Shareholder activism has become an increasingly important part of hedge fund strategy. Ongoing market uncertainty has pushed investors to focus more closely on company-level opportunities. Activist strategies allow funds to engage directly with governance, leadership, and operational decisions that influence long-term performance. This method continues to gain attention as investors seek outcomes formed by research and involvement.
One firm that’s setting trends in modern activism is Anson Funds, an alternative investment manager co-founded by Moez Kassam. Operating out of Toronto and Dallas, the firm manages more than $2 billion in assets and incorporates shareholder activism within a broader multi-strategy framework. Kassam’s team has set a powerful example of how activism can function as a structured component of hedge fund operations.
Shareholder activism generally involves taking a meaningful ownership position and engaging with company leadership around areas that may benefit from change. These efforts often focus on governance practices, strategic direction, leadership structure, or capital allocation. Many engagements begin privately and develop over time through ongoing dialogue and detailed proposals.
Research is the central tenet of this progress. Activist investors spend significant time examining financial performance, governance frameworks, industry dynamics, and management decisions before engaging with a company.
“To be successful as an activist fund, you have to love the process of identifying and researching hidden opportunities that the market has missed,” Kassam has said. He has successfully created a research-first mindset with Anson Funds that has been emulated by many funds operating in this space.
This focus on deep preparation has broadened the scope of activism. Smaller and mid-sized companies often attract activist attention due to limited coverage and changing governance structures. These situations allow investors to engage with leadership teams around clarity, accountability, and long-term planning. Thoughtful engagement can support strong coordination between management decisions and shareholder expectations.
Anson Funds has applied this method to a range of engagements, positioning activism within diversified portfolios that include long and short equity positions, special situations, and event-driven strategies. This structure allows the firm to pursue company-specific opportunities while maintaining balance in different market environments. Activism functions as part of an integrated investment process formed by discipline and risk awareness.
One example of Anson Funds shareholder activism took place in early 2025, when they publicly pressed Match Group (the parent of Tinder, Hinge, and other online dating companies) to reconsider its strategy and governance. The fund nominated three director candidates to the company’s board in an effort to improve capital allocation, lower costs, and push for strategic reviews. This campaign reflected ongoing activism by Anson aimed at changing leadership and strategy at the company. Later, Match Group agreed to governance changes, including adding a new board member and laying the groundwork for yearly elections of all directors after settling the dispute.
Another example of Anson Funds’ activism: In September 2025, Anson publicly urged Clear Channel Outdoor Holdings to explore a full sale of the company. The fund communicated its position directly to the board, and its push was associated with a noticeable growth in the company’s stock price, showing market attention to the campaign.
Corporate boards have also adapted to this environment. Many companies now engage earlier with shareholders and remain open to discussion when presented with detailed analysis and clearly articulated proposals. Ongoing dialogue has become a regular part of governance conversations, particularly when investors demonstrate long-term commitment and preparedness.
Kassam has emphasized the importance of structure and consistency in this process. In firm commentary, Anson Funds described its approach as rooted in a “multi-faceted methodology and disciplined security selection.” That framework supports steady engagement and informed decision-making throughout the investment lifecycle.
As shareholder activism continues to mature, its role within hedge fund investing has become more defined. Engagement today reflects preparation, patience, and sustained involvement. Funds that prioritize research and structured dialogue influence outcomes through steady participation rather than short-term pressure.
For investors and companies, this evolution points to a more established form of activist investing. Deep analysis, ongoing engagement, and long-term perspective now form how influence is exercised in capital markets. Firms that commit to these principles continue to impact the guidance of corporate performance and governance decisions.
Written in partnership with Tom White
