The Bloomberg Activism Forum in New York brought together leading voices in shareholder activism, offering a platform to explore strategies, emerging trends, and notable case studies. Among the key speakers was Sagar Gupta, Portfolio Manager at Anson Funds, who was invited to host an ideas session. Gupta has led the activism strategy at Anson since late 2023. He was previously the Senior Analyst (Head of TMT) at Legion Partners, a small/mid-cap activist investment firm based in Los Angeles. In addition, Sagar served on the board of Momentive Global (MNTV), the maker of SurveyMonkey, from 2022-23 through the sale of the company to private equity. 

Anson Funds is a $2 billion multi-strategy hedge fund founded in 2003 by Chief Investment Officer Moez Kassam, specializing in long-short and special situations investments. The firm prides itself on a culture of excellence and an investment philosophy that aims to deliver uncorrelated outperformance. To achieve this, Anson Funds employs a diverse range of strategies, including activism, fundamental shorts, momentum reversals, structured financings, arbitrage, REITs, and tactical long/short investments.

Gupta, a return guest at the forum, had previously presented on Anson’s activism strategies. The firm’s approach is primarily a long-term, constructive engagement strategy with small- and mid-cap companies in the U.S. and Canada. While Anson prefers private negotiations with management, it is unafraid to escalate publicly when necessary. Recent campaigns showcase this approach, including Gupta securing a board seat at a partner company and leading efforts to remove a founder-CEO and several board members, resulting in operational improvements and a stock re-rating. Gupta’s success reflects broader trends in shareholder activism. In 2024, 243 activist campaigns were launched, the highest number since 2018. The U.S. alone saw 115 campaigns, a 6% year-over-year increase. Activists were responsible for a record 27 CEO removals, with CEO turnovers among S&P 500 companies driven by activists tripling since 2020.

Key Takeaways from Bloomberg’s Activism Panels

The forum featured multiple panels discussing the evolving landscape of shareholder activism. Adam Kommel, Bloomberg’s Activism Product Manager, opened the event by detailing the growth of Bloomberg’s shareholder activism data platform. He noted the huge increase in attendance since the Forum’s first year, demonstrating the expanding influence of activism within capital markets.

In a panel on emerging trends in activism, Scott Ferguson (Sachem Head Capital Management) noted that there is a “pent-up animal spirit” among activists for increased M&A activity in the coming year, particularly among companies affected by FTC regulations. Sebastian Alsheimer (Wilson Sonsini Goodrich & Rosati) echoed this optimism but cautioned that regulatory changes under the Trump administration could unevenly impact tech companies, with oil and gas deals potentially seeing reduced scrutiny, while tech firms face ongoing challenges. Gabrielle Wolf (Innisfree M&A Incorporated) noted that activists, being “value-creation animals,” often embrace M&A, ready to implement cost-cutting and capital allocation adjustments if needed, though CEOs aiming for a cash sale typically find smoother paths. 

Ferguson added that when evaluating companies, he always considers the CEO’s age, as near-retirement CEOs are more likely to pursue transactions. Ken Mantel emphasized that although M&A deals may not be immediately accretive, activists can facilitate dialogue between companies and investors to drive long-term value creation. Finally, the panelists agreed that regardless of the political environment, underperforming companies will always remain vulnerable to activist campaigns. The consensus was clear—activism will continue to be a major force in shaping corporate strategy and governance in 2025 and beyond.

The Bloomberg Activism Forum highlighted the increasing impact of shareholder activism on corporate decision-making. Anson Funds, with its disciplined approach and successful track record, exemplifies the effectiveness of activism in driving governance improvements and unlocking value. As market dynamics shift, activists are poised to remain a key force in shaping corporate strategy and governance in 2025 and beyond.