Published against the backdrop of the COVID-19 pandemic, the 2020 AAA report assesses how unprecedented disruption reshaped the activist landscape. While public campaigns slowed significantly during the crisis, the report argues that this represented only a temporary pause. A&M identifies 161 European companies at heightened risk of future activism and predicts that activists were quietly accumulating positions while waiting for greater visibility to return.

The report outlines six major themes expected to define activism in 2021, including a renewed focus on operational transformation, growing attention on the UK market, rising interest in technology and healthcare companies, and more prominent ESG-driven campaigns. As the pandemic exposed significant differences in corporate performance, activists were expected to return with renewed intensity, targeting companies unable to adapt effectively to the changing economic environment.