SNN · Smith & Nephew plc

Cevian Capital II GP Limited, an activist investment firm, has increased its stake in Smith & Nephew plc to 11.01% of voting rights, crossing the 10% threshold on May 11, 2026. The stake is held through two funds: Cevian Capital II Master Fund L.P. (9.84%) and Cevian Capital II Co-Investment - Series P L.P. (1.18%). The shares are legally owned by Aurora Nominees Limited as nominee for UBS AG custodian. This significant ownership position suggests Cevian may push for operational improvements, strategic shifts, or board changes to enhance shareholder value. Investors should monitor for potential activist initiatives.