>>> Corvex Management (Keith Meister) discloses updated portfolio positions in 1

Corvex Management (Keith Meister) discloses updated portfolio positions in 13F filing: Confirms new FTRE holding, New DLTR APD positions
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • New positions in: FTRE (2.22 mln shares), DLTR (1.13 mln), APD (0.01 mln)
  • Increased positions in: AQN (to 3.04 mln shares from 1.01 mln shares), IAC (to 1.49 mln from 1.27 mln), GOOGL (to 0.64 mln from 0.51 mln), NSC (to 0.27 mln from 0.24 mln)
  • Maintained positions in: VSTS (17.01 mln shares), MDU (10.15 mln shares), MGM (5.74 mln shares), SWX (4.77 mln shares), WGS (2.47 mln shares), ILMN (2.28 mln shares), LLYVA (1.56 mln shares), CSX (1.04 mln shares), LLYVK (925K), CCEP (799K), AMZN (518K), HXL (487K), KOF (446K), FMX (405K), MSFT (174K)
  • Closed positions in: CAE (from 1.04 mln shares)

FT : Ben & Jerry’s claims Unilever ‘silenced’ it over support for Palestinian re

Ben & Jerry’s claims Unilever ‘silenced’ it over support for Palestinian refugees
Owner rejects accusation it breached agreement allowing the brand to pursue its own social mission

Ben & Jerry’s has claimed Unilever threatened to dismantle its independent board and “silenced” the brand over its support for Palestinian refugees, in the latest legal flare-up between the ice cream brand and its parent company. 

In a legal complaint filed in the US district court for the southern district of New York on Wednesday, Ben & Jerry’s alleged that Unilever had breached its agreement to allow the brand to pursue its own “social mission” by preventing it from calling for a ceasefire in Gaza or voicing support for refugees.

Anuradha Mittal, chair of Ben & Jerry’s independent board, said: “For four decades, Ben & Jerry’s has remained steadfast in our commitment to social justice. Unilever’s intimidation will not waiver the company’s commitment.”

The allegations in the New York lawsuit mark the latest step in a long-running disagreement between the London-listed consumer goods group and its ice cream brand over Israel and Palestine.

In 2022, Ben & Jerry’s sued Unilever after the company blocked its attempts to stop selling ice cream in the occupied territories by disposing of the Israeli arm of the brand to a local licensee. In December that year, Unilever said the dispute had been resolved.

Speaking to the Financial Times in January, Mittal called for a permanent ceasefire in Gaza. Ben & Jerry’s the brand remained silent on the issue.

Ben & Jerry’s has now claimed that Unilever threatened to dismantle the independent board and sue individual members if the brand issued a ceasefire statement alongside the panel.

According to the Wednesday filing, in December 2023 Ben & Jerry’s management and the board informed Unilever of their plans to issue a statement.

The filing then claims that Unilever responded with the threats, as well as personal calls from the president of Unilever’s ice cream division, Peter ter Kulve, and head of litigation, Jeff Eglash, “who attempted to intimidate Ben & Jerry’s personnel with professional reprisals if the company issued a ceasefire statement”.

Ben & Jerry’s also alleged that its parent company breached the terms of the settlement in the previous lawsuit over the occupied territories.

As part of the settlement, Unilever promised to make $5mn in payments for Ben & Jerry’s to human rights organisations of its choosing.

In Wednesday’s filing, Ben & Jerry’s claimed that Unilever blocked it from donating to non-governmental organisation Jewish Voice for Peace on the basis that it was too critical of the Israeli administration.

It added: “Despite its contractual commitment to “[r]espect and acknowledge” the independent board’s primary responsibility over Ben & Jerry’s social mission and essential brand integrity, Unilever has silenced each of these efforts.”

Unilever said: “Our heart goes out to all victims of the tragic events in the Middle East. We reject the claims made by B & J’s social mission board, and we will defend our case very strongly. We would not comment further on this legal matter.”

In March this year, Unilever announced it was splitting off its ice cream business, which includes Ben & Jerry’s, as well as brands such as Magnum and Wall’s.

>>> Miller Value Partners (Bill Miller) disclosed updated portfolio positions in

Miller Value Partners (Bill Miller) disclosed updated portfolio positions in 13F filing: Increased GTN QUAD CNDT
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • Increased positions in: GTN (to 1.46 mln shares from 0.77 mln), QUAD (to 1.88 mln from 1.45 mln), FOSL (to 1.33 mln from 1.09 mln), CNDT (to 901K from 747K), BBW (to 150K from 70K), UNFI (to 271K from 205K), LNC (to 383K from 330K), AXL (to 234K from 192K), NBR (to 141K from 104K), BMY (to 80K from 60K), CHRD (to 53K from 45K)
  • Maintained positions in: VTRS (0.6 mln), BFH (0.26 mln), OMF (0.15 mln), ARLP (0.12 mln), BCC (0.04 mln)
  • Decreased positions in: GCI (to 1.4 mln from 1.5 mln), CTO (to 384K from 444K), T (to 533K from 588K), UGI (to 202K from 237K), TPC (to 55K from 87K), STLA (to 390K from 420K), BKE (to 125K from 150K), JXN (to 130K from 146K), WAL (to 133K from 142K), PBI (to 24K from 31K)

