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Elliott Management Corp Signs Cooperation Agreement With Citrix Systems, Inc. (CTXS), Cuts Stake in Juniper Networks, Inc. (JNPR)

Paul Singer’s Elliott Management Corp has entered into a Cooperation Agreement with Citrix Systems, Inc. (NASDAQ:CTXS), according to its recent 13D filing with the SEC. As mentioned in the filing, Elliott Management Corp holds a 7.5% stake in the technology company, held jointly by Elliott, Elliott International, and EICA and including the firm’s economic exposure to shares. Elliott Associates held a 2.3% stake in the company’s stock, increasing its holding to 3.65 million shares from 3.61 million shares disclosed last month. Under the terms of the agreement, Citrix Systems, Inc. (NASDAQ:CTXS) will appoint Jesse Cohn of Elliott Management to its board, along with another independent director, who will have no association with any of the parties. The investment manager earlier reported a 7.1% stake in the company according to its previous 13D filing.

A separate 13D filing from Elliott Management Corp stated that the company has reduced its stake in Juniper Networks, Inc. (NYSE:JNPR) to 39.24 million shares, a 4.5% stake in the company. Elliott Management stated in the filing, “The Reporting Persons have reduced their position in the Issuer as management and the Board of Directors have made progress in improving the business and increasing the stock price.” Further the investment firm intends to remain supportive of the management of Juniper Networks, Inc. (NYSE:JNPR), while holding a sizable investment in the company.


Elliott Associates, L.P reported a public equity portfolio of $8.14 billion at the end of the first quarter, with the investments of the fund manager being primarily in technology and consumer discretionary stocks. It is among the oldest hedge funds in the market in terms of continuous management since its inception in 1977. Elliott Associates along with Elliott International is collectively known as Elliott Management Corporation. According to Forbes’ net worth calculator, Paul Singer has a net worth of $1.92 billion as of July 30, ranking him 351 in the ranking of billionaires within the United States. As per the records of Forbes, the investment firm has assets worth $25 billion under management and Mr. Singer is known for taking activist stands in different companies, with Fortress Biotech Inc. (NASDAQ:FBIO) as his recent activism target.

Paul Singer
Paul Singer
Elliott Management

Why are we interested in the 13F filings of a select group of hedge funds? We use these filings to determine the top 15 small-cap stocks held by these elite funds based on 16 years of research that showed their top small-cap picks are much more profitable than both their large-cap stocks and the broader market as a whole. These small-cap stocks beat the S&P 500 Total Return Index by an average of nearly one percentage point per month in our backtests, which were conducted over the period of 1999 to 2012. Moreover, since the beginning of forward testing from August 2012, the strategy worked just as our research predicted, outperforming the market every year and returning 123% over the last 34 months, which is more than 66 percentage points higher than the returns of the S&P 500 ETF (SPY) (see more details).

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