Amid rising tariffs, geopolitical tensions, and erratic U.S. policy signals under President Donald Trump, activist investors are hitting the brakes. New data from Barclays shows a 12% drop in activist campaigns globally during the first half of 2025 — 129 campaigns, down from 147 a year ago.
“The environment is shaped by mixed economic signals, war fears, geopolitical instability, and tariff-driven uncertainty,”
said Jim Rossman, Global Head of Shareholder Advisory at Barclays.
“Together, this is creating a more cautious backdrop.”
After record activist activity in 2024, momentum slowed in Q2 2025, especially among first-time activists, whose campaign volume fell 27% compared to Q1 as markets reacted to tariff threats and U.S. policy reversals.
Key Trends:
Elliott Investment Management led 6 campaigns this year — half the pace of 2024 — yet deployed $8.8 billion, the most among all activists.
Despite the overall slowdown, settlements surged 32% to 37 deals, granting activists 86 board seats (+16% YoY).
Major players like Mantle Ridge, Ancora Holdings, and Jana Partners secured significant board influence, including at companies like Air Products and Chemicals and Lamb Weston.
Regional Activity:
🇺🇸 U.S.: 60 campaigns (vs. 61 last year)
🇯🇵 Japan: 37 campaigns (down from 51)
🇪🇺 Europe: 24 campaigns (−17% YoY)
Rossman added that activist investing remains strong beneath the surface — marked by strategic board wins and collaborative engagements, especially in the U.S. and Japan.
Bottom Line:
While macro instability has moderated headline activity, activist investors are recalibrating — focusing on board influence, behind-the-scenes negotiations, and high-impact capital deployment in a complex global landscape.
