13
ZZZVHFJRY$UFKLYHVHGJDUGDWDHKBH[KWP KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDHKBH[KWP 0DUFDWR &DSLWDO 0DQDJHPHQW /3 2QH 0RQWJRPHU\ 6WUHHW 6XLWH 6DQ )UDQFLVFR &$ ( LQIR#PDUFDWROOFFRP 3 ) 6HSWHPEHU 0U %DKUDP $NUDGL &KDLUPDQ DQG &KLHI ([HFXWLYH 2IILFHU /LIH 7LPH )LWQHVV ,QF &RUSRUDWH 3ODFH &KDQKDVVHQ 01 'HDU 0U $NUDGL $V \RX NQRZ LQYHVWPHQW IXQGV PDQDJHG E\ 0DUFDWR &DSLWDO 0DQDJHPHQW /3 ³0DUFDWR´ RZQ DSSUR[LPDWHO\ PLOOLRQ VKDUHV RI /LIH 7LPH )LWQHVV ,QF ³/70´ RU WKH ³&RPSDQ\´ PDNLQJ XV WKH &RPSDQ\¶V ODUJHVW VKDUHKROGHU :H FRPPHQG WKH &RPSDQ\ RQ LWV DQQRXQFHPHQW RQ $XJXVW WK WKDW LW KDV UHWDLQHG ILQDQFLDO DQG OHJDO DGYLVRUV WR H[SORUH D SRWHQWLDO FRQYHUVLRQ RI LWV UHDO HVWDWH DVVHWV LQWR D 5HDO (VWDWH ,QYHVWPHQW 7UXVW ³5(,7´ )ROORZLQJ WKH DQQRXQFHPHQW ZH UHFHLYHG QXPHURXV LQERXQG FDOOV IURP WKH LQYHVWPHQW FRPPXQLW\ ZLWK TXHVWLRQV UHJDUGLQJ RXU YLHZ RI WKH LPSOLFDWLRQV RI WKH DQQRXQFHPHQW DQG KDYH UHYLHZHG UHSRUWV E\ UHVHDUFK DQDO\VWV ZKR FRYHU WKH &RPSDQ\ ,Q RXU RSLQLRQ PDQ\ LQYHVWRUV DQG DQDO\VWV GR QRW IXOO\ DSSUHFLDWH WKH WUDQVIRUPDWLRQDO QDWXUH RI WKH &RPSDQ\¶V DQQRXQFHPHQW %DVHG RQ 0DUFDWR¶V DQDO\VLV DW WKH PLGSRLQW RI RXU YDOXDWLRQ UDQJH ZH EHOLHYH WKH VKDUHV RI /70 FRXOG UHDFK SHU VKDUH XSRQ VHSDUDWLRQ RI WKH &RPSDQ\¶V UHDO HVWDWH DVVHWV :H DUH ZULWLQJ WKLV OHWWHU WR \RX DQG WKH ERDUG RI GLUHFWRUV WKH ³%RDUG´ WR VKDUH WKLV DQDO\VLV DQG WR RIIHU VXJJHVWLRQV IRU \RXU FRQVLGHUDWLRQ WKDW ZH EHOLHYH PD\ KHOS FODULI\ DQ\ FRQIXVLRQ LQ WKH PDUNHWSODFH :H LQYHVWHG LQ WKH &RPSDQ\ EHFDXVH ZH EHOLHYHG WKHQ DV ZH GR QRZ WKDW VKDUHV RI /70 WUDGH DW D VXEVWDQWLDO GLVFRXQW WR WKHLU IDLU YDOXH DQG WKLV LV GXH SULPDULO\ WR WKH QDWXUH RI WKH &RPSDQ\¶V H[WHQVLYH UHDO HVWDWH KROGLQJV $V D &&RUS RSHUDWLQJ LQ D FRQVXPHUIDFLQJ LQGXVWU\ WKH &RPSDQ\ IDFHV WZR VLJQLILFDQW GLVDGYDQWDJHV YHUVXV RWKHU WUDGLWLRQDO UHDO HVWDWH RZQHUV D KLJKHU FRVW RI GHEW DQG HTXLW\ FDSLWDO DQG FRUSRUDWH OHYHO WD[ REOLJDWLRQV *LYHQ WKH FRQVLGHUDEOH VL]H RI WKH &RPSDQ\¶V UHDO HVWDWH SRUWIROLR VWHSV WKDW LPSURYH WKH FDSLWDO DQG WD[ HIILFLHQF\ RI WKH UHDO HVWDWH VWUDWHJ\ FDQ FUHDWH HQRUPRXV YDOXH IRU VKDUHKROGHUV ,Q WKH DWWDFKHG DQDO\VLV ZH OD\ RXW RXU DVVXPSWLRQV RI D K\SRWKHWLFDO VHSDUDWLRQ RI /70¶V RSHUDWLQJ EXVLQHVV IURP LWV UHDO HVWDWH RZQHUVKLS EXVLQHVV DQG WKH UDQJH RI YDOXHV WKDW ZH WKLQN WKHVH WZR EXVLQHVVHV DUH OLNHO\ WR JDUQHU DV LQGHSHQGHQW HQWLWLHV $GGLWLRQDOO\ ZH ZRXOG OLNH WR VKDUH D QXPEHU RI UHFXUULQJ TXHVWLRQV ZH DUH KHDULQJ DQG RXU SHUVSHFWLYH RQ WKH OLNHO\ DQVZHUV :H EHOLHYH LW ZRXOG EH EHQHILFLDO WR WKH PDUNHWSODFH IRU WKH &RPSDQ\ WR SURYLGH PRUH FODULW\ RQ WKHVH TXHVWLRQV ZKHQ SRVVLEOH

Marcato Capital - Letter To Lifetime Fitness Board

Embed Size (px)

DESCRIPTION

Marcato Capital - Letter To Lifetime Fitness Board

Citation preview