Editing the layout of the Latest Activity item row?

[Ludachris]

I'm sure the answer is "that would require custom development" but I want to confirm. How would you go about editing and rearranging the elements of the feed item row in the Latest Activity page:



It looks like all of the content in the circled element is displayed using {$item.render()|raw} - which means you'd have to edit the file system, correct? It cannot be done in the templates, correct? Just want to confirm.
Editing the layout of the Latest Activity item row?

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