Jeff Smith’s Top 10 Activist Targets and Their Returns Compared to the S&P 500

7. Alight Inc. (NYSE:ALIT)

Position Initiated: February 2024

Value of the Stake: N/A

Stock Return Since February 2024 to April 2025: -44.90%

S&P 500 Return Since February 2024 to April 2025: 8.67%

Number of hedge funds holding stakes: 42

Alight Inc. (NYSE:ALIT) is a cloud-based human capital technology and services company that offers an intuitive, cloud-based employee engagement platform. Its platform services help organizations manage employee benefits, health, wealth, and well-being through its Alight Worklife platform. Activist hedge fund Starboard Value LP built a 7.8% stake in the company in February of 2024.

With the investments, the activist investor secured four seats on the US benefit services providers board and a voice to push for changes. With the appointments, Alight Inc. (NYSE:ALIT) switched its focus to higher growth and a higher margin model in anticipation of long-term value creation. Additionally, the company focused on conducting a strategic portfolio review to enhance its platform and well-being strategy.

Starboard Value LP securing seats on the board preceded the spinoff of the company’s payroll outsourcing business to HIG Capital for $1.2 billion. The sale was part of an effort to ensure Alight Inc. (NYSE:ALIT) becomes agile and competitive, able to strengthen its technology.