<h3>公司：LKQ Corp. (LKQ)</h3>
<p><strong>業務：</strong> LKQ 從事替換零件、組件和系統的分銷，這些產品用於車輛的維修和保養以及特種車輛的售後市場產品和配件。該公司通過四個部門運營：北美批發、歐洲、特種和自助服務。它提供保險槓覆蓋件、汽車車身面板和燈具，以及用於車輛翻新的油漆和相關消耗品；機械汽車零件和配件；包括機械和碰撞零件（如發動機、變速器、車門組件、行李箱蓋、翼子板和引擎蓋等鈑金產品）在內的廢料產品；以及燈具和保險槓組件。該公司還向金屬回收商提供廢金屬和其他材料；某些回收零件中含有的貴金屬，如催化轉換器；以及剎車片、剎車盤和傳感器、離合器、轉向和懸掛產品、過濾器、油和汽車液體，以及電氣產品。它為碰撞和機械修理店、新舊汽車經銷商以及零售客户提供服務。LKQ 成立於 1998 年，總部位於田納西州安提阿。</p>
<p><strong>市值：</strong> 76.6 億美元（每股 30.15 美元）</p>
<h3>活動投資者：Ananym Capital Management</h3>
<p><strong>持股比例：</strong> 0.39%</p>
<p><strong>平均成本：</strong> 不適用</p>
<p><strong>活動投資者評論：</strong> Ananym Capital Management 是一家總部位於紐約的激進投資公司，於 2024 年 9 月 3 日成立，由 Charlie Penner（前 JANA Partners 合夥人及 Engine No. 1 股東激進主義負責人）和 Alex Silver（前 P2 Capital Partners 合夥人及投資委員會成員）管理。Ananym 尋找高質量但被低估的公司，無論行業如何。他們希望與投資組合公司友好合作，但在最後手段下願意發起代理權鬥爭。根據他們最近的 13F 文件，他們管理着 2.6 億美元的資金，涵蓋 10 個頭寸。</p>
<h3>發生了什麼</h3>
<p>在 10 月 21 日，Ananym Capital 呼籲 LKQ 剝離其歐洲業務，並重新聚焦於北美業務。</p>
<h3>幕後</h3>
<p>LKQ 是一家領先的售後汽車零件分銷商。其核心的北美部門（佔收入的 40% 和息税折舊攤銷前利潤的 55%）主要供應售後碰撞零件，如鏡子和保險槓。</p>
<p>歐洲部門（佔收入的 47% / 息税折舊攤銷前利潤的 38%）主要供應機械和懸掛產品，但還包含各種其他替換和維護產品。儘管歐洲業務的收入略大，但北美業務的利潤率顯著更高，市場份額也遠超同行。</p>
<p>最後，特種部門（佔收入的 13% / 息税折舊攤銷前利潤的 7%）為房車市場提供售後零件。該公司最初只是一個美國的售後零件業務，從 2011 年開始積極在歐洲進行收購，從專注於回收零件整合轉向建立和整合歐洲市場。</p>
<p>此外，這兩個業務並不像聽起來那麼相似，在北美主要是售後碰撞零件，如鏡子和保險槓，而在歐洲主要是機械懸掛和引擎艙內的零件。</p>
<p>LKQ 對股東激進主義並不陌生。在 2019 年 9 月，當時股價為每股 27 美元時，ValueAct Capital 與公司接觸，併為其一位合夥人爭取到了一個董事會席位。通過這次活動，ValueAct 能夠引入一波新的運營紀律，LKQ 暫停了大型收購，轉而專注於增加公司的自由現金流和以有吸引力的折扣進行回購。</p>
<p>這次活動的結果不言而喻，LKQ 的股價在 ValueAct 的活動期間上漲至 60 美元以上，使他們的投資回報率達到 86.39%，而 Russell 2000 的回報率為 16.15%。然而，在 ValueAct 退出後，LKQ 恢復了舊有的做法，重新將重點轉向併購，至 2025 年 2 月時股價已下跌超過 25%，當時有兩位新的激進投資者進入該股。</p>
<p>在一次缺乏靈感的活動和和解中，這些激進投資者迅速為獨立董事爭取到了兩個董事會席位，而在此後的八個月裏，股價下跌了 20%，而 Russell 2000 在同一時期上漲了超過 7%。</p>
<p>現在，股價僅略高於 2019 年 ValueAct 介入時的水平，一位第三位激進投資者進入，接手 ValueAct 離開時的工作，呼籲 LKQ 剝離其歐洲業務，並重新聚焦於北美業務。</p>
<p>LKQ 一直是一家受益於簡化而受到複雜性傷害的公司，而 Ananym 的計劃似乎與這種方法一致：（i）停止重大併購，（ii）剝離歐洲業務和其他非核心資產，以及（iii）利用收益進行回購並重新投資於核心北美部門的有機增長。</p>
<p>在運營上，Ananym 的計劃有幾個好處。雖然美國作為一個單一市場，法規一致，但歐洲則是由各個國家組成，每個國家都有自己的監管框架，使整合變得更加複雜。這帶來了顯著的執行風險，公司的 ERP 系統仍需在 18 個不同國家中整合超過 20 個。</p>
<p>剝離歐洲業務不僅會使公司擁有更高利潤率的業務和更大的相對市場份額，還將使管理層能夠將所有時間和資源投入到北美。否則，他們將繼續在芝加哥和納什維爾的總部，花費不成比例的時間整合所有不同歐洲國家的收購。</p>
<p>從估值的角度來看，這裏的機會也很明顯。工業分銷同行通常以中十幾倍或更高的 EBITDA 倍數交易，而 LKQ 目前的前瞻 EBITDA 倍數為 7.3 倍。這不僅是對市場的折扣，也是對其歷史水平的折扣，因為即使在其混亂的綜合體形式下，LKQ 的 10 年曆史平均 EBITDA 倍數仍為 10 倍。</p>
<p>歐洲業務可能以 8 到 9 倍的倍數出售，但即使以公司當前的倍數出售，也有助於釋放北美業務的價值，後者可能重新評估至其歷史倍數 10 倍 EBITDA。</p>
<p>這樣的出售所得可以使 LKQ 回購多達 40% 的流通股，這與北美業務的重新評估結合起來，可能輕鬆轉化為公司當前股價的 60% 以上的上漲空間。</p>
<p>雖然與 O'Reilly、AutoZone 和 Genuine Parts 等類似模式的戰略投資者可能會對歐洲業務感興趣，但戰略投資者通常更喜歡乾淨的業務，而這遠非如此。</p>
<p>另一方面，私募股權公司則喜歡這些類型的項目，利用其運營和重組的專業知識，以及不受公眾關注的靈活性，逐步釋放這些複雜資產的價值，這對於上市公司來説更為困難。</p>
