the trend? Catch up on the prior US Activist Hedge Fund Institutional SEC 13D 13G digest from September 24, 2026.

Investment Signals (10)

  • FMC Corp ↓ (BULLISH)
    ▲

    Tessenderlo Group acquired 20% stake via $403M private placement at $13.30/share, with board nomination rights and lock-up through Sep 2029, signaling strong conviction in a turnaround

  • ▲

    Byron Allen's Allen Family Digital acquired 55.7% controlling stake with registration rights for resale, indicating potential strategic restructuring or privatization

  • TORM plc ↓ (BULLISH)
    ▲

    Hafnia Ltd added 6.2M shares in two secondary transactions totaling $202.9M (Sep 15 at $32.25, Sep 24 at $34.00), increasing stake to 19.85%, showing aggressive accumulation in shipping

  • Howard Amster group invested $46M for 9.0% stake, with potential for engagement on business combinations or capital structure changes

  • AJB Investment Fund built 14.46% stake via open-market purchases ($2.09-$2.93/share) and signaled possible engagement on governance/strategy, suggesting undervaluation

  • Insider entity purchased $12.4M in Class I shares across four transactions (Jul-Sep 2026), increasing stake to 39.52%, showing strong insider confidence

  • CEO Erqi Wang's economic ownership diluted from 6.77% to 3.35% due to acquisition-related share issuance, but retains 96.15% voting control via super-voting Class B shares (800 votes each)

  • ▲

    Pictet Asset Management sold 275,653 shares on Sep 24 at $58.57-$58.88 after building position from $41.62-$55.17, suggesting profit-taking near highs

  • Karminski acquired 8.04% then rapidly sold down to 2.61% within the same period, indicating a short-term trading strategy or loss of conviction [NEUTRAL/BEARISH]

  • Weiss Asset Management's stake reduced to 0% following merger with Zymeworks, marking a complete exit from the position

Risk Flags (8)

  • Issuance of 79.8M new Class A shares for acquisition diluted CEO's economic stake below 5%, signaling potential further dilution for minority shareholders

  • ▼

    Tessenderlo's 20% stake with board nomination rights and standstill provisions could lead to boardroom conflict if strategic disagreements arise

  • Pictet sold 275,653 shares on a single day (Sep 24) at $58.57-$58.88, representing a significant portion of their actively managed position

  • Karminski's rapid acquisition and disposal of 8.04% stake within days suggests high volatility and potential for further selling pressure

  • The buyback program involves proportional participation by Letterone to maintain 45.46% stake, creating complex capital structure dynamics

  • ▼

    Shares held in margin accounts with RBC and Interactive Brokers are pledged as collateral, exposing the position to margin calls if stock declines

  • Acorn Bioventures' 5.7% stake is passive, limiting potential for activist-driven value creation despite potential undervaluation

  • Wells Fargo's 11.76% stake in MFP Shares was partially redeemed (500 shares), indicating potential ongoing redemption risk

Opportunities (8)

  • Tessenderlo's $403M investment at $13.30/share with 5-7 year debt financing and lock-up through Sep 2029 suggests a long-term value play; watch for strategic initiatives and board representation

  • Hafnia's $202.9M accumulation in two weeks at $32.25-$34.00 signals strong conviction in shipping cycle; continued buying could push shares higher

  • AJB Investment Fund's 14.46% stake with engagement intentions at $2.09-$2.93/share entry price suggests significant upside potential if governance changes materialize

  • Allen's 55.7% controlling stake with S-3 registration rights could lead to strategic transactions, asset sales, or a take-private; monitor for restructuring announcements

  • Insider purchases of $12.4M at ~$10.50/share represent 39.52% stake; the fund's strategy may benefit from market volatility

  • Howard Amster's 9.0% stake with potential for strategic discussions could unlock value in the mortgage REIT; watch for board representation or capital structure changes

  • Readout Capital's 5.4% stake at current levels could precede activist engagement if performance disappoints; biotech catalyst potential

  • OrbiMed's 11.0% stake with board representation (Carl L. Gordon) provides insider visibility into strategic decisions; IPO and preferred stock conversions suggest upcoming milestones

Sector Themes (5)

  • Activist/Strategic Stake-Building in Undervalued Assets
    ◆

    Multiple filings show large strategic investors taking significant stakes in companies perceived as undervalued (FMC Corp at $13.30, Jewett Cameron at $2.09-$2.93, Redwood Trust at ~$4.08 average), indicating a broader theme of value-oriented activism

  • SPAC/Blank-Check Company Passive Accumulation
    ◆

    Three SPAC-related filings (Leader's Advantage, Haymaker Acquisition Corp V, Live Oak Acquisition Corp VI) show passive institutional investors holding 5.9%-20% stakes, suggesting continued interest in SPACs as a vehicle for future business combinations

  • Insider Conviction Through Secondary Market Purchases
    ◆

    TORM plc ($202.9M), Calamos Aksia ($12.4M), and Jewett Cameron (14.46% stake) demonstrate strong insider conviction through open-market and secondary purchases, contrasting with passive filings from other filers

