Activists Beat S&P 500 in 48 Percent Gain for Shareholders

Corporate activists such as Carl Icahn, Bill Ackman and Nelson Peltz targeted 81 U.S. companies with market values exceeding $1 billion between January 2009 and Dec. 31, 2013. Activists urge corporate heads to rethink their strategies and expedite stock-boosting changes. The companies analyzed by Bloomberg News generated a 48 percent average gain for long-term investors and beat the S&P 500 by 17 percentage points.

Published Mar. 31, 2014

Stock Performance During Investor Activism
Guide to reading this chart
Stock price 6 months before activist target
Stock price after activist target, colored by quadrant
Move your mouse over a particular circle to identify the company and activist
Stock value increased and grew faster than the S&P 500 average during the activist target
Stock value increased, but at a slower pace than the S&P 500 average
Stock value decreased
Winners and Losers
Among the biggest winners of recent activism were Fortune Brands Inc. shareholders, who doubled their money after Bill Ackman successfully pushed for a breakup. Ackman wasn’t as lucky with J.C. Penney Co., whose shareholders would have been better off owning S&P 500 stocks instead.
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Corvex
Elliott Associates
Icahn
Jana Partners
Pershing Square
Relational Investors
Starboard
Third Point
Trian Fund
ValueAct Holdings
Other

Source: Data compiled by Bloomberg

GRAPHIC: ALEX TRIBOU, CHLOE WHITEAKER & JULIAN BURGESS / BLOOMBERG VISUAL DATA; TARA LACHAPELLE & BETH JINKS / BLOOMBERG NEWS