<p>在其短暫的歷史中，Ananym 已經建立了與管理層友好合作以為股東創造價值的聲譽，而這種情況似乎也不例外。該基金對 LKQ 首席執行官 Justin Jude 給予了高度評價，他於 2024 年 7 月被任命，根植於北美業務。在他短暫的領導下，公司已經採取了正確的步驟——宣佈計劃回購 14% 的流通股，並剝離非核心資產，例如其自助拆解業務，該業務於 8 月出售給了私募股權公司。它還表示其專業業務正在市場上出售，預計將在短期內完成。然而，Jude 似乎對歐洲業務的依賴程度高於其他業務。説服他剝離歐洲業務可能需要更多時間。</p>
<p>如果我們從 LKQ 之前的激進投資者活動中學到了一點，這家公司需要一個財務精明的股東代表，而不是一個獨立的行業高管。他們不需要有人來幫助他們進行運營，他們需要有人來幫助他們進行財務建模、評估和潛在執行戰略選項，並與董事會合作，以找到對股東最有利的方案。</p>
<p>鑑於 Ananym 作為友好激進投資者的聲譽以及與 Jude 迄今為止的建設性關係，我們認為這是一個完美的機會，可以在董事會中放置 Ananym 的代表，例如 Alex Silver，他擁有豐富的財務和私募股權經驗，並帶來一支準備建模可用機會的分析師團隊。</p>
<p><em>Ken Squire 是 13D Monitor 的創始人和總裁，該機構提供有關股東激進主義的研究服務，同時也是 13D Activist Fund 的創始人和投資組合經理，該共同基金投資於激進投資組合。</em></p>

<p>Ananym Capital Management 敦促 LKQ Corp.剝離其歐洲業務，以專注於更高利潤率的北美業務。這一舉措與 LKQ 簡化業務的歷史相一致。Ananym 的計劃包括停止重大併購，剝離非核心資產，並將收益用於回購和在北美的有機增長。LKQ 的歐洲業務在收入上更大，但利潤率低於其北美業務</p>

<h3>Company: LKQ Corp. (LKQ)</h3>
<div class="lb-trans"><h3>公司：LKQ Corp. (LKQ)</h3>
</div><p><strong>Business:</strong> LKQ engages in the distribution of replacement parts, components, and systems used in the repair and maintenance of vehicles and specialty vehicle aftermarket products and accessories. The company operates through four segments: wholesale-North America, Europe, specialty, and self service. It offers bumper covers, automotive body panels, and lights, as well as paint and paint-related consumables for refinishing vehicles; mechanical automotive parts and accessories; salvage products, including mechanical and collision parts comprising engines; transmissions; door assemblies; sheet metal products, such as trunk lids, fenders, and hoods; and lights and bumper assemblies. The company also provides scrap metal and other materials to metals recyclers; precious metals contained in certain of our recycled parts, such as catalytic converters; and brake pads, discs and sensors, clutches, steering and suspension products, filters, and oil and automotive fluids, as well as electrical products. It serves collision and mechanical repair shops, and new and used car dealerships, as well as retail customers. LKQ was incorporated in 1998 and is headquartered in Antioch, Tennessee.</p>
<div class="lb-trans"><p><strong>業務：</strong> LKQ 從事替換零件、組件和系統的分銷，這些產品用於車輛的維修和保養以及特種車輛的售後市場產品和配件。該公司通過四個部門運營：北美批發、歐洲、特種和自助服務。它提供保險槓覆蓋件、汽車車身面板和燈具，以及用於車輛翻新的油漆和相關消耗品；機械汽車零件和配件；包括機械和碰撞零件（如發動機、變速器、車門組件、行李箱蓋、翼子板和引擎蓋等鈑金產品）在內的廢料產品；以及燈具和保險槓組件。該公司還向金屬回收商提供廢金屬和其他材料；某些回收零件中含有的貴金屬，如催化轉換器；以及剎車片、剎車盤和傳感器、離合器、轉向和懸掛產品、過濾器、油和汽車液體，以及電氣產品。它為碰撞和機械修理店、新舊汽車經銷商以及零售客户提供服務。LKQ 成立於 1998 年，總部位於田納西州安提阿。</p>
</div><p><strong>Stock Market Value</strong>: $7.66 billion ($30.15 per share)</p>
<div class="lb-trans"><p><strong>市值：</strong> 76.6 億美元（每股 30.15 美元）</p>
</div><h3>Activist: Ananym Capital Management</h3>
<div class="lb-trans"><h3>活動投資者：Ananym Capital Management</h3>
</div><p><strong>Ownership:</strong> 0.39%</p>
<div class="lb-trans"><p><strong>持股比例：</strong> 0.39%</p>
</div><p><strong>Average Cost:</strong> n/a</p>
<div class="lb-trans"><p><strong>平均成本：</strong> 不適用</p>