  • Dilution Risk in Micro-Cap Structures
    ◆

    Jin Medical International's 79.8M share issuance for acquisition highlights the dilution risk in micro-cap companies with dual-class structures, where economic ownership can be diluted while voting control remains intact

  • Crypto/Grayscale Trust Passive Interest
    ◆

    Two Grayscale trust filings (ZEC at 8.44%, NEAR with rapid in-and-out) show continued but volatile passive interest in crypto-related securities, with the NEAR filing demonstrating short-term trading behavior

Watch List (8)

  • Watch for Tessenderlo board representation and strategic initiatives; lock-up through Sep 2029 suggests long-term commitment; earnings call for management response

  • Monitor for S-3 registration statement filing within 60 days of request; potential strategic transactions or restructuring under Byron Allen's control

  • Hafnia's continued accumulation pattern; watch for further secondary purchases or potential tender offer given 19.85% stake

  • Howard Amster group's engagement with management on business combinations or capital structure; watch for 13D amendments indicating activist actions

  • AJB Investment Fund's engagement with management on governance/strategy; watch for further open-market purchases or 13D amendments

  • Pictet's selling activity and engagement with management on long-term strategy; watch for further position reductions or governance proposals

  • CEO's voting control (96.15%) despite diluted economic stake; watch for potential related-party transactions or further dilution

  • OrbiMed board member Carl L. Gordon's influence; watch for clinical milestones or strategic transactions given 11.0% stake

Filing Analyses (31)
JEWETT CAMERON TRADING CO LTD SC 13D/A positive materiality 8/10

25-09-2026

AJB Investment Fund II, LP and affiliated persons disclosed in an amended Schedule 13D that they collectively beneficially own 509,069 shares of Jewett Cameron Trading Co Ltd, representing approximately 14.46% of outstanding shares as of September 25, 2026. The filing indicates the group believes the shares were undervalued and may engage with management and the board on corporate governance, strategy, and other matters to increase shareholder value. However, the reporting persons state they currently have no specific plans for any of the actions itemized in Item 4 of Schedule 13D, and may increase or decrease their position depending on market conditions.

  • · The filing was made on September 25, 2026 as an amendment (Schedule 13D/A).
  • · The group bought shares in multiple open-market transactions between August 24, 2026 and September 25, 2026, with prices ranging from $2.09 to $2.93 per share.
  • · The largest single purchase was 10,000 shares on September 15, 2026 at $2.89.
  • · The reporting persons reserve the right to engage in hedging, short selling, or derivative transactions with respect to the shares.
FMC CORP SC 13D mixed materiality 9/10

25-09-2026

Tessenderlo Group NV acquired a 20% stake in FMC Corp via a private placement of 30,319,166 shares at $13.30 per share, totaling $403,244,907.80, and now beneficially owns 31,109,166 shares. The transaction was funded through term loans from European banks and existing credit facilities. As part of the investment, Tessenderlo obtained board nomination rights (nominated CEO Luc Tack as director) and entered into a lock-up agreement through September 2029, with transfer restrictions and a standstill provision that limits activism without board consent.

  • · Tessenderlo funded the acquisition with EUR 100M, EUR 50M, and EUR 75M term loans from three European banks with 5-7 year maturities, plus existing credit facilities.
  • · Under Investor Agreement, Tessenderlo has director nomination rights and one non-voting board observer; these rights lapse if ownership falls below 10%.
  • · Tessenderlo has pre-emptive rights on new share issuances up to a 20% cap, and top-up rights to maintain its ownership percentage after dilution events.
  • · Lock-up period extends through September 23, 2029, with post-lock-up transfer restrictions preventing sales to competitors, activists, or holders reaching 4.9% or more.
  • · Standstill provision restricts Tessenderlo from seeking control or acquiring additional shares without Board consent for as long as it holds any shares; standstill falls away if Company enters a change-of-control transaction.
  • · Tessenderlo may demand up to eight registrations for its shares starting 30 days before lock-up expiration, with a maximum of three demands per calendar year and at least 120 days between demands.
  • · Tessenderlo must vote its shares in favor of Board nominees (except on change-of-control matters) until its ownership falls below 10% and 12 months have passed since its nominee last served on the Board.
Heritage Insurance Holdings, Inc. SC 13G/A neutral materiality 55/10

25-09-2026

Raymond T. Hyer filed an amended Schedule 13G/A with the SEC on September 25, 2026, disclosing beneficial ownership of 2,093,878 shares of Heritage Insurance Holdings, Inc. common stock, representing 7.04% of the 29,732,416 shares outstanding as of August 2, 2026. The filing reports that the group previously filing this Schedule 13G dissolved effective August 27, 2026, after which Hyer remains the sole beneficial owner above the 5% threshold, while other former group members have fallen below 5%. The shares are held for investment purposes, not to influence control of the issuer.

