利益（をあげる） from 行動主義者s: Mischievous 投資家s at Disney and Scottish Mortgage can give 株 a 上げる

  • 行動主義者 投資家s are 積極性 agitating for change at major 会社／堅いs?

By Anne Ashworth

Updated:

行動主義者 投資家s are 積極性 agitating for change at major British and American 会社／団体s. You may see these larger-than-life personalities as 'いじめ（る） 億万長者s'.

But you should also be asking whether they are not only making mischief, but also money for other 投資家s.

The 重要な 人物／姿／数字s in the game are US hedge 基金 経営者／支配人s. Most famous の中で them is Nelson Peltz, boss of the Trian 基金, enemy of 'woke' and father-in-法律 to David Beckham's son, Brooklyn.?

Agitating for change: Nelson Peltz (left) and Paul Singer

Agitating for change: Nelson Peltz (left) and Paul Singer

Peltz recently 譲歩するd that he may be a いじめ（る） 億万長者, but sees himself as a 'constructivist' not an 行動主義者. At 現在の, he is making his presence felt at Unilever, the Dove soap and Marmite group.

He is also 捜し出すing board 代表 at the Walt Disney empire. This acrimonious （選挙などの）運動をする reaches a 対決 on April 3.

The 平等に combative Paul Singer, boss of Elliott 投資 管理／経営, has snapped up a 5 per cent slice of Scottish Mortgage, the FTSE 100 tech 信用 where 私的な unlisted companies 構成する 30 per cent of the 大臣の地位.

Singer's other 投資s encompass the bookshop Waterstones. He also used to own the AC Milan football team. His 企て，努力，提案 for 電気のs retailer Currys has just been rebuffed. The 麻薬s company GSK and the 同盟 信用 number の中で his past UK 的s.

Gerrit Smit, 経営者／支配人 of the Stonehage Fleming 全世界の Best Ideas 公正，普通株主権 基金 （人命などを）奪う，主張するs that 行動主義者s can be a 軍隊 for good.

But a 熟考する／考慮する by 資産 経営者／支配人 Lazard of US 伝統的な 行動主義者 （選挙などの）運動をするs, which 診察するd the years from 2018 to 中央の-2023, showed them 生成するing short-称する，呼ぶ／期間／用語 outperformance of 2 per cent the first week after the （選挙などの）運動をする was 発表するd. But long-称する，呼ぶ／期間／用語 outperformance was elusive, with an 普通の／平均（する） 8.6 per cent price 落ちる over the に引き続いて 12 months.'

Against the background of such scepticism, Peltz seems to be winning 尊敬（する）・点. Unilever's 株 price is up by 4 per cent this year, 示すing 信用／信任 in a Peltz-style glow-up of the 商売／仕事.

As part of the re-形態／調整ing of Unilever, the £15billion Magnum and Ben & Jerry's ice cream 分割 is 始める，決める to be floated in Amsterdam. Peltz, 81, should be pleased. Some （人命などを）奪う，主張する his distaste of Ben & Jerry's 進歩／革新的な activism was the 推論する／理由 he took a 1.4 per cent 火刑／賭ける in Unilever.

Peltz takes 問題／発行する with costs and the woke トン of 最近の Marvel movies at Disney. He 直面するs 対立 from film director George Lucas and other Hollywood heavyweights who support （頭が）ひょいと動く Iger, Disney's 長，指導者 (n)役員／(a)執行力のある.

Peltz turned his attentions to Disney in 早期に 2023, acquiring 株 at about $92. The price is now $118, に引き続いて the 明かすing of a $5.5billion 再編成 programme. 分析家s at Barclays have 始める，決める a 的 price of $135.

As a 株主, I am 自信のない whether it will be ha ppily ever after if Peltz joins the board, but I am going to relax into my seat (maybe with some popcorn) and watch the story 広げる.

Even more 不確定 surrounds the 結果 of Singer's Scottish Mortgage excursion.?

But again, as an 投資家, I am going to wait and see, hoping that he will make a 肯定的な difference ? reasonably quickly.?

The 同盟 saga ran for seven years. Scottish Mortgage's 株 price has 回復するd to 894p, having 頂点（に達する）d at 1515p in October 2021.?

Singer 競うs that buying 支援する the 信用 株 would 上げる the 株 ? and 狭くする the 割引 between the price and the 逮捕する 資産 value. But critics 恐れる this would be 基金d by selling 名簿（に載せる）／表（にあげる）d holdings, so 増加するing the size of the unlisted element.

