Marcato Capital Management is making bold moves after a rough 2015 and an even rougher go this year.
The activist hedge fund said Thursday that it has amassed a 5.1 percent stake in heavy-equipment maker Terex and believes that the shares are undervalued, according to a filing with the Securities and Exchange Commission.
Shares of Terex gained as much as 4.4 percent before closing at $23.55, up just 1.9 percent, Thursday.
The latest move comes just three days after the San Francisco-based firm, which is headed by Bill Ackman protégé Mick McGuire, disclosed a 5.1 percent stake in casual-dining chain Buffalo Wild Wings.
The 6-year-old fund, which manages roughly $1.8 billion, is coming off of a difficult 2015 in which it shed 9.3 percent.
So far, the fund is down nearly 12 percent year-to-date, according to data provided by HSBC. As of the end of the first quarter, Marcato’s other holdings included Bank of New York Mellon, Sotheby’s and Goodyear Tire and Rubber.
Marcato did not respond to requests for comment.