>>> Engaged Capital (Glenn Welling) discloses updated portfolio positions in 13F

Engaged Capital (Glenn Welling) discloses updated portfolio positions in 13F filing: New BL position, Increased PTLO VYX BRCC (confirmed) NVRO NATL positions
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • New positions in: BL (0.61 mln shares)
  • Increased positions in: PTLO (to 6.11 mln shares from 2.76 mln shares), VYX (to 7.17 mln from 6.29 mln), BRCC (to 13.54 mln from 12.85 mln), NVRO (to 2.44 mln from 1.89 mln), NATL (to 3.01 mln from 2.51 mln)
  • Maintained positions in: VFC (5.34 mln shares), PRAA (1.7 mln)
  • Closed positions in: UPBD (from 1.17 mln shares), ENV (from 0.69 mln), SMAR (from 0.67 mln), SHAK (from 0.27 mln)
  • Decreased positions in: EVH (to 3.99 mln shares from 4.11 mln shares)

>>> Scion Asset Management (Michael Burry) discloses updated portfolio positions

Scion Asset Management (Michael Burry) discloses updated portfolio positions in 13F filing: New OLPX position, Exited HPP
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • New positions in: OLPX (1 mln shares)
  • Increased positions in: FOUR (to 0.15 mln from 0.1 mln), MOH (to 30K from 25K)
  • Closed positions in: HPP (from 1.14 mln shares), BCAB (from 0.63 mln)
  • Decreased positions in: REAL (500K shares from 1 mln), ACIC (to 100K from 252K)

>>> Tiger Global discloses updated portfolio positions in 13F filing: New FLUT C

Tiger Global discloses updated portfolio positions in 13F filing: New FLUT CPNG SHW positions, Increased TSM AMZN UNH AVGO, Exited DXCM ALAB
Tiger Global discloses updated portfolio positions in 13F filing: New FLUT CPNG SHW positions Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
  • New positions in: FLUT (3.38 mln shares), CPNG (1.99 mln), SHW (0.53 mln)
  • Increased positions in: TSM (to 3.63 mln shares from 3.07 mln shares), CPAY (to 1.25 mln from 1.05 mln), TTWO (to 5.84 mln from 5.64 mln), FWONK (to 2.46 mln from 2.36 mln), LLY (to 0.97 mln from 0.93 mln), AMZN (to 6.42 mln from 6.32 mln), UNH (to 2.37 mln from 2.35 mln), AVGO (to 1.85 mln from 1.82 mln)
  • Maintained positions in: GRAB (92.92 mln shares), NU (18.43 mln), SE (16.04 mln), APO (12.29 mln), GOOGL (10.31 mln), NVDA (9.68 mln), META (7.47 mln), MSFT (5.34 mln), DASH (2.2 mln shares), WDAY (1.88 mln), QCOM (1.86 mln), CRWD (0.9 mln), NOW (0.58 mln)
  • Closed positions in: DXCM (from 1.15 mln shares), ALAB (from 70K)
  • Decreased positions in: STNE (to 14K from 682K), JD (to 0.34 mln from 0.8 mln), UBER (to 2.6 mln from 3.0 mln)

>>> Fed Chairman Jerome Powell says the "economy is not sending any signals that

Fed Chairman Jerome Powell says the "economy is not sending any signals that we need to be in a hurry to lower rates"
  • "The labor market remains in solid condition, having cooled off from the significantly overheated conditions of a couple of years ago, and is now by many metrics back to more normal levels that are consistent with our employment mandate. The number of job openings is now just slightly above the number of unemployed Americans seeking work. The rate at which workers quit their jobs is below the pre-pandemic pace, after touching historic highs two years ago. Wages are still increasing, but at a more sustainable pace. Hiring has slowed from earlier in the year. The most recent jobs report for October reflected significant effects from hurricanes and labor strikes, making it difficult to get a clear signal. Finally, at 4.1 percent, the unemployment rate is notably higher than a year ago but has flattened out in recent months and remains historically low.
  • The labor market has cooled to the point where it is no longer a source of significant inflationary pressures. This cooling and the substantial improvement in broader supply conditions have brought inflation down significantly over the past two years from its mid-2022 peak above 7 percent.
  • Progress on inflation has been broad based. Estimates based on the consumer price index and other data released this week indicate that total PCE prices rose 2.3 percent over the 12 months ending in October and that, excluding the volatile food and energy categories, core PCE prices rose 2.8 percent. Core measures of goods and services inflation, excluding housing, fell rapidly over the past two years and have returned to rates closer to those consistent with our goals. We expect that these rates will continue to fluctuate in their recent ranges.
  • We are confident that with an appropriate recalibration of our policy stance, strength in the economy and the labor market can be maintained, with inflation moving sustainably down to 2 percent. We see the risks to achieving our employment and inflation goals as being roughly in balance, and we are attentive to the risks to both sides. We know that reducing policy restraint too quickly could hinder progress on inflation. At the same time, reducing policy restraint too slowly could unduly weaken economic activity and employment.
  • We are moving policy over time to a more neutral setting. But the path for getting there is not preset. In considering additional adjustments to the target range for the federal funds rate, we will carefully assess incoming data, the evolving outlook, and the balance of risks. The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully. Ultimately, the path of the policy rate will depend on how the incoming data and the economic outlook evolve."