A major shareholder in Brooklyn Park-based Insignia Systems has increased its position but vows it’s not launching another activist campaign against the company.

On Monday a San Francisco-based investment adviser, Cable Car Capital LLC, filed a 13D document with the Securities and Exchange Commission disclosing it has acquired a 6.3 percent stake in Insignia Systems, the maker of in-store advertising programs and services for retailers.

A 13D filing is required when an investor acquires more than 5 percent of a company’s stock. In the filing the investor describes the purpose of their investment.

Jacob Ma-Weaver, the founder of Cable Car Capital, said he made his initial investment in Insignia Systems in 2013. But he’s recently added to his position exceeding the 5 percent filing threshold.

“I’m not trying to start another activist campaign,” Ma-Weaver said. “I think the company has had enough of that.”

Since 2013 Insignia Systems has seen a campaign from an activist investor, Biglari Capital Corp. in 2014, and board and management shakeups.

Ma-Weaver does want to keep his options open though. There are vacancies on the board of directors and Ma-Weaver will likely make suggestions on who should fill those seats.

The filing also states that Cable Car Capital expects to discuss with Insignia’s board and management “potential business combinations and strategic alternatives, the business, operations, governance, management, strategy and future plans of the issuer.”

Ma-Weaver classifies his relationship with the company as constructive and spoke favorably of new CEO Kristine Glancy, a former Kraft Heinz Co. executive, who joined Insignia in May.

“My perspective on Insignia is they have an opportunity to improve the performance of the underlying business,” Ma-Weaver said. “If a management team is in place long enough and has a chance to really focus on execution.”

There is room for improvement. Insignia Systems reported annual revenue in 2016 of $24.9 million, down 11.7 percent from the year before. Sales have declined for four consecutive quarters.

Insignia System shares rose 5.3 percent on Tuesday to $1.37 per share, the day after Cable Car Capital disclosed its increased investment. But the stock is down 23 percent this year and has had a negative return of 27 percent since activist shareholder Biglari Capital made its 13D filing on its Insignia Systems holdings in 2014. 

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