  • · The group that previously reported beneficial ownership on this Schedule 13G completed its dissolution effective August 27, 2026.
  • · Following the dissolution, Raymond T. Hyer remains the beneficial owner of more than 5% of the Common Stock, while each other former group member has ceased to be a beneficial owner of more than 5%.
  • · The filing is made pursuant to Rule 13d-1(c) under the Securities Exchange Act of 1934.
  • · The Reporting Person's address is 3919 E. 7th Ave, Tampa, Florida 33605.
Theravance Biopharma, Inc. SC 13D/A neutral materiality 3/10

25-09-2026

Weiss Asset Management LP filed a Schedule 13D/A disclosing that its beneficial ownership in Theravance Biopharma, Inc. has been reduced to 0% following the cancellation of all shares on September 23, 2026, in connection with the completion of the merger with Zymeworks Inc. The filing reports no transactions in the past 60 days and confirms that all previously held shares were cancelled as part of the merger.

  • · The shares were cancelled on September 23, 2026 upon completion of the merger with Zymeworks Inc.
  • · The filing is an amendment (No. 4) to the initial Schedule 13D filed on April 12, 2023.
  • · No transactions in the issuer's shares were effected by the reporting persons during the past 60 days.
VS MEDIA Holdings Ltd SC 13G/A neutral materiality 30/10

25-09-2026

Warner Bros. Discovery, Inc. (WBD) filed an amendment to its Schedule 13G, disclosing beneficial ownership of 11,720 Class A Ordinary Shares of VS MEDIA Holdings Ltd, representing 0.4% of the 2,750,784 Class A Ordinary Shares outstanding as of August 21, 2026. The shares are held directly by WBD's indirect wholly-owned subsidiary, Discovery Networks Asia-Pacific Pte. Ltd., with WBD deemed to share voting and investment power. The filing reflects a minor passive stake, with no change in ownership percentage from the prior filing.

  • · The filing is an amendment (SC 13G/A) filed on September 25, 2026, under Rule 13d-1(d).
  • · Discovery Networks Asia-Pacific Pte. Ltd. is an indirect wholly-owned subsidiary of Warner Bros. Discovery, Inc.
  • · The ownership percentage is based on 2,750,784 Class A Ordinary Shares outstanding as of August 21, 2026, as reported in the Issuer's Amendment No. 2 to Form F-3.
  • · The shares are held directly by Discovery Networks Asia-Pacific Pte. Ltd., with WBD deemed to share voting and investment power over these shares.
  • · No change in ownership percentage (0.4%) from the prior filing, indicating a flat position.
VEON Ltd. SC 13D/A neutral materiality 7/10

25-09-2026

Letterone Investment Holdings S.A. and its affiliates disclosed a 45.46% beneficial ownership in VEON Ltd., holding 840,625,000 shares. On September 24, 2026, LPE Middle East Limited entered into a Share Purchase Agreement with VEON to proportionately participate in a newly approved buyback program, under which VEON will repurchase a total of 72,500,000 shares, including 32,957,830 shares directly from LPE at the weighted average price of on-market ADS repurchases divided by 25. This arrangement ensures LPE maintains its proportional stake while VEON reduces its outstanding share count.

  • · The Schedule 13D/A is Amendment No. 22, filed on September 25, 2026.
  • · The filing was originally made on April 30, 2010.
  • · LPE Middle East Limited is the direct beneficial owner, while L1TS and LIHS may be deemed beneficial owners as holding companies in the chain.
  • · No transactions in Common Stock were effected by the Reporting Persons during the past 60 days, except as described in Item 4 (the Buyback Program arrangement).
  • · None of the Reporting Persons has been involved in any criminal or securities-related civil proceedings in the past five years.
ADDENTAX GROUP CORP. SC 13G neutral materiality 3/10

25-09-2026

Yip Wai Lun filed a Schedule 13G with the SEC on September 25, 2026, disclosing beneficial ownership of 208,334 shares of Addentax Group Corp. common stock, representing 9.90% of the 2,105,058 shares outstanding as of September 22, 2026. The filing indicates the shares were acquired in the ordinary course of business and not with the purpose of changing or influencing control of the issuer.

  • · The filing is made under Rule 13d-1(c), indicating the filer is a passive investor.
  • · Yip Wai Lun has sole voting and dispositive power over all 208,334 shares.
  • · The filing date is September 25, 2026, with the event date of September 22, 2026.
BuzzFeed, Inc. SC 13D/A neutral materiality 9/10

25-09-2026

Byron Allen's Allen Family Digital, LLC filed an amended Schedule 13D disclosing beneficial ownership of 50,000,000 shares of BuzzFeed, Inc. Class A Common Stock, representing 55.7% of the outstanding shares. The filing includes a Share Purchase Agreement granting the Purchaser registration rights to resell the shares and requiring the company to file an S-3 registration statement within 60 days of request. This filing confirms a controlling stake acquisition by Allen Family Digital, making Byron Allen the majority shareholder of BuzzFeed.

