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Do Activists Investors Create Value?

Analysing the Performance of Activist Investors

Nicolas Rabener
10 min read
25 Nov 2019

SUMMARY

  • Shareholder activism has not grown from a campaign or AUM perspective recently
  • Activist funds have not generated attractive returns
  • The lack of outperformance is challenging to explain

INTRODUCTION

Active fund managers today are like deer caught in the headlights of oncoming traffic as the exchange-traded fund (ETF) industry is expanding its product range to all investment strategies and grabbing more and more market share from the mutual fund sector. In an important milestone, in August 2019, passive US equity funds surpassed their active counterparts in assets under management (AUM).

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