ASC Advisors November 2025 Newsletter
ASC Advisors November 2025 Newsletter
Welcome to ASC Advisors’ monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.
Activist Campaigns Hit New Record For 2025
The 2025 surge in hedge fund activist campaigns marks one of the most active years on record. According to Barclays, 191 new campaigns were launched globally in the first nine months, matching the highest level ever recorded through the third quarter and on pace to surpass the 2018 record of 249 total campaigns. The U.S. has been the clear driver of this momentum, with activity rising 23% even as it slowed in Europe and Asia-Pacific.
Activists have become increasingly effective in securing board representation, securing 98 board seats so far this year, a 17% rise from 2024, as companies continue opt to settle rather than endure costly and very public proxy battles. The SEC’s universal proxy rules and stronger activist-nominated director candidates could be driving these trends.
In addition to board representation in 2025, CEO turnover under activist pressure is on track to reach an all-time high this year Following last year’s record-setting 27 departures, 25 CEOs have departed as a result of activist pressure, including those at Opendoor, Tinder, and CSX. Barclays’ data show that boards are acting faster and with less hesitation, often preemptively making leadership changes before activist campaigns even go public. The result is a new era of “CEO accountability,” where boards and investors alike demand immediate operational and financial results, leaving little room for prolonged underperformance.
Lastly, as M&A activity has begun to pick up, activism around transactions is also on the rise, with activists finding success in preventing transactions or pushing for improved terms. Last week, for example, shareholders voted down Core Scientific’s proposed sale to CoreWeave with potentially record-level opposition after Two Seas Capital launched a campaign highlighting the Transaction's Flawed Process, Deficient Structure and Inadequate Price.
ASC Advisors has advised clients, including Two Seas, through multiple successful M&A and other activism campaigns in 2025, and looks forward to another active season heading into 2026.
Financial Market Turbulence Persists
After a period of relative calm, financial markets have once again turned turbulent. A confluence of geopolitical developments, shifting trade dynamics, and evolving policy signals has unsettled investors, prompting a swift retreat from risk. Analysts have characterized the mood as reactive, with sentiment swinging sharply in response to unexpected headlines and policy shifts.
This renewed volatility is unfolding against a backdrop of persistent macroeconomic uncertainty. Ongoing global tensions and disruptions in key supply chains have only added to the sense of fragility. Meanwhile, the government shutdown delayed official data releases and left investors to rely on alternative sources to gauge the health of the economy—many of which point to continued caution among consumers.
In this environment, capital has begun to flow toward perceived safe havens. Gold, in particular, has seen renewed interest as central banks and private investors seek stability amid the noise, though volatility has caused gold to drop nearly 10% in recent days. The move underscores a broader theme: in times of uncertainty, traditional hedges often regain their appeal. Amidst the turmoil, reporters and media are always interested in covering how different strategies are approaching the markets and where opportunities may present themselves.
Hedge Fund Growth Reaches News Heights
The hedge fund industry hit a record $5 trillion in assets in 2025, according to Bloomberg. The industry is expected to continue to grow as institutions are increasing their allocations to both new and existing funds in an effort to capitalize on new investment opportunities given the uncertain and changing market.
Due potentially to geopolitical tensions and unstable markets this year, investors are turning to hedge funds in search of uncorrelated returns. Rising U.S. stock prices and tariff related volatility in bond and currency markets have also created opportunities in the hedge fund space. However, there is concern around strategies being too concentrated in the U.S. large-cap space, causing many investors to diversify with global strategies.
This capital flow appears to be accelerating as well, as hedge funds saw the largest quarterly inflow since 2007, with nearly $34 billion during the three months through September, according to Hedge Fund Research Inc. This increase in assets was also driven by average total returns of 5.4%.
In addition, both existing funds and new funds are performing better than last year with existing funds collecting $202 billion through September, compared to $190 billion last year and new funds raising $23.78 billion through September, compared to $22.55 billion. The year has been strong overall with the third quarter performing exceptionally well.
FCA Proposal on Short Selling Advances in the UK
The Financial Conduct Authority's recent proposal on short selling brings much-needed clarity and modernization to the UK short selling regime. By shifting from firm-level to aggregated issuer-level disclosures, the framework enhances market transparency while reducing the compliance burden on individual firms.
The introduction of operational improvements, such as bulk reporting, a reportable shares list, and safe harbors, supports more efficient implementation and reduces administrative risk. Overall, the changes strike a constructive balance between regulatory oversight and market practicality, promoting a more streamlined and proportionate regime.
FCA encourages investment firms, issuers and other market participants to read the Consultation Paper and submit their views before the end of the consultation period on December 16, 2025.
Firm News
8th Annual Tightlined Slam
ASC’s Taylor Ingraham launched and runs the Tightlined Slam, a fly and light tackle tournament dedicated to conservation, in 2018, and hosted the 8th Annual Tightlined Slam Tournament in October. The event brings anglers and non-anglers together to raise money and awareness for the conservation of our fisheries and marine resources.
The Tightlined Slam Tournament contributes proceeds directly to conservation while awarding prizes to top anglers, and has partnered with The American Saltwater Guides Association, which was created to activate and unite guides, small business owners and like-minded anglers.
The Night of Hope Gala
ASC was honored to attend the 20th Annual A Night of Hope Gala, which supports A Little Hope Foundation and Comfort Zone Camp. The two organizations aim to address the growing need for resources for families dealing with suicide and overdose loss and provide children with a supportive community that understands their grief journey and equips them with the tools to heal.
Comfort Zone Camp partnered with seven organizations, including A Little Hope, to reach children across the country through 13 camps. These include suicide loss and overdose loss camps, both of which offer a separate, optional camp for parents or guardians of grieving campers.
We were proud to stand with both organizations as they came together to raise money to ensure children get the care they deserve. All proceeds went towards funding free camps for children and families navigating grief.
2025 CorpGov Forum
ASC Advisors' Steve Bruce, Taylor Ingraham, Keely Gispan and Max Rayden are in West Palm Beach, FL attending this year's CorpGov Forum. Steve and Taylor will also be hosting their own panel discussions on how to communicate through a crisis and the intersection of private equity and founder-led businesses. We look forward to connecting with clients and friends in Palm Beach!
