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  "docSlug": "cd566ab57f86",
  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 49,
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  "notes": "The table uses red arrows to emphasize the decline in ownership for most fundamental investors and the AJRD Savings plan.",
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      "kind": "callout",
      "text": "Ownership of Aerojet’s stock by long-term fundamental owners has been on the decline, while passive index buyers chasing ETF flows appear to be adding.",
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      "text": "ownership percentage",
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      "kind": "paragraph",
      "text": "Ownership of Aerojet's stock by long-term fundamental owners has been on the decline, while passive index buyers chasing ETF flows appear to be adding. Only one real fundamental buyer has initiated a position in AJRD's stock in the past few years. The Aerojet Employee Savings Plan used to own >10% and is now effectively zero.",
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      "kind": "source-note",
      "text": "Source: AJRD Proxy Statement, 13G filings and Bloomberg, >5% beneficial owners. Note: Assumes recent AJRD stock grant to employees is liquidated in 2019 per the filing",
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      "text": "Institutional Support Declining",
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