</div><p><strong>Activist Commentary:</strong> Ananym Capital Management is a New York-based activist investment firm which launched on Sept. 3, 2024, and is run by Charlie Penner (a former partner at JANA Partners and head of shareholder activism at Engine No. 1) and Alex Silver (a former partner and investment committee member at P2 Capital Partners). Ananym looks for high quality but undervalued companies, regardless of industry. They would prefer to work amicably with their portfolio companies but are willing to launch a proxy fight as a last resort. According to their most recent 13F filing, they manage $260 million across 10 positions.</p>
<div class="lb-trans"><p><strong>活動投資者評論：</strong> Ananym Capital Management 是一家總部位於紐約的激進投資公司，於 2024 年 9 月 3 日成立，由 Charlie Penner（前 JANA Partners 合夥人及 Engine No. 1 股東激進主義負責人）和 Alex Silver（前 P2 Capital Partners 合夥人及投資委員會成員）管理。Ananym 尋找高質量但被低估的公司，無論行業如何。他們希望與投資組合公司友好合作，但在最後手段下願意發起代理權鬥爭。根據他們最近的 13F 文件，他們管理着 2.6 億美元的資金，涵蓋 10 個頭寸。</p>
</div><h3>What's happening</h3>
<div class="lb-trans"><h3>發生了什麼</h3>
</div><p>On Oct. 21, Ananym Capital called on LKQ to divest its European operations and refocus on its North American business.</p>
<div class="lb-trans"><p>在 10 月 21 日，Ananym Capital 呼籲 LKQ 剝離其歐洲業務，並重新聚焦於北美業務。</p>
</div><h3>Behind the scenes</h3>
<div class="lb-trans"><h3>幕後</h3>
</div><p>LKQ is a leading distributor of aftermarket vehicle parts. Its core North America segment (40% of revenue and 55% of earnings before interest, taxes, depreciation and amortization) primarily supplies aftermarket collision parts, such as mirrors and bumpers.</p>
<div class="lb-trans"><p>LKQ 是一家領先的售後汽車零件分銷商。其核心的北美部門（佔收入的 40% 和息税折舊攤銷前利潤的 55%）主要供應售後碰撞零件，如鏡子和保險槓。</p>
</div><p>The Europe segment (47% of revenue/38% of EBITDA) primarily supplies mechanical and suspension products but contains a wide variety of other replacement and maintenance products. Although the European business is slightly larger by revenue, the North American business has significantly higher margins and a much larger market share compared with its peers.</p>
<div class="lb-trans"><p>歐洲部門（佔收入的 47% / 息税折舊攤銷前利潤的 38%）主要供應機械和懸掛產品，但還包含各種其他替換和維護產品。儘管歐洲業務的收入略大，但北美業務的利潤率顯著更高，市場份額也遠超同行。</p>
</div><p>Lastly, the specialty segment (13% of revenue/7% of EBITDA) provides aftermarket parts for the RV market. Originally just a U.S. aftermarket parts business, the company began aggressively pursuing acquisitions in Europe starting in 2011, shifting from a focus on recycled parts consolidation to building and integrating a European footprint.</p>
<div class="lb-trans"><p>最後，特種部門（佔收入的 13% / 息税折舊攤銷前利潤的 7%）為房車市場提供售後零件。該公司最初只是一個美國的售後零件業務，從 2011 年開始積極在歐洲進行收購，從專注於回收零件整合轉向建立和整合歐洲市場。</p>
