Its seemingly "new" position in shares of Lamb Weston Holdings Inc attracted out attention. We wrote about Lamb Weston before the spin-off in October of 2016, and warned investors to exercise caution as valuation is not especially attractive and free cash flow might suffer as a result of taking on new debt. So far, the shares performed reasonably well, rising 17% percent since the start of trading in November of 2016. Lamb Weston Holdings Despite this, current disclosure by activist hedge fund reveals some interesting dynamics.