This is probably the cleanest visual summary of the Xerox situation. When STARTEEPO first disclosed its stake in May:
**6.6M common shares**
**5.05% of Xerox**
By September:
**9.5M common shares**
**7.23% of Xerox**
Including options, beneficial ownership is **7.34%**.
So the common-share position increased by roughly **44% in share count**.
The filing trail is:
**May:** 6.6M
**June:** 8.0M
**July:** 8.8M
**September:** 9.5M
What makes this interesting is the price action in between.XRX rallied roughly **44%** from the May 14 close to June 4. And instead of the disclosed position getting smaller after that move, it got larger. It does tell you something about conviction.
Their September deck also says the average purchase price on the shares was around **$2.42/share (Their target is - XFS is around 7$, XRX about 16$)**
The thing I keep coming back to is this:
A 5% position can be a trade, huge but trade. But 7% while the investor also starts engaging management begins to look likesomething else.
That's why I think the ownership chart matters more than the short-term stock chart.
I am super bullish.
