Hago un post específico para este artículo de Ronald Orol “How Index Funds Could Turbocharge Activism” que resume perfectamente el contexto en el que se mueven ahora las compañías cotizadas y los inversores activistas.

Resumen ejecutivo

“The relationship between activists and big index funds is strong,” Rossman said. “And each year as more money flows into passive strategies, passive managers become more assertive, willing to use their large stake and influence to have companies make changes.”

“Welling’s fund Engaged Capital LLC accumulated a 9.9% stake over a short period of time. In addition, long-term holders Vanguard Ltd., Fidelity Investments, and BlackRock Inc. each own about 8% of the company, according to FactSet Research Systems Inc. As a result, Hain’s top four holders control well over 30% of the company—and its top 12 investors control about 50%.

 

Therefore, instead of convincing hundreds of shareholders to support his director candidates, Welling only has to convince a handful to back his efforts.”

“However, don’t expect it to be all share-price spikes and acquisition premiums for activist investors any time soon. Insurgents still have to face the fact that for a variety of reasons there is a better than not chance that index funds won’t back their campaigns. And legislators on Capitol Hill are trying to impose tougher regulations on proxy advisory firms, which could make life more difficult for activist funds and their director battles.”
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