Charles de Vaulx’s International Value Advisors disclosed a nearly 20% activist position in Devry Education Group Inc. (NYSE:DV) back in June when the shares of the education company were trading around $17. Devry’s shares didn’t disappoint its new activist value investor and returned about 50% since then. Charles de Vaulx must have been satisfied with the progress and has been trimming his position since the stock hit $22 in July. Today, International Value Advisors amended its 13D filing and disclosing that its stake in Devry went down to 16.8%. You can see the details of the filing below or access the original SEC filing by clicking here.
We don’t think this is a negative indicator or a sign of loss of confidence. Devry’s weight in Charles de Vaulx’s portfolio is higher today than it was in June mainly because of the 50% gain in share price.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| International Value Advisers | 10,502,491 | 10,502,491 | 16.8% | |||
| Charles de Vaulx | 10,502,491 | 10,502,491 | 16.8% | |||
| Charles de Lardemelle | 10,502,491 | 10,502,491 | 16.8% |
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Page 1 of 7 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d -1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d
-2(a)
(Amendment No. 3)*
DeVry Education Group
Inc.
(Name of Issuer)
Common Stock, par value $0.01
(Title of Class of
Securities)
251893103
(CUSIP Number)
Shanda Scibilia
International Value Advisers, LLC
717 Fifth Avenue, 10th Floor
New York, NY 10022
(212) 584-3570
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and Communications)
November 3, 2016
(Date of Event Which Requires
Filing of This Statement)
If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is
the subject of this Schedule 13D, and is filing this schedule because of Rule
13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box
[ ]
Note. Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all exhibits. See
§ 240.13d -7 for other parties to whom copies are to be sent.
| * | The remainder of this cover page shall be filled out for |
The information required on the
remainder of this cover page shall not be deemed to be filed for the purpose
of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise
subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes.)
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Page 2 of 7 – SEC Filing
CUSIP No. 251893103
| 1. | Names of Reporting Persons. |
| I.R.S. Identification Nos. of above persons (entities | |
| International Value Advisers, LLC | |
| 2. | Check the Appropriate Box if a Member of a Group (See |
| 3. | SEC Use Only |
| 4. | Source of Funds |
| AF | |
| 5. | Check Box if Disclosure of Legal Proceeding is Required |
| 6. | Citizenship or Place of Organization |
| Delaware, United States |
| 7. | Sole Voting Power | |
| Number of | 0 | |
| Shares | 8. | Shared Voting Power |
| Beneficially | ||
| owned by | 9,795,581 | |
| Each | 9. | Sole Dispositive Power |
| Reporting | ||
| Person | 0 | |
| With: | 10. | Shared Dispositive Power |
| 10,502,491 |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting |
| 10,502,491 | |
| 12. | Check if the Aggregate Amount in Row (9) Excludes Certain |
| [ ] | |
| 13. | Percent of Class Represented by Amount in Row (11) |
| 16.8% | |
| 14. | Type of Reporting Person (See Instructions) |
| IA |
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Page 3 of 7 – SEC Filing
CUSIP No. 251893103
| 1. | Names of Reporting Persons. |
| I.R.S. Identification Nos. of above persons (entities | |
| Charles de Vaulx | |
| 2. | Check the Appropriate Box if a Member of a Group (See |
| 3. | SEC Use Only |
| 4. | Source of Funds |
| OO | |
| 5. | Check Box if Disclosure of Legal Proceeding is Required |
| 6. | Citizenship or Place of Organization |
| France |
| 7. | Sole Voting Power | |
| Number of | 0 | |
| Shares | 8. | Shared Voting Power |
| Beneficially | ||
| owned by | 9,795,581 | |
| Each | 9. | Sole Dispositive Power |
| Reporting | ||
| Person | 0 | |
| With: | 10. | Shared Dispositive Power |
| 10,502,491 |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting |
| 10,502,491 | |
| 12. | Check if the Aggregate Amount in Row (9) Excludes Certain |
