(Reuters) -Elliott Management on Tuesday disclosed a $4 billion stake in PepsiCo, launching a campaign to restore growth and boost the beverage maker's share price.

The stake in PepsiCo, one of Elliott's biggest holdings, comes as the company tackles choppy demand for its snacks business and pursues a shift to healthier drinks and sodas to address changing consumer preferences.

The company's stock jumped 6% in early trading, after losing about a quarter of its value since hitting a record high in May 2023.

Elliott singled out Pepsico's North America beverages unit as an underperformer, saying growth and margins were lagging peers due to strategic missteps, share losses in soda and the introduction of new brands and products that has "strained focus and execution".

PepsiCo should evalua

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