  • · The filing is an amendment (No. 3) to a Schedule 13D, indicating ongoing disclosure of the ownership position.
  • · The Share Purchase Agreement includes a provision that the Purchaser may request the company to file an S-3 registration statement within 60 days for resale of shares.
  • · The company must bear all expenses related to the registration statement, including legal fees for both parties.
  • · The Purchaser can suspend use of the registration statement up to 2 times per 365-day period for up to 90 days each if it would interfere with company transactions.
  • · The agreement includes standard indemnification for the Purchaser against losses from material misstatements or omissions in the registration statement, except those based on information provided by the Purchaser.
  • · The Seller (BuzzFeed) must use commercially reasonable efforts to ensure no affiliate integrates other securities sales that would require Nasdaq stockholder approval.
Inflection Point Acquisition Corp. V SC 13D/A neutral materiality 5/10

25-09-2026

Inflection Point Acquisition Corp. V (IPEXU) completed its previously announced business combination with GOWell Technology Limited on September 24-25, 2026, merging the SPAC into GOWell Energy Technology (PubCo) and making GOWell a wholly-owned subsidiary. As a result, the Reporting Persons (Inflection Point Fund I, LP, Inflection Point GP I LLC, and Michael Blitzer) converted their 990,000 Class B shares into Class A shares and then into PubCo ordinary shares, reducing their beneficial ownership of the Issuer's Class A shares to zero. The filing is an amendment to Schedule 13D reflecting the post-combination ownership change.

  • · The business combination involved two mergers: First Merger (Issuer into PubCo) on September 24, 2026, and Second Merger (Merger Sub into GOWell) on September 25, 2026.
  • · The Reporting Persons' beneficial ownership of the Issuer's Class A shares became 0 following the First Merger.
  • · Voting and dispositive power over IPF's securities is vested in a three-member investment committee, and under the 'rule of three,' none of the individuals is deemed a beneficial owner.
  • · No transactions in the Issuer's ordinary shares were engaged in by the Reporting Persons during the past 60 days, except those described in the filing.
ICAHN ENTERPRISES L.P. SC 13D/A neutral materiality 5/10

25-09-2026

Carl Icahn and affiliated entities filed a Schedule 13D/A disclosing aggregate beneficial ownership of 658,924,537 depositary units of Icahn Enterprises L.P. (IEP), representing approximately 87.69% of outstanding units. The filing reflects a routine quarterly distribution of units on September 23, 2026, which increased the Icahn group's stake from the prior level. No other transactions in IEP securities occurred in the past 60 days.

  • · The filing is Amendment No. 86 to the initial Schedule 13D filed September 24, 1990.
  • · On September 23, 2026, CCI Onshore received 8,659,767 units, Gascon received 5,571,413 units, High Coast received 20,309,942 units, Highcrest received 4,477,088 units, and Thornwood received 1,512,984 units as part of the quarterly dividend.
  • · No other transactions in IEP securities were effected by the reporting persons in the past 60 days.
TORM plc SC 13D/A neutral materiality 7/10

25-09-2026

Hafnia Ltd has disclosed in a Schedule 13D/A filing that it beneficially owns 20,356,061 Class A shares of TORM plc, representing 19.85% of outstanding shares as of September 24, 2026. On that date, Hafnia acquired 1,700,000 shares in a secondary bought transaction via J.P. Morgan at $34.00 per share (aggregate $57.8M), supplementing an earlier September 15, 2026 secondary acquisition of 4,500,000 shares at $32.25 per share ($145.125M aggregate). The filing indicates continued accumulation, with no negative or flat metrics reported in the filing itself.

  • · Hafnia's voting and dispositive power is sole over all 20,356,061 shares.
  • · The September 24 transaction was structured as a bought secondary offering by J.P. Morgan.
  • · Prior to the amendment, Hafnia had filed an original Schedule 13D on December 22, 2025, and an Amendment No. 1 on September 17, 2026.
  • · The filing includes an updated Exhibit 1 listing directors and officers of Hafnia and its parent BW Group.
TScan Therapeutics, Inc. SC 13G neutral materiality 5/10

25-09-2026

Readout Capital, LP, along with its general partner Readout Capital GP, LLC and managing member Matthew Smith, filed a Schedule 13G with the SEC on September 25, 2026, disclosing beneficial ownership of 3,453,388 shares of TScan Therapeutics, Inc. common stock, representing a 5.4% stake. The filing indicates the shares are held indirectly through the Master Fund and Sub-Advised Funds, and the reporting persons certify they do not hold the shares with the purpose of changing or influencing control of the issuer.

  • · The Schedule 13G was filed under Rule 13d-1(c), indicating a passive investment intent.
  • · The filing date is September 25, 2026, with the event date of beneficial ownership change on September 21, 2026.
  • · The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.
  • · The filing includes a joint filing agreement among Readout Capital, LP, Readout Capital GP, LLC, and Matthew Smith.
NexPoint Residential Trust, Inc. SC 13D/A neutral materiality 5/10

25-09-2026

James D. Dondero and related parties filed Amendment No. 17 to their Schedule 13D, disclosing aggregate beneficial ownership of approximately 14.07% of NexPoint Residential Trust, Inc. common stock as of August 31, 2026. The filing details holdings across James Dondero (14.07%), Nancy Marie Dondero (8.74%), NexPoint Advisors (0.63%), and NexPoint Asset Management (1.6%). Recent acquisitions were limited to small DRIP purchases totaling about $906,339, with no other transactions in the preceding 60 days.

