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We've seen the term more lately, and wondered what it means, who does it, and why. It's come up in a few different places:
- Trian calls its work "constructivism"
- Relational Investors "presents detailed recommendations for constructive change."
- Atlantic Investment Management undertakes "constructive activist" strategies.
- Spring Owl "will pursue activist and constructivist-based investment strategies'"
- The Discovery Group "maintain[s] an active and constructive dialogue" with portfolio company leadership.
Sounds like a twentieth-century art movement, not an investment strategy, no?
Yet, all activist investing is by definition constructive. Constructivist investing feels like a form of activist investing. So, what do "constructivist" investors do?
We look at this phenomenon, and raise two concerns, in a current blog post. |
