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  "docId": "019dd923-622c-750b-8b99-58801594b94c",
  "docSlug": "9551be67f14d",
  "documentTitle": "Perion Network Ltd. (PERI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-05-23 00:00:00",
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  "pageNumber": 26,
  "pageCount": 127,
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  "notes": "The table lists major shareholders, their location, investment style, position size, and recent buying/selling activity to support the thesis that 'smart money' growth investors are absent.",
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      "kind": "callout",
      "text": "Given its claims of technology prowess and abnormally strong financial performance, Spruce Point is struck by the lack of institutional-caliber technology and growth specialist asset management companies that own Perion's shares or active hedge funds.",
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      "text": "Given its claims of technology prowess and abnormally strong financial performance, Spruce Point is struck by the lack of institutional-caliber technology and growth specialist asset management companies that own Perion's shares or active hedge funds. Instead, we find a mix of funds that appear to own it for index purposes to track the Israeli and world stock market.",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Perion 20-F filings, SC 13/G filing and Spruce Point analysis",
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      "kind": "table",
      "text": "Shareholder, Location, Investment Style, Position, Buying/Selling",
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      "kind": "title",
      "text": "If PERI's Technology And Financial Model Are World-Class, Why Don't More Technology & Growth Funds Own Its Shares?",
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      "evidence": "The deck presents a series of logical and coherent arguments to build a case against PERI.",
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      "objective": "To present a logical chain of evidence and reasoning to support the conclusion of significant downside risk to PERI's share price.",
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