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The Q4 2025 Sodali 40 Activist Ownership Analysis highlights key global developments in activist investing, offering a clear view into where leading investors are deploying capital and how engagement dynamics are shifting.
Key Highlights from Q4 Include:
- High activity among top activists: Oasis Management and Sachem Head initiated the newest positions, while Cable Car Capital led by total value invested, driven by major commitments to cloud and AI ecosystems.
- Notable company-specific moves: ValueAct’s sizable new position in BlackRock stood out as the largest single initiation. Constellation Energy appeared twice in the top 20 new positions, drawing investment tied to growing demand for carbon‑free energy and AI‑related data center growth.
- Significant increases in holdings: Cevian’s $840M increase in Akzo Nobel led all buyers for the quarter. Elliott increased its stake in Toyota Industries by nearly $750M, reinforcing its public position on the company’s undervaluation.
- Elevated liquidation levels: A total of 250 positions were fully exited, with Industrials, Consumer Staples, and Real Estate seeing several high‑profile sell‑downs.
- Sector trends: Materials and Consumer Discretionary posted the largest quarter‑over‑quarter value increases. Information Technology remained the primary target for new positions, particularly software and semiconductor‑related names.
- Regional insights: The U.S. remained the dominant market for activist investment, while Japan, the UK, and select European markets saw meaningful quarter‑over‑quarter gains.
- SPAC resurgence: SPAC activity climbed sharply, with 62 new positions, representing a 20x increase compared to the previous year.
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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.
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