Activist / dissident shareholders have dramatic advantages over retail shareholders (e.g., more resources, research, the ability to meet with executives privately and glean material information). In proxy fights, the big funds (Elliott, starboard, etc.) seem to either win through gaining direct board representation or force the company to make so many shareholder-oriented concessions that they win by fiat. Their engagements almost never results in no actions taken by the companies at all.
Given that these engagements are all public, and almost invariably result in wins for hedge funds, does it make sense for retail investors to piggyback on activist investors? Has anyone had success doing this? And are there websites or public databases that track funds’ current engagements / board seats?
Thanks
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