![]() ![]() ![]() The sector lost 17% in 2022, compared with positive returns of 16% in 2021 and 10.3% in 2020, according to HFR Inc. Returns for activist funds as a group were down significantly in 2022. In the first half of 2022, first-time activists accounted for approximately 37% of all campaigns initiated in that time period, while some of the most familiar activist names such as Elliott Management, Icahn Associates, Pershing Square Capital Management, Starboard Value, and Third Point accounted for only 23%, representing levels of dedicated activist participation below those observed over the past five years. It appears that the rise in total proposals is due in part to “occasional activists” such as institutional investors and individuals, including company insiders. ![]() At the same time, however, the number of shareholder proposals put forward by hedge funds and dedicated activists went up by only 1%. The number of shareholder proposals put forward in 2022 increased by roughly 9% over 2021. ![]()
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