Anson Funds‘ push into constructive activism can only be described as a success. Led by Portfolio Manager and Head of Active Engagement Sagar Gupta, the firm—which manages over $2 billion—has institutionalized a “constructive” activism strategy that prioritizes deep fundamental research over public hostility. By targeting companies with stagnant governance or lagging capital allocation, Gupta has positioned Anson as a guardian of shareholder value, often resolving disputes through strategic cooperation rather than costly, protracted proxy battles.
Clear Channel Outdoor (CCO) Sale Validates Thesis
One of the firm’s most significant victories became official when the $6.2 billion sale of Clear Channel Outdoor (NYSE: CCO) to Mubadala Capital and TWG Global was announced in early February 2026. We initially wrote about the potential proxy fight in September of 2025. Gupta was a vocal advocate for a full sale, arguing that the billboard giant’s heavy debt load and public market valuation did not reflect the true potential of its digital assets. The deal, priced at $2.43 per share—a significant 71% premium to its unaffected price—marks the culmination of a campaign that saw Anson push for a strategic review as early as 2023. For Clear Channel shareholders, the take-private transaction offers an immediate exit at a significant premium, validating Anson’s thesis that a streamlined, private ownership structure was the most viable path to unlock the company’s underlying worth.
Success at SPS Commerce (SPSC)
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This momentum has carried directly into Anson’s latest engagement with SPS Commerce (NASDAQ: SPSC). We weren’t surprised to see Anson’s push given a Boardroom Alpha Activist Vulnerability score of 90 out of 100 and CEO Chadwick Collins’ CEO Hot Seat Score (a probability of dismissal) spiking to 66. Investor frustration regarding the company’s performance, capital allocation and board composition enabled Anson to secure a comprehensive cooperation agreement that forces a necessary boardroom refresh. The appointment of Michael McConnell and Fumbi Chima adds seasoned logistics and digital transformation expertise to a board where long-tenured directors were overseeing massive shareholder losses. Crucially, the agreement also secured an increase in the share repurchase authorization to $300 million, signaling a pivot toward more aggressive capital return.
Anson was also successful at Match Group (MTCH). Despite MTCH trying to appease investors Anson continued to push towards a proxy fight. Match Group finally relented as they came to terms on a cooperation agreement and added Kelly Campbell to the board.
Investor Take Away
Investors should now recognize that Anson is a fund that wins seats and holds influence. So, as the 2026 proxy season gains steam watch for Anson to continue to be an active participant and, should they make an approach, expect them to get a deal done.