If you think activist investors have gone soft, think again
After a dismal year, when activist funds lost 16% of their value as stockmarkets slumped, many observers were expecting a spring offensive. Fund managers had a busy end to 2022, taking advantage of those sunken stockmarket valuations.
Yet the quietude may be deceiving. For one thing, many targets, worried that the new rules favour activists, have sought a truce rather than risk a painful proxy brawl. In February Trian, an activist outfit run by Nelson Peltz, ended its battle against Disney after the entertainment behemoth presented a restructuring plan.
Not even the biggest of big tech, hitherto largely spared the activists’ rod, is safe. This month Pershing Square and Third Point, two hedge funds, revealed investments in Alphabet, Google’s $1.5trn parent company. Third Point insists its stake is not an activist campaign. It and Pershing may still benefit from the earlier efforts ofAmerican activists will also increasingly export their version of shareholder capitalism abroad.
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