{
  "schema_version": 1,
  "edition_id": "2026-11-01",
  "edition_label": "November 1, 2026",
  "window": {
    "start": "2026-10-15",
    "end": "2026-10-31",
    "label": "October 15–31, 2026"
  },
  "generated_at": "2026-11-09T04:24:08Z",
  "unlock_date": "2026-12-01",
  "methodology_version": "1.1",
  "locked": true,
  "locked_ranks": [
    1,
    2,
    3,
    4,
    5
  ],
  "pending_ranks": [
    8,
    9,
    10
  ],
  "summary": {
    "investors_tracked": 24,
    "investors_active": 7,
    "new_campaigns": 3,
    "headline": "7 of the 24 activists we track disclosed moves in SEC filings dated October 15–31, 2026, including 3 new 13D campaigns. Ranks 1–5 are for Premium Subscribers until December 1, 2026."
  },
  "top10": [
    {
      "rank": 1,
      "locked": true
    },
    {
      "rank": 2,
      "locked": true
    },
    {
      "rank": 3,
      "locked": true
    },
    {
      "rank": 4,
      "locked": true
    },
    {
      "rank": 5,
      "locked": true
    },
    {
      "rank": 6,
      "previous_rank": null,
      "carry_over": false,
      "investor_id": "james-pappas",
      "investor_name": "James Pappas",
      "firm": "JCP Investment Management",
      "buy_usd": 0,
      "sell_usd": 0,
      "new_campaigns": 0,
      "filings_count": 1,
      "moves": [
        {
          "move_id": "0000921895-26-002859:RRGB",
          "investor_id": "james-pappas",
          "action": "stake_update",
          "direction": "neutral",
          "counted": true,
          "company": "RED ROBIN GOURMET BURGERS INC",
          "ticker": "RRGB",
          "issuer_cik": "0001171759",
          "cusip": "75689M101",
          "shares": null,
          "shares_owned_after": 1944276,
          "percent_of_class": 10.3,
          "price": null,
          "price_basis": null,
          "value_usd": null,
          "value_basis": null,
          "date": "2026-10-23",
          "date_precision": "day",
          "filed_date": "2026-10-27",
          "form": "SCHEDULE 13D/A",
          "accession": "0000921895-26-002859",
          "source_url": "https://www.sec.gov/Archives/edgar/data/1461945/000092189526002859/",
          "purpose_excerpt": "On October 23, 2026, each of Messrs. Pappas and Martin notified the Issuer of his resignation from the Board and all committees of the Board, effective as of October 23, 2026. Also on October 23, 2026, JCP Management and Jumana Capital each executed a waiver (the \"Cooperation Agreement Waivers\") to the Cooperation Agreement, dated as of December 3, 2024 and amended on February 13, 2026 (the \"Cooperation Agreement\"). Pursuant to the Cooperation Agreement Waivers, the Reporting Persons irrevocably waived any right to have a Replacement Investor Designee (as defined in the Cooperation…",
          "note": "James Pappas filed an amended Schedule 13D on Red Robin Gourmet Burgers Inc (RRGB), reporting 10.3% of the class. The filing's higher share count comes from stock awards, not purchases, so it is not counted as buying. The filing describes an agreement between the investor and the company.",
          "note_source": "template"
        }
      ],
      "previous_rank_locked": true
    },
    {
      "rank": 7,
      "previous_rank": null,
      "carry_over": false,
      "investor_id": "nelson-peltz",
      "investor_name": "Nelson Peltz",
      "firm": "Trian Fund Management",
      "buy_usd": 0,
      "sell_usd": 0,
      "new_campaigns": 0,
      "filings_count": 1,
      "moves": [
        {
          "move_id": "0000930413-26-003164:WEN",
          "investor_id": "nelson-peltz",
          "action": "stake_update",
          "direction": "neutral",
          "counted": true,
          "company": "The Wendy's Company",
          "ticker": "WEN",
          "issuer_cik": "0000030697",
          "cusip": "95058W100",
          "shares": null,
          "shares_owned_after": 30946510,
          "percent_of_class": 16.23,
          "price": null,
          "price_basis": null,
          "value_usd": null,
          "value_basis": null,
          "date": "2026-10-28",
          "date_precision": "day",
          "filed_date": "2026-10-28",
          "form": "SCHEDULE 13D/A",
          "accession": "0000930413-26-003164",
          "source_url": "https://www.sec.gov/Archives/edgar/data/1345471/000093041326003164/",
          "purpose_excerpt": "On October 28, 2026, Trian Management, which, together with its affiliated funds and related parties, beneficially owns approximately 16.25% of the outstanding Common Stock, and Flynn, together with BlueFive and Sixth Street, submitted to the Board a non-binding proposal (the \"Proposal\") for a newly formed entity to acquire all of the outstanding shares of Common Stock not currently beneficially owned by the Filing Persons (the \"Proposed Transaction\") for a price of $7.35 per share in cash (the \"Per Share Price\"), assuming approximately 194.0 million shares of Common Stock outstanding on a…",
          "note": "Nelson Peltz filed an amended Schedule 13D on The Wendy's Company (WEN), reporting 16.23% of the class. The filing's higher share count comes from stock awards, not purchases, so it is not counted as buying. The filing describes a proposal to take the company private.",
          "note_source": "template",
          "signals": [
            "Take-private proposal"
          ]
        }
      ],
      "previous_rank_locked": true
    }
  ],
  "highlights": {
    "biggest_buys": [],
    "crowded_trades": []
  },
  "teaser": {
    "premium_buy_usd_total": 17000000
  }
}