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Multiple Activist Pile On Long
Updated eventData needs: lowlong only
paper
2020
Source
Wong (2020) "Wolves at the Door: A Closer Look at Hedge Fund Activism", Review of Financial Studies.
Read the paper →
In plain terms
Legacy unlineaged activist proxy remains blocked; a named native initial-filing successor restores its internal rules.
How it works
When two or more distinct activists file 13D on the same target within ~60 days, drift is materially larger than single-activist 13D. Coordinated pressure increases the probability of management capitulation. Reported abnormal returns ~12-15% over 12mo vs ~7% for single-activist events.
Live results
0 times picked on its own · 3 times inside a blend (0 beat the stock) · updated 2026-07-06This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 3 such blended picks (0 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.
How its picks scored vs. buy & hold
Each pick is graded on a recent year it was never tuned on, against simply owning the same stock
Where its edge concentrates
Share of picks in each company-size group that beat buy & hold
How often it trades
Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often
Return vs. buy & hold
How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)
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Data dependencies
- Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
- SEC 13d filings
A data feed this strategy reads, refreshed on its normal schedule.
Expected edge
- Reported return
- ~12-15% over 12mo
- Tested over
- T+1 to T+365d
Wong 2020 reports ~12-15% abnormal return over 12mo for pile-on events.
Related families
Explore Multiple Activist Pile On Long on alphactor.ai
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