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Impact of COVID-19 on shareholder activism: Any slowdown in activist filings?

Many investors may be interested to know whether the COVID-19 pandemic has affected shareholder activism. We will address this by answering two questions.
Question #1: Has there been a slowdown in proxy campaign during the COVID-19 pandemic?
No. Plenty of proxy campaigns are still ongoing, and there is no sign of withdrawal or cancellation due to the COVID-19 pandemic. The only fund that has withdrawn its campaign is Land & Buildings. On March 10, 2020, Land & Buildings nominated board candidates for election to the AMH Board of Trustees. Within a couple of weeks, on March 23, 2020, Land & Buildings withdrew its nomination, hinting the coronavirus outbreak.
List of ongoing proxy campaigns:
BIG LOTS INC | MACELLUM ADVISORS GP, LLC |
EBAY INC | STARBOARD VALUE LP |
GAMESTOP CORP. | HESTIA CAPITAL PARTNERS LP |
GULFPORT ENERGY CORP | FIREFLY VALUE PARTNERS, LP |
HC2 HOLDINGS, INC. | PERCY ROCKDALE LLC |
HP INC | XEROX HOLDINGS CORP |
LSC COMMUNICATIONS, INC. | SENTENTIA CAPITAL MANAGEMENT, LLC |
MEDNAX, INC. | STARBOARD VALUE LP |
MERIT MEDICAL SYSTEMS INC | STARBOARD VALUE LP |
SUPERIOR INDUSTRIES INTERNATIONAL INC | D.C. CAPITAL ADVISORS, LTD |
FIRST UNITED CORP | DRIVER MANAGEMENT |
CIRCOR INTERNATIONAL | GAMCO |
BARNWELL INDUSTRIES | A SHAREHOLDER GROUP COMPRISED OF MRMP-MANAGERS LLC, NLS ADVISORY GROUP, INC., NED L. SHERWOOD AND BRADLEY M. TIRPAK |
POTBELLY CORP | VANN A. AVEDISIANTRUST |
USA TECHNOLOGIES | HUDSON EXECUTIVE |
TEGNA | STANDARD GENERAL |
GCP APPLIED TECHNOLOGIES | STARBOARD |
SYNALLOY | PRIVET & UPG ENTERPRISES |
WESTERN ASSET CORPORATE LOAN FUND | BULLDOG INVESTORS |
COMMUNITY BANKERS TRUST CORPORATION | DRIVER MANAGEMENT |
BRANDYWINEGLOBAL-GLOBAL INCOME OPPORTUNITIES FUND INC | BULLDOG INVESTORS |
EATON VANCE FLOATING-RATE INCOME PLUS FUND | SABA CAPITAL |
HARLEY-DAVIDSON | IMPALA ASSET MANAGEMENT |
Question #2: Any impact in the number of 13D filings?
No.
As per our internal research, 107 “significant 13D” filings were filed in March 2020, compared to 91 in March 2019. Moreover, there were 22 “new” significant 13D filings in March 2020, compared to 13 in March 2019. In the last week of March 2020, when the COVID-19 pandemic started to spread rapidly, 5 “new” significant 13D filings are filed.
Given these facts, there is no sign that the pandemic has affected activism.
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