Activist hedge fund managers are sitting on a record amount of money to deploy against under-performing companies. They are targeting larger businesses than ever before, and they have never had so much success in securing what they want.
But if this year marks the triumph of activism, what do the activists do next?
The very presence of this particular breed of hedge fund managers on a share register used to prompt a company to put up the barricades. Now they are finding more directors receptive to the traditional activist ideas of returning capital, spinning off businesses and are even inviting activists' representatives on to the board.
(Read more: Stocks weren't the best hedge fund strategy in 2013)