Activist investors mounted a record number of campaigns globally in 2025, as market volatility, improved financing conditions and a rebound in dealmaking created fertile conditions for shareholder agitation, according to a report by Reuters citing data from Barclays.
The bank’s figures show that activists launched 255 campaigns worldwide during the year, a near 5% increase on 2024 and surpassing the previous record of 249 campaigns set in 2018. Activity was driven by established names such as Elliott Investment Management alongside a growing cohort of newer entrants to the strategy.
High-profile companies targeted during the year included Lululemon Athletica, Lyft, PepsiCo and Yeti, with activists pushing for measures ranging from operational improvements and board changes to strategic reviews and potential sales.
Barclays said momentum built as the year progressed, with uncertainty in the first half giving way to a recovery in mergers and acquisitions and renewed private equity interest in the second half of 2025.
The United States remained the epicentre of activist activity, accounting for 141 campaigns, up 23% year on year and representing more than half of global engagements. Outside the US, Japan emerged as a major focus, with a record 56 campaigns, making up around half of all non-US activist activity.
Elliott Investment Management was the most active hedge fund, launching 18 campaigns and deploying close to $20bn of capital, according to Barclays. In the fourth quarter, Elliott targeted Lululemon, where it has called for leadership changes, and Barrick Mining, where it has urged management to consider breaking up the company. Over the year, the firm secured 17 board seats, including two at Phillips 66.
Activist investing has continued to gain broader acceptance among corporate boards as returns have improved and engagement styles have become more collaborative. However, the data also highlights activists’ growing intolerance for underperformance at the executive level.
In 2025, a record 32 chief executives stepped down within a year of an activist campaign, up from 27 in 2024 and 24 in 2023. According to Barclays, the trend underscores the increasing willingness of activists to push for swift leadership change when strategic or operational progress stalls.
