CNDT

We recently sold our Conduent position from client portfolios. We first initiated our position fourteen months ago. Our investment thesis centered on the belief that Xerox neglected and mismanaged their business process outsourcing, which they later spun out as Conduent. Once operating as an independent, we believed that Conduent’s management would better allocate capital. The … Read more

We recently initiated a small position in Conduent, essentially the only technology exposure we carry in our client portfolios. Xerox spun off Conduent in January following a strategic review conducted by Xerox in response to pressure from activist investor Icahn Capital Management. Icahn is currently the company’s largest investor with a 10% stake and holds three … Read more