Activists launch more campaigns, win fewer seats

Between the lines: The second-quarter surge was driven by investors in Asia, bolstering activity past 2018's longstanding record of 143 campaigns during the first two quarters.

• The number of U.S. campaigns rose 15% to 61 year-to-date.

Yes, but: Barclays cited "a collapse in U.S. dissident success."

• Activists captured just 74 board seats so far this year, a 20% drop from last year.
• Companies such as Disney and telecom group Crown Castle managed to fend off board shake-ups that went all the way to a shareholder vote.
• In U.S. proxy fights that went to a final vote, activists won only 11% of board seats sought vs. 65% in the year ago period.

Behind the scenes: Initial worries last year that changes to proxy voting rules would lead to a rush of hedge funds snatching board seats have eased, with executives and advisers noting that the new rules appear to work for and against activists.

What we're watching: Recent campaigns include Elliott's attack on Southwest Airlines and Starboard's pursuit of changes at Autodesk.