  • · James D. Dondero has sole voting/dispositive power over 791,652.15 shares and shared power over 2,804,290.07 shares.
  • · Nancy Marie Dondero holds 14,417 shares with sole power and 2,217,471.6452 shares with shared power (as trustee).
  • · No other person is known to have the right to receive dividends or proceeds from the sale of the common stock.
  • · The filing is Amendment No. 17 to a Schedule 13D originally filed March 26, 2015.
NEXPOINT REAL ESTATE STRATEGIES FUND SC 13D/A neutral materiality 3/10

25-09-2026

NexPoint Advisors, L.P., James D. Dondero, Nancy Marie Dondero, and Governance Re, Ltd. filed Amendment No. 7 to their Schedule 13D, disclosing their aggregate beneficial ownership in NexPoint Real Estate Strategies Fund as of August 31, 2026. James D. Dondero is the largest holder with 96,992.45 shares (8.03%), while NexPoint Advisors holds 21,445.61 shares (1.78%), Nancy Dondero holds 17,224.21 shares (1.43%), and Governance Re holds 58,322.63 shares (4.83%). The filing also reports small dividend reinvestment purchases by a trust for Nancy Dondero and by NexPoint during July and August 2026.

  • · The filing is Amendment No. 7 to the initial Schedule 13D filed on November 20, 2026.
  • · NexPoint Advisors holds its shares indirectly through advised accounts.
  • · James D. Dondero disclaims beneficial ownership of shares held by NexPoint and Governance Re except for his pecuniary interest.
  • · A trust for which Nancy Dondero serves as trustee acquired 158.65 shares at $12.92 on July 31, 2026 and 167.26 shares at $12.36 on August 31, 2026 via dividend reinvestment.
  • · NexPoint acquired 197.54 shares at $12.92 on July 31, 2026 and 208.24 shares at $12.36 on August 31, 2026 via dividend reinvestment.
  • · No other transactions by the Reporting Persons occurred in the 60 days prior to August 31, 2026.
TERAWULF INC. SC 13G neutral materiality 5/10

25-09-2026

Google LLC, XXVI Holdings Inc., and Alphabet Inc. filed a Schedule 13G disclosing beneficial ownership of 41,011,803 shares of TeraWulf Inc. common stock, all of which are issuable upon exercise of warrants. This represents approximately 7.6% of TeraWulf's outstanding shares, based on 539,980,480 shares outstanding as of September 11, 2026. The filing is a passive investment disclosure under Rule 13d-1(c), with no intent to control the company.

  • · The 41,011,803 shares are issuable upon exercise of warrants that are currently exercisable or exercisable within 60 days.
  • · The reporting persons are deemed to share beneficial ownership due to Google LLC being the managing member of XXVI Holdings Inc., which is controlled by Alphabet Inc.
  • · The filing is made pursuant to Rule 13d-1(c), indicating passive investment intent.
  • · The shares outstanding figure of 539,980,480 includes 498,968,677 shares as of July 31, 2026, plus 41,011,803 warrant shares.
Xanadu Quantum Technologies Ltd SC 13G neutral materiality 4/10

25-09-2026

BDC Capital Inc., a subsidiary of the Business Development Bank of Canada, filed a Schedule 13G with the SEC on September 25, 2026, disclosing it is the beneficial owner of 6,657,508 Class B Subordinate Voting Shares of Xanadu Quantum Technologies Ltd, representing 4.0% of the outstanding Class B shares. The filing details a conversion of 6,177,060 Class A Multiple Voting Shares into Class B Shares on September 21, 2026, followed by a sale of 900 Class B Shares on the open market. Despite the conversion, BDC's beneficial ownership dropped from its prior holdings of 6,658,408 shares to 6,657,508, reflecting the minor open-market sale.

  • · Conversion rights are subject to a Blocker Notice limiting conversion to 9.99% of outstanding Class B Shares.
  • · The reported ownership percentage is based on publicly available information on Class B shares outstanding as of September 22, 2026.
  • · BDC Capital Inc. is a subsidiary of the Business Development Bank of Canada, a Crown corporation wholly owned by the Government of Canada.
  • · The filing certifies the securities were not acquired for the purpose of changing or influencing control of the issuer.
Leader's Advantage Acquisition Corp. SC 13G neutral materiality 5/10

25-09-2026

Sculptor Capital LP and related entities disclosed beneficial ownership of 1,485,000 Class A Ordinary Shares (9.77%) in Leader's Advantage Acquisition Corp, a blank-check company, as of September 21, 2026. The filing was made under Rule 13d-1(c) as a passive investment, with the filer certifying the shares were not acquired to influence control. The percentage is based on 15,193,125 shares outstanding per the issuer's September 23, 2026 Form 8-K.

