Sodali 40 Q2 2026

Sodali & Co has released the Q2 2026 edition of the Sodali 40, a proprietary quantitative analysis identifying the top activist investors globally. The model evaluates each investor across reputation, engagement volume and outcomes, primary tactics and objectives, board seats won, and recency of activity. The report focuses exclusively on equity ownership of publicly traded companies, excluding warrants, debt, ETFs, and funds, to isolate the positions that carry the greatest engagement risk.

Key Highlights from This Quarter:

• A quarter of pruning, not expansion. Activists added to or initiated 798 positions while trimming or exiting 1,026, even as the number of total holdings edged up from 2,218 to 2,264 and the average holding size grew from 81 million dollars to 91 million dollars.
• Materials was the standout sector, with holdings reaching 12.0 billion dollars, up 19.0 percent for the quarter and 54.9 percent year-over-year, the strongest annual gain of any sector. Construction materials led the move, driven by new positions from TCI Fund Management in Martin Marietta Materials and Vulcan Materials.
• Technology rebounded sharply after a steep first-quarter decline, rising 34.2 percent for the quarter, though it remains 28.2 percent below year-ago levels. Excluding TCI's exit from Microsoft, the sector is up 26.6 percent year-over-year.
• Semiconductor holdings nearly doubled, up 97.5 percent for the quarter, though the report notes that broad ownership across the Sodali 40 rarely translates into concentrated influence: most positions remain a small fraction of one percent of the underlying company.
• Geographic diversification continued. The United States still accounts for 56.8 percent of non-quant activist holdings, but that share has declined from 61.8 percent a year ago. Japan was the fastest-growing major market, up 83.1 percent year-over-year, and recorded the largest net gain in position count of any country.
• The largest new positions of the quarter included TCI Fund Management in Martin Marietta Materials (758.4 million dollars), Deutsche Boerse (726.4 million dollars), and Vulcan Materials (721.9 million dollars); Third Point in Warner Bros. Discovery (533.2 million dollars); and Elliott Management in Nippon Express Holdings (455.9 million dollars).

The full report includes detailed commentary on ownership concentration, sector and sub-industry variance, regional insight across Europe, APAC, and the United States, and the complete Sodali 40 activist list.

About the Sodali 40

The Sodali 40 represents the top activist investors, identified through our proprietary quantitative model. This model analyzes various criteria, including reputation, number of engagements and their outcomes, primary tactics and objectives of the investor, number of board seats won, and recency of engagements.

The Sodali 40 highlights the inherent risk of engagement when an investor takes a new position in a company. Our analysis also outlines the major global trends among activist investors' portfolios, focusing solely on equity ownership of publicly traded companies and excluding warrants, debt, ETFs, and funds.​​

Stay informed and proactive with Sodali & Co's expert analysis, equipping your company to navigate the evolving landscape of activist investment.