Three Questions With Jennifer Longhurst

Originally published in Diligence Market Intelligence September 2026.

Shareholder activism in Canada has historically been especially visible at small- and mid-cap companies with seemingly less activity targeting the larger end of the market. Is this changing?

From where I sit, large-cap activism is still robust. While a significant number of campaigns target small-cap and mid-cap issuers, large-cap activism in Canada just looks smaller in absolute terms given how our markets are structured. We have fewer large-cap issuers and fewer Canada-based investors capable of driving that scale of activism, so U.S. activists end up leading most of it.

Elliott Management's engagement at Lululemon Athletica and Browning West's push at CAE are two recent examples, and I expect that trend to continue.