Three Peaks Capital Management

Founder and Chief Investment Officer Ricky Sandler retains sole authority over all portfolio decisions. He previously worked as a partner and senior analyst at Eminence Capital, a New York-based long-short equity manager, before launching Three Peaks in 2013. The firm does not operate an investment committee.

Three Peaks runs concentrated, multi-year campaigns that regularly span three to five years. Unlike rapid-fire activists, Sandler tends to stay in positions through the full restructuring arc — from initial board engagement through asset sale, spinoff, or acquisition. The portfolio normally holds between eight and twelve names at any one time.

The firm generally acts alone, filing its own 13D disclosures and seeking direct board representation. It has not formed a track record of partnering with other activists or joining consortiums, preferring unilateral influence on strategic direction.

The firm rarely engages with pre-revenue, early-stage, or highly regulated sectors such as biotech and banking. Its strategy explicitly excludes companies without hard assets, dominant franchise value, or obvious restructuring levers — Sandler has publicly stated he looks for catalysts, not turnarounds with indefinite timelines.

Sandler's sourcing relies on a proprietary screen across small- and mid-cap public companies with tangible asset bases, particularly in consumer, telecom, and real estate-adjacent sectors. His network from the Eminence and broader hedge-fund community surfaces early signals, but public filings and industry trade data form the bulk of initial idea generation.