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Elliott-backed campaign focuses on the valuation gap

Synopsys was among the companies highlighted in 13D Activist Fund’s second-quarter 2026 investor letter. The fund said the activist campaign led by Elliott Investment Management is focused on closing the company’s valuation discount versus its closest rival, Cadence Design Systems.

13D Activist Fund said this was “an activist campaign being run by Elliott Investment Management in the U.S.”

According to the figures in the source text, the company trades at a forward 28.1x NTM P/E multiple, while Cadence stands at 35.5x. The fund said Synopsys has lagged its peer by 14.49, 25.98 and 43.56 points over the past 1, 3 and 5 years, respectively.

Why the business model and Ansys deal matter

Synopsys develops electronic design automation software used in chip design for the semiconductor and electronics industries, as well as design IP solutions. According to 13D Activist Fund, these products are among the critical components of the modern chip design process used by companies such as Nvidia and AMD.

The company also acquired Ansys in July 2025 in a deal valued at roughly $35 billion. The fund said the merger makes Synopsys the only player with a full software stack spanning chip to system and strengthens its strategic position in simulation.

  • Ansys is used in areas such as battery performance and crash and safety simulations.
  • Synopsys’ portfolio includes EDA software and preconfigured semiconductor IP components.

What do the stock and fund data show?

As of the Aug. 26, 2026 close, Synopsys shares were at $410.00. The stock rose 18.83% over the past month but fell 27.73% over the past 52 weeks, with a 52-week trading range of $366.00 to $615.79.

The company was said to have a $78.51 billion market value, and according to the source data at the end of the second quarter, Synopsys was held in 85 hedge fund portfolios, up from 84 in the previous quarter. Over the same period, 13D Activist Fund’s Class I shares returned 32.61% after fees and expenses, compared with a 21.49% gain for the Russell 2000 Index. The fund’s year-to-date return was 32.93%, and assets under management reached $115 million.

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