For years, activist investors leaned heavily on the M&A lever when it came to pushing companies to boost shareholder value. That changed in the first quarter. M&A-related campaigns came in at 29% of the total, well below the four-year average, Barclays data shows. Instead, dissidents pivoted to operational changes and capital returns. This change came at a time when geopolitical tensions intensified, sparking a surge in fuel prices and stock market turmoil.