行動主義者 投資家s 嵐／襲撃する British plc: They do not always produce good results, but they can be a healthy catalyst for change, says RUTH SUNDERLAND
- UK has been the biggest 的 in Europe?
- Boards should 熟視する／熟考する what to do to make their 商売／仕事 いっそう少なく 攻撃を受けやすい?
- The best defence is to run a good ship
'行動主義者' 投資家: 億万長者 Nelson Peltz
Nelson Peltz, the 81-year-old 億万長者 whose 戦う／戦い with Disney will come to a 長，率いる this week, is one of a now ageing 産む／飼育する of 塀で囲む Street agitators who first 伸び（る）d notoriety in the Eighties.
いわゆる '行動主義者' 投資家s such as Peltz and his fellow octogenarian Carl Icahn ? one of the inspirations for Gordon Gekko in the 1987 film 塀で囲む Street ? take 火刑／賭けるs in companies, then chivvy bosses into making changes. They do not like 存在 portrayed as predators or 資産 strippers.
Peltz 述べるs himself as a 'constructivist' who 作品 with 管理／経営, which might 始める，決める Disney boss （頭が）ひょいと動く Iger's 注目する，もくろむs rolling. Carl Icahn （人命などを）奪う，主張するs that in his ninth １０年間, he is on a 使節団 to '修正する glaring 不正s' （罪などを）犯すd by 法人組織の／企業の America. This has 含むd taking a small 行動主義者 火刑／賭ける in McDonald's to 改善する its 治療 of 妊娠している （種を）蒔くs.
His reinvention as an anti-animal cruelty 支持する may be surprising, but in any event, his （選挙などの）運動をする failed. Having been a 大部分は US 現象 for years, activism is taking off どこかよそで.
The UK has been the biggest 的 in Europe. 行動主義者s have turned on FTSE 100 boards from Glencore ? where an Australian hedge 基金 is 押し進めるing to move its 名簿（に載せる）／表（にあげる）ing to Sydney ? to betting group Entain.
Peltz has 肘d his way の上に the board of Unilever.
Elliott 投資, led by another 退役軍人 US financier, Paul Singer, is harrying bosses for change at the Scottish Mortgage 信用. In a 報告（する）／憶測 earlier this year, 管理／経営 顧問s Alvarez & Marsal (A&M) identified 146 companies in Europe at 危険 from 行動主義者s in the next 18 months.
By far the largest number of those, 54, were in the UK, twice the 人物／姿／数字 in Germany, the next on the 危険 名簿（に載せる）／表（にあげる）.
A&M 予報するs this will 増加する in the next 18 months, partly because 消費者 and energy companies are 井戸／弁護士席-代表するd on the UK 株式市場. It believes these 部門s look juicy to the 行動主義者s.
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Valuations of UK companies, 手段d by price-to-収入s 割合s, are 17 per cent below the European 普通の／平均（する）, which 申し込む／申し出s a chance to buy in at an attractive price.
Unsurprisingly, 現職の 管理／経営s don't like these 法人組織の／企業の 群衆-rousers, whose arrival at the gates is a 非，不，無-too-subtle 批評 of their own 業績／成果.
Peltz and co are painted as self-利益／興味d スパイ／執行官 provocateurs. Unease is 構内／化合物d by the fact they can throw their 負わせる around without having any meaningful 所有権.
Often, they use derivatives or borrow 在庫／株 from 投資家s who せねばならない know better, rather than build a 本物の 火刑／賭ける.
Does activism work? いつかs.
Changes they 需要・要求する are most 一般的に to break up a company, to give cash 支援する to 株主s, to do a 取引，協定 or to 配分する 資本／首都 異なって.
This can give complacent boards a kick or 加速する change that was planned anyway. But the long-称する，呼ぶ／期間／用語 results are 不明瞭な.
Goldman Sachs, in a 熟考する／考慮する last year of more than 2,100 行動主義者 （選挙などの）運動をするs since 2006, 設立する that 最初 株 in 的 companies outperformed. This, however, typically turned 消極的な after six months.
The 結論 is that 行動主義者s do not always produce good results, but they can be a healthy catalyst for change. As they ざっと目を通す the market for their next prey, boards should 熟視する／熟考する what they can do to make their 商売／仕事 いっそう少なく 攻撃を受けやすい.
As Amanda Blanc, 長，指導者 (n)役員／(a)執行力のある at Aviva could 証言する having seen off an 行動主義者, the best defence is to run a good ship.