Darius McDermott of FundCalibre also questions Elliott's dislike of these holdings. '私的な companies are inherently いっそう少なく transparent than 公然と-貿易（する）d ones,' he says. 'But some of those owned by Scottish Mortgage are 設立するd 商売／仕事s like ByteDance, owner of Tik Tok, or Elon Musk's Space X.'

Some may be tempted to take a bet on Disney, Scottish Mortgage or Unilever. But those who bought BT or Vodafone when French 行動主義者s burst の上に the scene have been disappointed

Patrick Drahi owns a 24.5 per cent 火刑／賭ける in BT. Xavier Niel has 2.5 per cent in Vodafone. BT's 株 price is 109.65p, below its level in June 2021 when Drahi started buying. Vodafone's price has also gone into 逆転する.

I would 示唆する a different 戦略: sit 支援する and enjoy the fun if you have cash in UK 在庫／株s.

The arrival of Peltz and Singer 示唆するs that UK markets are undervalued and that these 行動主義者s could 刺激（する） yet more 活動／戦闘.

Solid-sounding 指名する of Scottish Mortgage belies racy nature of this FTSE100 member 投資 信用

The solid-sounding 指名する of Scottish Mortgage belies the racy nature of this FTSE100 member 投資 信用.

Its 大臣の地位 is not made up of 貸付金s 前進するd to Scots homeowners. Rather it is a bet on 革新 in AI (人工的な 知能) and other fields in the US, Europe and 中国.

Scottish Mortgage's largest 引用するd company holdings 含む the tech 巨人 Nvidia, 製造者 of AI microchips and ASML, the Dutch group, the number one in the 製造業の of the machines that make microchips.

More 議論の的になる is the 信用's unquoted '私的な 公正，普通株主権' element which 構成するs about 27 pc of the 大臣の地位. Some of the 投資s are obscure. Others are world-famous such as ByteDance, the Chinese owner of TikTok and Elon Musk's SpaceX.

These 商売／仕事s excite many 投資家s. But they do not impress the 支えるもの／所有者 of 5pc of the 信用's 株 - US 行動主義者 投資家 Paul Singer, boss of the Elliott 投資 管理／経営 hedge 基金 and 退役軍人 of 戦う／戦いs against the boards of 麻薬s group GSK and others.

Singer may own the bookshop Waterstones and was proprietor of the football club AC Milan until 2022. But the 79-year old does not seem to wish to 充てる his time to such 追跡s, 存在 more 利益／興味d in 軍隊ing change at the companies where he 投資するs.

Scottish Mortgage's other 投資家s ought now to consider if they like the 戦略 Singer wants the 信用 to 追求する. - for he may 後継する.

Baillie Gifford, Scottish M ortgage's 経営者／支配人, is known for having the courage of its 有罪の判決s. Some call the 姿勢 'arrogant' and even '教団-like'. But Singer can be very persuasive. This is the man who impounded an Argentinian 大型船 to 軍隊 the country to settle lapsed 社債 負債s.

Singer argues that Scottish Mortgage should buy 支援する its own 株, a 機械装置 that 目的（とする）s to 上げる the 株 price, 減ずるing the 割引 between the price and the 信用's NAV - 逮捕する 資産 value.

A 狭くするing of the 割引 would be welcome. But to 達成する this, some of the 引用するd 在庫／株s might need to be sold off, 増加するing the 割合 held in the more illiquid unlisted companies.

Trimming these unlisted holdings would be challenging. 普通は some would proceed to an IPO, becoming 引用するd companies. But there is いっそう少なく activity in this section of the market at 現在の.

配置する／処分する／したい気持ちにさせるing of these 火刑／賭けるs by other means 危険s 奪うing the 信用 of some of the 未来 星／主役にするs of tech.

This 適切な時期 to be a small-time 投機・賭ける 資本主義者 by 支援 such 商売／仕事s is one of the 推論する／理由s why I have put a small 量 into Scottish Mortgage each month for more than a １０年間.

But this is an adventurous choice, suitable for those happy to take a long-称する，呼ぶ／期間／用語 見解（をとる）.

The 信用's 株 have almost halved since their 頂点（に達する） in the autumn of 2021 and there is no 保証（人） that Singer's 介入 can 速く 逆転する this 傾向.

If you would prefer something with a lower 危険 profile, there are many other 全世界の 信用s such as F&C which also 供給する some AI 産業の 革命 （危険などに）さらす.

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