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Performance – September 2025

SSI tracking portfolio stayed flat in September 2025. A detailed performance breakdown is provided below.

Below you will find a more detailed breakdown of tracking portfolio returns by individual names as well as elaborations on names exited during the month.

 

TRACKING PORTFOLIO: +0% IN SEPTEMBER

Disclaimer: These are not actual trading results. Tracking Portfolio is only an information tool to indicate the aggregate performance of special situation investments published on this website. See full disclaimer here.

The chart below depicts the returns of SSI Tracking Portfolio since the start of 2017.

Screenshot 2025 09 30 at 11.13.10

 

PERFORMANCE SPLIT SEPTEMBER 2025

The graph below details the individual MoM performance of all SSI Portfolio ideas that were active during the month of September 2025.

SCR 20251001 hgz

 

PORTFOLIO IDEAS CLOSED IN SEPTEMBER

Lifeway Foods (LWAY) +27% in 6 Months
This was a special situation centered on a messy family feud and an activist campaign to force a company sale. The thesis was that Lifeway’s entrenched CEO would be cornered by a proxy battle led by her mother and brother (who held a combined ~27% stake) and pressure from the company’s largest shareholder, Danone. The combined voting power of the activists and Danone seemed sufficient to guarantee a board overhaul and clear the path for an acquisition by Danone, which had already submitted bids up to $27/share. The thesis appeared to be playing out as expected when the board, facing imminent removal, renewed negotiations with Danone. However, after due diligence Danone terminated its acquisition pursuit, stating it was “not able to confirm” its previous proposal. Danone is now reviewing its options, including whether to support the activists or potentially exit its long-held stake. Given  the substantial increase in uncertainty, the idea was closed with a 27% total return over six months.

OCI N.V. (OCI:AS) +7% in 1 Year
OCI sold several large parts of its business and management outlined a plan to return 55% of the company’s market cap. The remaining business looked very cheap, trading at only 1.3x mid-cycle EBITDA based on management’s guidance. OCI later sold even more assets and returned more cash than originally planned. However, the market refused to re-rate the stock, which was likely due to the ongoing downcycle in the remaining business and worries on how future capital would be allocated. Eventually, the controlling shareholder chose to merge the remaining operations with another of his companies listed in Egypt and Abu Dhabi.

 

ARCHIVE OF MONTHLY PERFORMANCE REPORTS