As meme stocks, speculative tech plays, and retail-driven hype continue to blur the line between entertainment and investing, some hedge funds are adapting – not by joining the mania but by engaging it strategically. One of those firms is Anson Funds, a Toronto-based hedge fund with an office in Dallas, Texas, known for its market-neutral approach and a growing activism practice. Led by Chief Investment Officer Moez Kassam, the firm has found a niche in confronting underperforming companies that attempt to ride larger narratives without the fundamentals to support them.
In a recent conversation, Kassam described the current market climate as saturated with “me-too” companies—firms that attempt to mimic the hype surrounding genuine industry leaders in crypto, AI, and electric vehicles, but lack the research budgets, leadership, or operational capability to compete. “It’s the ones who claim to be the next Tesla, but they don’t have the R&D, they don’t have the talent, and they don’t have the roadmap,” he said.
This distinction has fueled the firm’s activist strategy: separating signal from noise and then applying pressure. – It isn’t only about shorting inflated stories. In several cases, Anson Funds has gone long, taken public positions, and pushed for change at the board or executive level.
One example was Twilio (NYSE: TWLO), where Anson took a position around the $50 mark, pushed for management changes, and saw the stock surge to $150 after the CEO was replaced. Kassam points out that the win reinforces their thesis that public activism, when targeted and strategic, can unlock value without taking on excessive market exposure. Today, Anson holds a position in Lionsgate, where it is reportedly advocating for strategic alternatives.
“We’re not trying to shoot the king,” Kassam said. “You don’t need an opinion on Apple or Tesla. But the ones trying to ride their coattails? That’s where we can really do something.”
With over $2 billion in assets, Anson Funds is scaling up, bringing on new portfolio managers and analysts to explore additional strategies that complement its core long-short foundation. The activist strategy is being led by senior hires, such as Sagar Gupta, whom Kassam says was “offered the keys to run the show.” The move reflects Anson’s broader plan to institutionalize its activist capabilities and build a more structured engagement model with public companies.
