Activist investors have had their busiest quarter ever, launching 61 campaigns globally in Q3, according to new Barclays data. This marks a sharp increase from 36 campaigns a year ago and even surpasses the previous quarter’s 60 campaigns.
The surge was driven by heightened market volatility earlier in the year, as investors responded to tariffs and policy uncertainty, establishing stakes and pushing for operational and management changes. Notable campaigns included:
- Elliott Management targeting PepsiCo (PEP.O)
- Ancora Holdings challenging CSX (CSX.O)
- Sachem Head Capital pressing Performance Food Group (PFGC.N)
Companies already under activist scrutiny also acted proactively:
- Norfolk Southern (NSC.N) agreed to be acquired by Union Pacific (UNP.N)
- Kenvue (KVUE.N) replaced its CEO and initiated a strategic review
- BP (BP.L) added a director and divested two businesses
So far in 2025, activists have mounted 191 campaigns, targeting 178 companies, and won 98 board seats—a 17% increase from 2024. CEO turnover has also surged, with 25 resignations year-to-date, nearly matching last year’s record of 27.
Jim Rossman, Barclays’ global head of shareholder advisory, commented:
“With robust activism continuing into Q4, 2025 is on track to eclipse 2018 as the busiest year ever for activist campaigns.”