</div><p>Moreover, these two businesses are not nearly as similar as they sound, in North America they do primarily aftermarket collision parts like mirrors and bumpers and in Europe, it's primarily mechanical suspension and things under the hood.</p>
<div class="lb-trans"><p>此外，這兩個業務並不像聽起來那麼相似，在北美主要是售後碰撞零件，如鏡子和保險槓，而在歐洲主要是機械懸掛和引擎艙內的零件。</p>
</div><p>LKQ is no stranger to shareholder activism. In September 2019, when the stock was trading at $27 per share, ValueAct Capital engaged the company and settled for a board seat for one of its partners. Through this campaign, ValueAct was able to usher in a new wave of operational discipline, where instead of focusing on European M&amp;A, LKQ paused large acquisitions and shifted its focus to growing the company's free cash flow and executing buybacks at an attractive discount.</p>
<div class="lb-trans"><p>LKQ 對股東激進主義並不陌生。在 2019 年 9 月，當時股價為每股 27 美元時，ValueAct Capital 與公司接觸，併為其一位合夥人爭取到了一個董事會席位。通過這次活動，ValueAct 能夠引入一波新的運營紀律，LKQ 暫停了大型收購，轉而專注於增加公司的自由現金流和以有吸引力的折扣進行回購。</p>
</div><p>The results of this campaign speak for themselves, as LKQ's share price rose to over $60 during ValueAct's campaign, giving them an 86.39% return on their investment versus 16.15% for the Russell 2000. However, following ValueAct's exit, LKQ returned to its old ways, shifting their focus back to M&amp;A, and the stock had subsequently declined more than 25% by February 2025, when two new activists entered the stock.</p>
<div class="lb-trans"><p>這次活動的結果不言而喻，LKQ 的股價在 ValueAct 的活動期間上漲至 60 美元以上，使他們的投資回報率達到 86.39%，而 Russell 2000 的回報率為 16.15%。然而，在 ValueAct 退出後，LKQ 恢復了舊有的做法，重新將重點轉向併購，至 2025 年 2 月時股價已下跌超過 25%，當時有兩位新的激進投資者進入該股。</p>
</div><p>In an uninspired campaign and settlement, those activists quickly settled for two board seats for independent directors and the stock has declined by 20% in the eight months since while the Russell 2000 has been up more than 7% during the same time.</p>
<div class="lb-trans"><p>在一次缺乏靈感的活動和和解中，這些激進投資者迅速為獨立董事爭取到了兩個董事會席位，而在此後的八個月裏，股價下跌了 20%，而 Russell 2000 在同一時期上漲了超過 7%。</p>
</div><p>Now with the stock just slightly higher than it was in 2019 when ValueAct engaged, a third activist has entered to take over where ValueAct had left off, calling on LKQ to divest its European operations and refocus on its North American business.</p>
<div class="lb-trans"><p>現在，股價僅略高於 2019 年 ValueAct 介入時的水平，一位第三位激進投資者進入，接手 ValueAct 離開時的工作，呼籲 LKQ 剝離其歐洲業務，並重新聚焦於北美業務。</p>
</div><p>LKQ has always been a company that has benefited from simplification and harmed by complexity – and Ananym's plan seems to align with this approach: (i) halt major M&amp;A, (i) divest the European business and other non-core assets, and (iii) use the proceeds to fund buybacks and reinvest in organic growth in the core NA segment.</p>
<div class="lb-trans"><p>LKQ 一直是一家受益於簡化而受到複雜性傷害的公司，而 Ananym 的計劃似乎與這種方法一致：（i）停止重大併購，（ii）剝離歐洲業務和其他非核心資產，以及（iii）利用收益進行回購並重新投資於核心北美部門的有機增長。</p>
