13D Activist Fund is a mutual fund that focuses on companies that are targeted by shareholder activists. The Fund released its Q4 2025 investor letter. A copy of the letter can be downloaded here. In Q4 2025, the I share (DDDIX) returned 0.40%, net of fees and expenses, versus 2.19% for the Russell 2000 Index. YTD, the Fund returned 3.06% vs. the Index’s 12.81% return. It is extremely challenging for active funds to beat market-weighted indexes in a market dominated by large-cap firms. However, the level of shareholder activism continues to improve despite the challenges. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, 13D Activist Fund highlighted stocks like Integer Holdings Corporation (NYSE:ITGR). Integer Holdings Corporation (NYSE:ITGR) is a medical device contract development and manufacturing company. On March 05, 2026, Integer Holdings Corporation (NYSE:ITGR) stock closed at $85.23 per share. One-month return of Integer Holdings Corporation (NYSE:ITGR) was -3.99%, and its shares lost 31.94% over the past 52 weeks. Integer Holdings Corporation (NYSE:ITGR) has a market capitalization of $2.893 billion.
13D Activist Fund stated the following regarding Integer Holdings Corporation (NYSE:ITGR) in its fourth quarter 2025 investor letter:
“This is a US activist campaign by Irenic Capital Management. Integer Holdings Corporation (NYSE:ITGR) is a medical device contract development and manufacturing organization (“CDMO”). The Company acts as an outsourced design and development partner for original equipment manufacturers (“OEMs”), such as Medtronic, Boston Scientific, and J&J. When developing new medical devices, OEMs typically outsource certain components to third parties, who then become responsible for those parts for the entire lifecycle of the product. Integer is the largest of such companies and the only publicly traded pure play medical device CDMO. From an end market perspective, the Company specializes in cardiovascular and neuromodulation applications, which are generally considered to be very high quality because of their interventional, and therefore highly sticky, nature. Moreover, the stringent regulatory and FDA approval requirements for these markets create very high barriers to change. However, despite this strong market position and competitive moat, the Company’s share price has struggled, down over 40% year- to-date.
The catalyst for this downturn was Integer’s most recent quarterly report, which disclosed that the market demand for three specific products fell short of the OEM’s expectations, causing the OEMs to significantly reduce their orders from Integer. As a result, Integer is now facing an air pocket in growth from 2026 whereas, while the Company typically targets 6-8% organic growth, 2026 is now projected to be between -2% and 2%. Despite management’s assurances that this is in fact just an air pocket and that growth will normalize in 2027, the stock fell more than 20% overnight and an additional 20% in the days that followed. A development like this followed by the assurances of management generally does not result in a 40% decline in the stock price. But the nature of Integer’s business brings along certain confidentiality constraints around critical information. So, while management can give assurances, they cannot give transparency into its pipeline or the identity of its customers, programs and platforms…” (Click here to read the full text)
Integer Holdings Corporation (NYSE:ITGR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 32 hedge fund portfolios held Integer Holdings Corporation (NYSE:ITGR) at the end of the fourth quarter, up from 24 in the previous quarter. While we acknowledge the risk and potential of Integer Holdings Corporation (NYSE:ITGR) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Integer Holdings Corporation (NYSE:ITGR) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Integer Holdings Corporation (NYSE:ITGR) and shared Riverwater Partners Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
