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The Q3 2025 edition of the Sodali 40 is now available, highlighting key shifts in activist investor activity across sectors and regions.
Key takeaways from the Q3 edition include:
- New Positions: Third Point led new activist investments, especially in railroads and Industrials, with major stakes in Norfolk Southern and Union Pacific.
- Increased Positions and Exits: Top buys included Elliott’s moves in Kaisa Group and Uniti Group, while Oasis and Southeastern Asset Management made notable strategic exits.
- Ownership Concentration: Tech giants such as Microsoft, Amazon, and NVIDIA, as well as Kenvue, experienced the highest concentration of activist investors this quarter.
- Sector and Regional Trends: Industrials remained the largest sector by value, but Information Technology posted the fastest growth; the U.S. led regional gains, with Africa showing the highest percentage increase.
- SPACs and Sub-Industries: SPAC investments rebounded sharply, and regional banks, biotech, and application software were the most active sub-industries for new activist positions.
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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. Download the full report for a detailed breakdown of these trends and actionable insights.
Access the full analysis here
Summary
The Q3 2025 edition of the Sodali 40 is now available, highlighting key shifts in activist investor activity across sectors and regions.
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