  • · Sculptor entities include Sculptor Capital LP, Sculptor Capital II LP, Sculptor Capital Holding Corp, Sculptor Capital Holding II LLC, Sculptor Capital Management, Inc., and Sculptor Master Fund, Ltd.
  • · Sculptor Capital LP is the principal investment manager to private funds and discretionary accounts (the 'Accounts')
  • · Sculptor Capital II LP is wholly owned by Sculptor Capital LP and also serves as investment manager to certain Accounts
  • · Filing made under Rule 13d-1(c) indicating passive investment intent
  • · Filer certifies shares were not acquired to change or influence control of the issuer
  • · Issuer is a blank check company (SIC 6770) incorporated in an unspecified jurisdiction (E9) with fiscal year ending December 31
  • · Sculptor Capital LP was formerly known as OZ Management LP (name change July 3, 2007) and OZ Management LLC (name change February 4, 1998)
Electra Therapeutics, Inc. SC 13D neutral materiality 7/10

25-09-2026

OrbiMed Advisors LLC and affiliated entities disclosed a 11.0% beneficial ownership stake in Electra Therapeutics, Inc. via a Schedule 13D filing on September 25, 2026. The stake comprises 6,885,170 shares of common stock held through two funds: OrbiMed Private Investments VII, LP (5,126,891 shares, 8.2%) and OrbiMed Genesis Master Fund, L.P. (1,758,279 shares, 2.8%). The filing notes that OrbiMed has no current plans to acquire control or pursue extraordinary corporate transactions, and that a member of OrbiMed, Carl L. Gordon, serves on Electra's Board of Directors.

  • · OrbiMed's stake was acquired through purchases of Series B Preferred Stock (1,632,119 shares in Feb 2022), Series C Preferred Stock (2,038,237 shares in Oct 2025, plus 517,078 shares in Jun 2026 by OPI VII; 739,422 shares in Oct 2025 plus 398,150 shares in Jun 2026 by Genesis), and IPO shares (333,333 shares by OPI VII and 1,000,000 shares by Genesis at $15.00 each).
  • · A 1-for-1.5002 reverse stock split was applied to Series B and Series C Preferred in September 2026.
  • · OPI VII also received 2,003,310 shares of Series A Preferred Stock from Electra Therapeutics LLC's distribution.
  • · OrbiMed has demand registration rights under the Investors' Rights Agreement, exercisable 180 days after the IPO effective date, for registrable securities with an aggregate offering price of at least $15 million.
  • · Carl L. Gordon, a member of OrbiMed Advisors, serves on Electra's Board and is obligated to transfer any equity compensation received to OrbiMed Advisors for the benefit of OPI VII.
Baldwin Insurance Group, Inc. SC 13G neutral materiality 5/10

25-09-2026

Glazer Capital, LLC and its managing member Paul J. Glazer disclosed a 5.35% beneficial ownership stake in Baldwin Insurance Group, Inc. (BWIN), holding 5,179,906 shares of Class A Common Stock as of September 18, 2026. The filing is a Schedule 13G, indicating a passive investment intent with no aim to change or influence control of the company.

  • · The filing is made under Rule 13d-1(c), confirming a passive investment stance.
  • · Glazer Capital Enhanced Master Fund, Ltd. has the right to receive proceeds from the sale of more than 5% of the outstanding shares.
  • · The Reporting Persons disclaim beneficial ownership for purposes of Section 13 of the Act.
  • · Baldwin Insurance Group was formerly known as BRP Group, Inc. (name changed July 5, 2019).
ADURO CLEAN TECHNOLOGIES INC. SC 13D/A neutral materiality 5/10

25-09-2026

Avshalom Ofer Vicus, CEO and Chairman of Aduro Clean Technologies Inc., filed a Schedule 13D/A disclosing a transfer of 1,000,000 common shares to a family-owned company (FamilyCo) for estate planning purposes. The transaction involved no cash consideration and was not executed through a stock exchange. Post-transfer, Vicus beneficially owns 8,932,568 shares (including options), representing 24.9% of the company's outstanding shares.

  • · Vicus transferred 1,000,000 shares to FamilyCo with no cash consideration, receiving non-voting preferred shares in return.
  • · The transaction was tax-driven and for estate/succession planning, not intended for market sale.
  • · Vicus retains indirect economic interest in the transferred shares through FamilyCo ownership.
  • · No other contracts or arrangements exist regarding the issuer's securities beyond the disclosed transaction.
Dynatrace, Inc. SC 13D/A neutral materiality 5/10

25-09-2026

Pictet Asset Management SA filed a Schedule 13D/A disclosing beneficial ownership of 14,316,387 shares of Dynatrace, Inc., representing 4.95% of outstanding common stock as of September 24, 2026. The filing reveals active trading activity with significant net selling in late September, including 275,653 shares sold on September 24 alone at prices between $58.57 and $58.88, while the overall position was built through numerous purchases from July through September at prices ranging from $41.62 to $55.17. Pictet states it is actively engaging with Dynatrace's management to discuss long-term strategy and governance, but does not currently have plans to change control of the company.

  • · Pictet sold a total of 275,653 shares on September 24, 2026 across multiple trades at prices between $58.57 and $58.88.
  • · The filing includes extensive trade history from July 28, 2026 through September 24, 2026, showing both buys and sells on NYSE.
  • · Pictet states it has no derivative positions, options, or other financial instruments related to Dynatrace securities.
  • · The reporting person manages these shares on a discretionary basis for institutional clients and does not have direct economic interest in dividends or sale proceeds beyond management fees.
  • · Pictet reserves the right to change its intentions regarding additional share purchases or other actions based on ongoing engagement with the issuer.
Haymaker Acquisition Corp V SC 13G neutral materiality 5/10

25-09-2026

Linden Capital L.P. and related entities filed a Schedule 13G with the SEC on September 25, 2026, disclosing beneficial ownership of Class A ordinary shares of Haymaker Acquisition Corp V (a blank check/SPAC). As of September 22, 2026, Linden Advisors LP and Siu Min (Joe) Wong each may be deemed to beneficially own 1,750,000 shares (approximately 6.1% of shares outstanding), while Linden Capital L.P. and Linden GP LLC may be deemed to beneficially own 1,687,960 shares (approximately 5.9%). The filing is a passive investment disclosure under Rule 13d-1(c), with no intent to control the issuer.

