Activist Leaderboard of Returns

Welcome to the Activist Leaderboard. Who are the best all-time performing activists? So far, not Bill Ackman’s Pershing Square! We’re digging deep to find out the rest.



















Stay tuned for more updates. 

Activist investment:

  1. Starts when: activist hedge fund files a 13D.
  2. Ends when: activist ceases to own 5% of the outstanding shares of the target, changes filing from active (13D) to passive (13G), or when the target company is acquired.
  3. S&P 500 performance is measured over the exact time frame as the activist investment.


  1. Calculated as current or ending price per share / beginning price per share.
  2. Ending price per share is the closing price on the date the activist investment ends (defined above).
  3. Beginning price per share is the closing price the day prior to 13D filing.
  4. Returns exclude dividends and other shareholder distributions.

Activist makes the list if:

  1. Activist investment since 2014
  2. 4+ total activist investments
  3. Targets operating public companies