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In the autumn of 2023, a document filed with the Securities and Exchange Commission revealed a revelation: Schusterman Interests had, in the third quarter, acquired 1.9 million shares of HeartFlow, a sum valued at $65.3 million. This act, though modest in the grand tapestry of global finance, carries the weight of intention. The shares, now a fourth-largest holding in the fund’s portfolio, are not merely numbers on a ledger but symbols of faith in a technology that promises to revolutionize the diagnosis of coronary ailments. As of September 30, the stake accounted for 14.9% of the fund’s assets, a testament to the family’s conviction.

Let me explain how we got here. On November 14, Stadium Capital filed a document with the SEC that basically said, “We’re out.” They sold every last one of their 877,860 shares. That’s like throwing a party and then leaving before the cake’s even cut. Or maybe they just finally read the fine print on Grocery Outlet’s business plan: “We sell expired soup and hope nobody notices.”

The Securities and Exchange Commission received a filing on November 14, its language as sterile as a coroner’s report. Stadium Capital Management had liquidated 61,700 GitLab shares during Q3, reducing its stake to 84,683 shares valued at $3.8 million. The transaction shaved $2.8 million from the position’s worth-a subtraction that speaks louder than any quarterly letter.

The filing, delivered with November’s melancholy, reveals a 4-million-share acquisition spree. Let us not call it a “position”-such vulgarity!-but rather a curated collection, representing 1.9% of their 13F gallery. To lose 41% in a year, as Chemours has, is a misfortune; to lose 80% since 2017 suggests a certain artistic commitment to tragedy. Yet Cooper Creek, ever the connoisseur of undervalued narratives, sees “value” where others see vacancy.

According to the good folks at SEC, who keep tabs even on the smallest mules in the barn, Cooper Creek made a clean sweep of almost everything – selling that many shares in the third quarter – a period when most folks still had their hopes high for a turnaround. Now, this sale shrinks their stake from a fat 2.7 percent of their total assets down to a mere 0.4 percent. It’s as if they decided Macy’s was no longer worth a spot in their front porch, and that’s a mighty telling sign. New ownership now favors other horses in the race, with holdings in steadier, more predictable outfits like OI, NWL, CXW, BBWI, and AAP. As I write, Macy’s stock stands at $22.36, up a good forty percent from last year’s dust – outperforming even the fancy S&P 500’s sluggish 14 percent. If this keeps up, maybe the old girl isn’t as dead in the water as some would have you believe.