  • · Filing date: September 25, 2026; event date: September 22, 2026
  • · Linden Capital is a Bermuda limited partnership; Linden GP is a Delaware LLC; Linden Advisors is a Delaware LP; Mr. Wong is a citizen of China (Hong Kong) and the United States.
  • · The shares are held for the account of Linden Capital and separately managed accounts.
  • · The filing is made pursuant to Rule 13d-1(c) and includes a joint filing agreement.
  • · The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.
REDWOOD TRUST INC SC 13D neutral materiality 7/10

25-09-2026

Howard Amster and affiliated entities filed a Schedule 13D with the SEC on September 25, 2026, disclosing aggregate beneficial ownership of 11,269,634 shares of Redwood Trust Inc. common stock, representing approximately 9.0% of the outstanding shares. The group invested approximately $46,005,443 to acquire these shares and states they were acquired for investment purposes, with no present intention to dispose of the shares but with the possibility of future purchases or sales. The filing indicates the group may engage with management or the board regarding potential business combinations, capital structure, or other strategic matters.

  • · The Reporting Persons may effect purchases through margin accounts with RBC Capital Markets LLC and Interactive Brokers LLC, and shares held in margin accounts are pledged as collateral.
  • · The group may engage in short selling, hedging, or derivative transactions with respect to the shares.
  • · The Reporting Persons have no present intention to dispose of shares but may modify their intention at any time.
  • · The filing is a joint statement by 20 Reporting Persons, including various charitable remainder unitrusts and entities.
  • · None of the Reporting Persons have been convicted in a criminal proceeding or been subject to securities-related civil judgments in the last five years.
Live Oak Acquisition Corp. VI SC 13G neutral materiality 3/10

25-09-2026

Live Oak Sponsor VI, LLC and its managing member Richard Hendrix disclosed beneficial ownership of 5,750,000 Class B ordinary shares of Live Oak Acquisition Corp. VI, representing 20% of the total Class A shares outstanding (assuming conversion). The filing is a routine Schedule 13G update and does not indicate any change in control or new acquisition.

  • · The filing is a Schedule 13G, indicating passive investment intent (Rule 13d-1(d)).
  • · The Sponsor also holds warrants to purchase 4,600,000 Class A ordinary shares that are not presently exercisable and are excluded from the beneficial ownership calculation.
  • · The Class B ordinary shares automatically convert into Class A shares on a one-for-one basis at the time of the issuer's initial business combination or earlier at the holder's option.
  • · Richard Hendrix disclaims beneficial ownership of the shares except to the extent of his pecuniary interest.
Grayscale Zcash Trust (ZEC) SC 13G neutral materiality 5/10

25-09-2026

Michal Adam Karminski filed a Schedule 13G with the SEC on September 25, 2026, disclosing beneficial ownership of 680,019 shares of Zcash ETF (formerly Grayscale Zcash Trust (ZEC)), representing an 8.44% stake. The filing indicates the shares were acquired in the ordinary course of business and not with the purpose of changing or influencing control of the issuer.

  • · The filing is made under Rule 13d-1(c), indicating the filer is a passive investor.
  • · Karminski has sole voting and dispositive power over all 680,019 shares.
  • · The issuer's principal business address is 290 Harbor Drive, 4th Floor, Stamford, CT 06902.
  • · The filer's address is Bd d'Italie 74, Etage 1, 98000, Monaco.
  • · The filing certifies that the securities were not acquired with the purpose of changing or influencing control of the issuer.
Karyopharm Therapeutics Inc. SC 13G/A neutral materiality 4/10

25-09-2026

Acorn Bioventures, L.P., Acorn Bioventures 2, L.P., their general partners, and manager Anders Hove collectively reported beneficial ownership of 1,284,221 shares of Karyopharm Therapeutics Inc. common stock as of September 22, 2026, representing 5.7% of the outstanding shares based on 22,681,460 shares outstanding as of June 30, 2026. The filing is an amendment to Schedule 13G, indicating a passive investment posture without intent to influence control.

  • · Filing is an amendment to Schedule 13G, originally filed under Rule 13d-1(c) (passive investor).
  • · Calculation based on 22,681,460 shares outstanding as of June 30, 2026, per the company's Q2 FY26 10-Q filed August 13, 2026.
  • · Acorn entities disclaim beneficial ownership of shares held by the other reporting persons, except to the extent of their pecuniary interest.
  • · The filers certify the securities were not acquired to change or influence control of Karyopharm Therapeutics.
Grayscale Near Trust (NEAR) SC 13G neutral materiality 5/10

25-09-2026

Karminski Michal Adam filed a Schedule 13G with the SEC on September 25, 2026, disclosing beneficial ownership of Grayscale Near Trust (NEAR) shares. The filing reports that on September 22, 2026, the reporting person acquired 35,268 shares (8.04% of the class), crossing the 5% threshold, but subsequently disposed of shares, reducing the holding to 11,474 shares (2.61% of the class) as of the filing date. The net effect is a significant reduction in stake from the peak acquisition, indicating a decrease in ownership.

