Record Global Activity
- Shareholder activism reached a new high in H1 2026, with campaign activity rising 20% year-over-year and 38% above the five-year H1 average
- Record activity in the U.S. and a sharp acceleration in APAC more than offset a moderation in Europe
- Fewer, but more prolific activists were responsible for the activity; the share of activists launching more than one campaign was elevated in H1 2026 (30% vs. 23% in H1 2025)
Global Campaign Activity by Region
- North America: 94 campaigns, a new record (up 19% year-over-year) and 36% over the historical average, fueled by a 24% year-over-year increase in the U.S.
- Europe: moderated to 23 campaigns (down 23% year-over-year), with heightened concentration in the U.K. (57% of European activity) and Italy emerging as the second most targeted market (17%)
- APAC: 65 campaigns, more than double the historical average, with Japan in particular reaching a record 52 campaigns (up 53% year-over-year)
Global Campaigns by Sector
- The top five targeted sectors globally accounted for 84% of all activity (vs. 68% historically): Industrials (39%), Technology (13%), Financial Institutions (12%), Healthcare (11%) and Consumer (9%)
- North America: Technology remained the most frequently targeted sector (19% of North American activity); H1 2026 also saw a spike in Financial Institutions campaigns (16%, up from the historical average of 6%)
- Europe: The share of campaigns represented by Industrials surged to 39%, more than twice the historical average and a material reversal following several periods of reduced activity
- APAC: Industrials dominated sector activity at 69% of campaigns (nearly double the historical average of 38%), notably driven by increased activity in the Capital Equipment and Machinery sub-sector (24% of all Industrials campaigns)
Global Campaign Objectives
- Capital Allocation demands arose in 39% of H1 2026 campaigns, up from 23% historically. The increase was principally driven by activity in Japan, which saw 29 Capital Allocation campaigns in H1 2026, more than double H1 2025’s total
- M&A and Board Change campaigns remained leading objectives, accounting for 40% and 35% of campaigns respectively (each elevated vs. historical levels)
- Strategy-focused campaigns accounted for 23% of H1 2026 activity, more than twice the historical share. In the Technology sector in particular, Strategy demands arose in 46% of campaigns, with many focused on how companies are approaching AI
1 Campaigns may feature multiple objectives; as such, percentages will not equal 100% if added up.
Key Trends to Watch
The report also highlights several developments with potential to shape the shareholder activism landscape going forward, including
- The growing role of AI in activist campaigns and corporate strategy
- Continued momentum behind M&A-related activism
- Evolving proxy voting and stewardship practices among institutional investors
- Regulatory developments affecting public companies and shareholder engagement
- U.S. government / agencies as potential equity investor
- Changing geographic distribution of activist activity, particularly the continued rise of APAC
