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  "documentTitle": "Dye & Durham Limited (DND)",
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  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2024-12-01 00:00:00",
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  "notes": "The slide highlights both the firm's general strategy and specific case studies of successful activism.",
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      "text": "RDM, Imvescor, CST, Stewart, MRC Global, MYR Group, Sparton, AECOM, Orthofix, Jive, Navigant",
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      "text": "Engine was founded by Arnaud Ajdler in 2013; the firm currently manages ~$1.5 billion on behalf of endowments, pension funds, family offices and high-net-worth individuals. We invest in high-quality businesses that have favorable industry dynamics and are undervalued by the market for temporary or fixable reasons. Engine typically invests in mid-cap companies in the U.S. and Canada. As a mid-cap Canadian software company that is undervalued due to an unfocused strategy, Dye & Durham Limited (\"DND\" or the \"Company\") is an excellent fit for Engine’s investment strategy. Since our founding, we have negotiated board representation at 25 public companies, leading to the addition of 36 new directors at these companies.",
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      "text": "38.8% IRR (RDM), 53% IRR (Imvescor), 51.0% IRR (CST), 16.4% IRR (Stewart), 46.9% IRR (MRC Global), 81.6% IRR (MYR Group), 42.9% IRR (Sparton), 34.1% IRR (AECOM), 52.0% IRR (Orthofix), 68.4% IRR (Jive), 67.1% IRR (Navigant)",
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      "text": "IRR: 81.6%",
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      "text": "IRR values are for the period when Engine's first investment was made through our final exit (or market value as of 11/15/2024).",
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