Activist Legion Partners returned 35% in 2021

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The gains were fueled, in part by investments in Vonage Holdings (NASDAQ:VG) Corp which sold itself last year for $21 a share. Legion had reached a settlement with the company in 2019 to add a director to the board and had been working behind the scenes.

Legion’s 2021 returns beat the benchmark HFRI Activist Index’ 19% return, as record setting market gains helped investors.

The firm, headquartered in Los Angeles, manages roughly $500 million in assets and is well known for having been part of a group that took on Bed Bath & Beyond (NASDAQ:BBBY) and settled for four new independent directors in 2019.

Last year, Legion’s portfolio companies added 11 new directors to their boards. The firm has placed a heavy emphasis on corporate governance, gender and racial diversity. More than 44% of all the directors Legion has helped place on boards have been women.

Legion was co-founded by Christopher Kiper and Ted White 2012.