"Time for activists": In 2025, activist investors set a record for the number of campaigns

Activist investment funds, which buy minority stakes in corporations with the aim of forcing their management to increase returns for shareholders, initiated a record number of such campaigns in 2025, according to estimates by British investment bank Barclays. Market volatility, favorable financing conditions, and increased deal activity have created the perfect environment for lobbying for change, Reuters writes.

In 2025, leading activist investors, as well as a significant number of newcomers, launched 255 campaigns against global corporations with the aim of achieving operational improvements, changing board members, and even considering the possibility of selling the business. The number of such campaigns last year increased by almost 5% compared to 2024 and surpassed the previous record of 249 attacks, which had been held since 2018, Reuters writes, citing Barclays' calculations.

According to Barclays, activist investors continued to focus primarily on US corporations in 2025. However, Asian markets also attracted the attention of funds last year: in Japan, they launched a record 56 campaigns, accounting for half of all their activity outside the United States.

Elliott Investment Management became the leader in terms of the number of campaigns among activist investors. Last year, the fund launched 18 campaigns and invested nearly $20 billion in them. Over the course of the year, Elliott secured 17 seats on boards of directors, including two seats at energy company Phillips 66, where investors voted for candidates proposed by the hedge fund. In the fourth quarter of 2025, the fund took on the fashion brand Lululemon, where it began promoting a former top manager at Ralph Lauren for the position of CEO, and one of the leaders in gold mining, Barrick Mining, from which it demanded the separation of North American assets from mines in more risky regions — Asia and Africa.

Activist investors, once considered corporate raiders, are now seen as legitimate market participants—they have regained recognition among corporate management, writes Reuters, noting that many of these activists are now trying to work with boards of directors to help raise the share price of companies they are interested in.

"We went from maximum uncertainty in the first half of 2025 to a recovery in M&A markets and interest from private equity funds in the second half of the year, which created a sense that anything was possible," said Jim Rossman, global head of shareholder advisory at Barclays. "It was a great time to use activist investor tools," he concluded.

Over the past three months, after activist investors took an interest in these stocks, Lululemon and Barrick Mining shares have soared 20.1% and 29.8%, respectively. The US S&P 500 stock index gained only 2.1% over the same period. According to FactSet, most analysts recommend that investors neither buy nor sell Lululemon shares (consensus rating: Hold), and increase their positions in Barrick Mining (Overweight).

This article was AI-translated and verified by a human editor