| Date | Ticker | Direction | Thesis | Source |
|---|---|---|---|---|
| Feb 17, 2026 | LONG | Elliott Management has built a stake of more than 10% in Norwegian Cruise Line. Activist involvement typically signals a push for operational improvements, cost-cutting, or strategic changes to close the valuation gap with peers like Royal Caribbean. LONG NCLH on activist catalyst. Elliott fails to effect change; consumer travel demand slows. | ||
| Feb 17, 2026 | LONG | Starboard Value has taken a stake in TripAdvisor. Similar to NCLH, activist presence suggests a push for value unlocking, potentially through a breakup or sale of assets. LONG TRIP. Turnaround execution failure. |