June 27, 2023
The Latest Analysis of Top 40 Activists
When I hear top 40, I can’t help but think of tuning in Sunday mornings to my local radio station that played Casey Kasem’s American Top 40. This is a very different top 40. Rather than the joy that only came with finally hearing your new favorite song after waiting and waiting by the radio — my kids will never understand — hearing some of these names can cause fear and apprehension (although see this interesting commentary from Bloomberg).
The latest quarterly ownership analysis from Morrow Sodali (available for download) outlines global trends in activist investor portfolios and lists the top 40 activists, split into two tiers based on propensity for active engagement. It also details the largest new positions by activists, analyzes sector exposures and breaks down activist ownership and penetration by region.
From an industry perspective, the report’s summary indicates — not surprisingly — that regional banks saw the largest sub-sector increase in activist positioning with 28 new positions, although it also had many liquidations. Technology also remained an activist focal point in the quarter, with Application Software and Semiconductor sub-sectors having significant new positions.
– Meredith Ervine