Dr. Achim Herfs (Partner at Kirkland & Ellis) outlines the activities of aggressive hedge funds. Herfs counted 726 campaigns by activist funds worldwide, 138 of them in Europe alone. Hedge funds usually start their activities with targeted public relations work. Later, they supplement their activities with campaigns to vote out board members. Finally, the most active become active in the AGM and influence the vote on transactions in their favour. Herfs quintessence: “The most important means of attack is also the most important defence: communication”.