</div><p>Operationally, there are several benefits to Ananym's plan. While the U.S. functions as a single market with consistent regulations, Europe is a series of nation states each with their own regulatory framework, making integration far more complex. This creates meaningful execution risks, exemplified by the company still needing to integrate more than 20 ERP systems in 18 different countries.</p>
<div class="lb-trans"><p>在運營上，Ananym 的計劃有幾個好處。雖然美國作為一個單一市場，法規一致，但歐洲則是由各個國家組成，每個國家都有自己的監管框架，使整合變得更加複雜。這帶來了顯著的執行風險，公司的 ERP 系統仍需在 18 個不同國家中整合超過 20 個。</p>
</div><p>Not only would divesting Europe leave the company with a higher margin business with a much larger relative market share, but it would also allow management to devote all their time and resources to North America. The alternative is to continue to focus a disproportionate amount of time on integrating all the European acquisitions across the different European countries all from their headquarters in Chicago and Nashville.</p>
<div class="lb-trans"><p>剝離歐洲業務不僅會使公司擁有更高利潤率的業務和更大的相對市場份額，還將使管理層能夠將所有時間和資源投入到北美。否則，他們將繼續在芝加哥和納什維爾的總部，花費不成比例的時間整合所有不同歐洲國家的收購。</p>
</div><p>The opportunity here is also clear from a valuation perspective. Industrial distribution peers typically trade at mid-teens or higher EBITDA multiples, while LKQ currently trades at 7.3x forward EBITDA. Not only is this a discount to the market, but to its historical levels, as even in its messy conglomerate form, LKQ has still traded on a 10-year historical average of 10x EBITDA.</p>
<div class="lb-trans"><p>從估值的角度來看，這裏的機會也很明顯。工業分銷同行通常以中十幾倍或更高的 EBITDA 倍數交易，而 LKQ 目前的前瞻 EBITDA 倍數為 7.3 倍。這不僅是對市場的折扣，也是對其歷史水平的折扣，因為即使在其混亂的綜合體形式下，LKQ 的 10 年曆史平均 EBITDA 倍數仍為 10 倍。</p>
</div><p>The European business could potentially be sold at an 8 to 9x multiple, but a sale even at the company's current multiple would be beneficial to unlocking value in the North American business, which could re-rate to its historical multiple of 10x EBITDA.</p>
<div class="lb-trans"><p>歐洲業務可能以 8 到 9 倍的倍數出售，但即使以公司當前的倍數出售，也有助於釋放北美業務的價值，後者可能重新評估至其歷史倍數 10 倍 EBITDA。</p>
</div><p>The proceeds from such a sale could enable LKQ to repurchase up to 40% of its outstanding shares, which, when combined with the re-rating of NA, could easily translate to more than 60% upside from the company's current share price.</p>
<div class="lb-trans"><p>這樣的出售所得可以使 LKQ 回購多達 40% 的流通股，這與北美業務的重新評估結合起來，可能輕鬆轉化為公司當前股價的 60% 以上的上漲空間。</p>
</div><p>While strategics with similar models, such as O'Reilly,AutoZone, and Genuine Parts, may find the European business appealing, strategics generally prefer clean businesses and this is far from that.</p>
<div class="lb-trans"><p>雖然與 O'Reilly、AutoZone 和 Genuine Parts 等類似模式的戰略投資者可能會對歐洲業務感興趣，但戰略投資者通常更喜歡乾淨的業務，而這遠非如此。</p>
