A record number of activist shareholders mounted campaigns at global companies in 2024, a Barclays report showed on Thursday, as their pressure tactics produced strong returns, and further growth is likely this year.
That’s up more than 18% from 135 investors in 2023, which included 31 first timers. The number of campaigns launched last year, 243, surpassed 229 in 2023 but was slightly below the record of 249 in 2018. While performance figures for 2024 are not yet available, investors said several high-profile firms had returns approaching 30% last year. The S&P 500 rose a bit more than 23% over the same period.
More than one quarter, or 26%, of all campaign demands centered on strategy and operations, up from 19% in 2021. In 2024, activists more than ever took aim at chief executives. A record 27 were replaced, up from 24 in 2023 and the four-year average of 16, the Barclays data showed. Nearly half of all global campaigns happened in the United States with 115 launched, marking a 6% increase from 2023, the data found. But U.S. funds, including Elliott, Sachem Head Capital Management and Trian, also found opportunities abroad.