  • · The reporting person is based in Monaco, with address at Bd d'Italie 74, Etage 1, 98000.
  • · The filing is made under Rule 13d-1(c), indicating passive investment intent.
  • · The trust is incorporated in Delaware with fiscal year end December 31.
  • · The reporting person certifies that the securities were not acquired to change or influence control of the issuer.
Calamos Aksia Hedged Strategies Fund SC 13D/A neutral materiality 6/10

25-09-2026

Calamos Aksia Hedged Strategies Fund (Offshore), Ltd. and Aksia LLC filed a Schedule 13D/A disclosing beneficial ownership of 2,628,728.927 Class I shares of Calamos Aksia Hedged Strategies Fund, representing 39.52% of the outstanding Class I shares. The filing details four open-market purchases in July–September 2026 totaling approximately $12.4 million, funded by working capital, and states the shares are held for investment purposes with no current plans for major corporate changes.

  • · No transactions in Class I shares occurred in the 60 days prior to the filing except for four purchases: July 24 (181,099.426 shares at $10.46), July 30 (9,495.238 shares at $10.50), August 24 (284,586.108 shares at $10.51), and September 23 (714,183.381 shares at $10.47).
  • · The reporting persons have no plans or proposals for any of the transactions enumerated in Item 4 of Schedule 13D (e.g., merger, sale of assets, change in board).
  • · Neither reporting person has been convicted in a criminal proceeding or been party to a securities-related civil proceeding in the last five years.
Jin Medical International Ltd. SC 13D/A negative materiality 8/10

25-09-2026

Erqi Wang, CEO and Chairman of Jin Medical International Ltd., and his affiliated entity Jolly Harmony Enterprises Limited filed a Schedule 13D/A (Amendment No. 1) on September 25, 2026, reporting that their beneficial ownership in the company was diluted due to the issuance of 79,762,048 Class A Ordinary Shares to third parties in connection with an acquisition transaction. As a result, Mr. Wang's beneficial ownership dropped from approximately 6.77% to 3.35%, and Jolly Harmony's from 6.08% to 3.01%, causing both to fall below the 5% threshold and making this an exit filing. Despite the ownership dilution, Mr. Wang retains overwhelming voting power of approximately 96.15% (down from 98.12%) due to his control of Class B Ordinary Shares, each carrying 800 votes.

  • · The Reporting Persons did not acquire or dispose of any shares since the original filing on August 21, 2026; the dilution was solely due to the issuance of 79,762,048 new Class A Ordinary Shares.
  • · Each Class B Ordinary Share carries 800 votes, while each Class A Ordinary Share carries 1 vote, allowing Mr. Wang to retain 96.15% voting power despite owning only 3.35% of Class A shares.
  • · Er Pu International Limited, in which Mr. Wang owns 67%, holds 537,250 Class A Ordinary Shares (0.35% of outstanding).
  • · This filing is the final amendment and an exit filing for all Reporting Persons as they fell below the 5% beneficial ownership threshold.
Karyopharm Therapeutics Inc. SC 13G/A neutral materiality 3/10

25-09-2026

Acorn Bioventures, L.P., Acorn Bioventures 2, L.P., their respective general partners, and manager Anders Hove filed a Schedule 13G/A disclosing aggregate beneficial ownership of 1,284,221 shares of Karyopharm Therapeutics Inc. common stock, representing 5.7% of the 22,681,460 shares outstanding as of June 30, 2026. The filing indicates no change in control intent and is an amendment to a prior filing.

  • · Acorn Bioventures, L.P. holds 539,373 shares (2.4%), Acorn Bioventures 2, L.P. holds 744,848 shares (3.3%), and Anders Hove is deemed to beneficially own the aggregate 1,284,221 shares (5.7%).
  • · The filing is made pursuant to Rule 13d-1(c) and includes a certification that the securities were not acquired to change or influence control of the issuer.
Nuveen Quality Municipal Income Fund SC 13D/A neutral materiality 2/10

25-09-2026

Wells Fargo & Company and its subsidiary Wells Fargo Municipal Capital Strategies, LLC filed Amendment No. 5 to their Schedule 13D, reporting that the Issuer redeemed 500 MuniFund Preferred Shares (MFP Shares) held by Capital Strategies on September 23, 2026. Following the redemption, Wells Fargo's aggregate beneficial ownership remained at 1,738 MFP Shares, representing 11.76% of the class. The filing is a routine update reflecting a partial redemption and does not indicate any change in strategy or control.

  • · The redemption occurred on September 23, 2026, and the filing was made on September 25, 2026.
  • · This is Amendment No. 5 to the original Schedule 13D filed on May 7, 2024.
  • · The filing updates Schedules I and II (lists of executive officers and directors) for Wells Fargo.
  • · No other items in the Schedule 13D were changed by this amendment.

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