| [ ] | |
| 13. | Percent of Class Represented by Amount in Row (11) |
| 16.8% | |
| 14. | Type of Reporting Person (See Instructions) |
| IN |
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Page 4 of 7 – SEC Filing
CUSIP No. 251893103
| 1. | Names of Reporting Persons. |
| I.R.S. Identification Nos. of above persons (entities | |
| Charles de Lardemelle | |
| 2. | Check the Appropriate Box if a Member of a Group (See |
| 3. | SEC Use Only |
| 4. | Source of Funds |
| OO | |
| 5. | Check Box if Disclosure of Legal Proceeding is Required |
| 6. | Citizenship or Place of Organization |
| United States |
| 7. | Sole Voting Power | |
| Number of | 0 | |
| Shares | 8. | Shared Voting Power |
| Beneficially | ||
| owned by | 0 | |
| Each | 9. | Sole Dispositive Power |
| Reporting | ||
| Person | 0 | |
| With: | 10. | Shared Dispositive Power |
| 10,502,491 |
| 11. | Aggregate Amount Beneficially Owned by Each Reporting |
| 10,502,491 | |
| 12. | Check if the Aggregate Amount in Row (9) Excludes Certain |
| [ ] | |
| 13. | Percent of Class Represented by Amount in Row (11) |
| 16.8% | |
| 14. | Type of Reporting Person (See Instructions) |
| IN |
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Page 5 of 7 – SEC Filing
EXPLANATORY NOTE
This Amendment No. 3 to Schedule 13D (the Amendment) is being
filed with respect to the Reporting Persons beneficial ownership in DeVry
Education Group Inc. (DeVry or the Issuer). This amendment supplements the
Schedule D as previously filed on June 22, 2016 (as amended, the Schedule
13D). Each Item below amends and supplements the information disclosed under
the corresponding Item of the Schedule 13D. Unless otherwise indicated herein,
capitalized terms used but not defined in this Amendment shall have the same
meaning herein as are ascribed to such terms in Schedule 13D.
Item 5. Interest in Securities of the Issuer
Item 5 a. and b. is hereby amended and restated as follows:
The aggregate percentage of Share reportedly owned by each
person named herein is based upon 62,623,000 Shares outstanding, as of October
27, 2016 and reported in the Issuers Form 10-K filed on November 2, 2016.
| 1. | IVA | |
| a) | As of November 8, 2016, 10,502,491 Shares in aggregate | |
| Percentage: 16.8% | ||
| b) | Sole power to vote or direct the vote: 0 | |
| 2. | Charles de Vaulx | |
| a) | Mr. De Vaulx, as the CIO and managing member of IVA, may | |
| Percentage: 16.8% | ||
| b) | Sole power to vote or direct the vote: 0 | |
| 3. | Chuck de Lardemelle | |
| a) | Mr. de Lardemelle, as a PM and managing member of IVA, | |
| Percentage: 16.8% | ||
| b) | Sole power to vote or direct the vote: 0 | |
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Page 6 of 7 – SEC Filing
As of November 8, 2016, the Reporting Persons collectively
beneficially owned an aggregate of 10,502,491 Shares, constituting 16.8% of the
Issuers outstanding Shares.
Each Reporting Person, as a member of a group with the other
Reporting Persons, may be deemed beneficial owner of the Shares directly owned
by the other Reporting Persons. Each Reporting Person disclaims beneficial
ownership of such Shares except to the extent of his or its pecuniary interest
therein.
Item 7. Material to be Filed as Exhibits
| Exhibit A | Transactions in Shares that were effected by IVA during the past sixty days. |
SIGNATURE
After reasonable inquiry and to
the best of his knowledge and belief, each of the undersigned certifies that the
information set forth in this statement is true, complete and correct.
Dated: November 9, 2016
| International Value Advisers, LLC | ||
| By: | /s/ Michael W. Malafronte | |
| Name: | Michael W. Malafronte | |
| Title: | Managing Partner | |
| Charles de Vaulx | |
/s/ Charles de Vaulx | |
Charles de Lardemelle | |
/s/ Charles de Lardemelle |
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Page 7 of 7 – SEC Filing
EXHIBIT INDEX
| Exhibit A | Transactions in Shares that were effected by IVA during the past sixty days |
| Exhibit B | Joint Filing Agreement* |
| Exhibit C | Support Agreement, dated June 29, 2016 by and among DeVry Education Group, Inc., International Value Advisers, LLC (IVA), and Michael Malafronte* |
*Previously Filed