</div><p>Private equity, on the other hand, feasts on these types of projects, using their operational and restructuring expertise and flexibility of being out of the public eye to unlock these complex assets overtime in a way that is more difficult for public companies to address.</p>
<div class="lb-trans"><p>另一方面，私募股權公司則喜歡這些類型的項目，利用其運營和重組的專業知識，以及不受公眾關注的靈活性，逐步釋放這些複雜資產的價值，這對於上市公司來説更為困難。</p>
</div><p>In its short history, Ananym has established a reputation for striving to work amicably with management to create value for shareholders, and this situation appears to be no different. The fund has been largely complimentary of LKQ CEO Justin Jude who was named to the position in July 2024 and has his roots in the North American business. Under his short leadership, the company has already taken steps in the right direction — announcing plans to repurchase 14% of outstanding shares and divesting non-core assets such as its self-service salvage business that was sold in August to private equity. It has also signaled that its specialty business is on the market and it's expected to be sold in the near term. However, Jude seems to be a little more attached to the European business than these other businesses. Persuading him to divest Europe may take a little more time.</p>
<div class="lb-trans"><p>在其短暫的歷史中，Ananym 已經建立了與管理層友好合作以為股東創造價值的聲譽，而這種情況似乎也不例外。該基金對 LKQ 首席執行官 Justin Jude 給予了高度評價，他於 2024 年 7 月被任命，根植於北美業務。在他短暫的領導下，公司已經採取了正確的步驟——宣佈計劃回購 14% 的流通股，並剝離非核心資產，例如其自助拆解業務，該業務於 8 月出售給了私募股權公司。它還表示其專業業務正在市場上出售，預計將在短期內完成。然而，Jude 似乎對歐洲業務的依賴程度高於其他業務。説服他剝離歐洲業務可能需要更多時間。</p>
</div><p>If we learned anything from the previous activist campaigns at LKQ, this company needs a financially astute shareholder representative, not an independent industry executive. They do not need someone to help them with operations, they need someone to help them financially model, evaluate and potentially execute strategic options and work with the board to arrive at what is best for shareholders.</p>
<div class="lb-trans"><p>如果我們從 LKQ 之前的激進投資者活動中學到了一點，這家公司需要一個財務精明的股東代表，而不是一個獨立的行業高管。他們不需要有人來幫助他們進行運營，他們需要有人來幫助他們進行財務建模、評估和潛在執行戰略選項，並與董事會合作，以找到對股東最有利的方案。</p>
</div><p>Given Ananym's reputation as an amicable activist and their constructive relationship with Jude thus far, we think this is a perfect opportunity to put an Ananym representative on the board like Alex Silver who has extensive financial and private equity experience and brings a team of analysts ready to model available opportunities.</p>
<div class="lb-trans"><p>鑑於 Ananym 作為友好激進投資者的聲譽以及與 Jude 迄今為止的建設性關係，我們認為這是一個完美的機會，可以在董事會中放置 Ananym 的代表，例如 Alex Silver，他擁有豐富的財務和私募股權經驗，並帶來一支準備建模可用機會的分析師團隊。</p>
</div><p><em>Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments.</em></p>
<div class="lb-trans"><p><em>Ken Squire 是 13D Monitor 的創始人和總裁，該機構提供有關股東激進主義的研究服務，同時也是 13D Activist Fund 的創始人和投資組合經理，該共同基金投資於激進投資組合。</em></p>
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激進投資者 Ananym Capital 敦促 LKQ 出售其歐洲汽車零部件業務