An activist fund that beat Exxon Mobil is now offering a low cost index fund to investors that can usher in corporate change. Engine No. 1, the small activist investment firm that won a total of three seats on ExxonMobil’s board of directors earlier this month, is launching an exchange traded fund that aims to reshape the broad market index fund.
The ETF will invest in a market-cap weighted index of the 500 largest U.S. stocks, tracking the Morningstar U.S. Large Cap Select Index. Unlike a passive Vanguard S&P 500 Index fund, investors in the ETF will also get a team of active investors who vote carefully on shareholder issues, set rigorous goals for boardrooms, and have the ability to successfully run change campaigns if necessary.
Engine No. 1 built a detailed case to take to Exxon’s shareholders that argued the driller’s financial performance was nothing short of disgraceful. They detailed tens of billions of dollars wasted on acquisitions, mistimed stock buybacks and uneconomic drilling programs and concluded that status quo would lead Exxon on a road to ruin.
To these arguments, Engine No. 1 found a receptive audience in Exxon’s deeply unhappy shareholder base. The firm’s campaign was aided by a team of deeply-experienced investors with the credibility to win voting support from major index funds and mutual funds.
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