2025 Marked a New High in Global Campaign Activity
- 2025 marked a third consecutive record year in activism volume
- Q1 and Q3 each saw all-time highs in campaign activity
Global Campaign Activity by Region
- North American activity was up 28% year-over-year (173 campaigns in 2025 vs. 135 in 2024) and 11% over the prior record year (2014), fueled by record pace in the U.S. market
- APAC campaign volume saw a 25% year-over-year increase, driven by Japan reaching a new record high in 2025 with 56 new campaign launches
- European campaign volume saw a 19% year-over-year decrease
Global Initial Campaign Objectives
- M&A represented over a third of campaign objectives (35%), above 5-year average levels (29%), amidst a strong global M&A environment - in Europe, M&A represented up to 50% of campaign objectives
- Board Change remained the dominant campaign theme globally, arising in 37% of 2025 campaigns
- Capital Allocation demands (31%) were significantly more frequent than in prior years (19%), in large part due to an H2 2025 surge in such demands in the U.S
Global Campaigns by Sector
- Globally, Industrials (24%) and Technology (19%) remained the primary sector targets, each with elevated activity compared to historical averages
- Real Estate and Financial Institutions campaigns in North America reached all-time highs of 16% and 12%, respectively, though Technology and Industrials remained the most targeted sectors
- In Europe, Healthcare ranked as the top targeted sector in 2025, accounting for 14% of campaigns (vs. 11% in 2024)
