Hong‑Kong activist fund Oasis Management has raised its holding in UK outsourcer Capita to 15%, making it the company’s largest shareholder just two weeks before the annual general meeting. The stake, built up from an initial 5% taken in September via swaps, was switched into ordinary shares on Friday to sharpen voting power.

Capita’s market value has slipped to £365.51mn, a quarter drop year‑to‑date, reflecting weak earnings and a series of setbacks including a cyber breach and loss of the Royal Mail pension contract. The firm posted a pre‑tax loss of £170.9 million for 2025 and warned margins will tighten as revenue fell 4.5% to £2.3 billion.

Oasis, which also holds sizable positions in Kier Group, Costain, Trainline, Hunting, Mitie and Greencore, has a track record of activist campaigns that generate shareholder returns, exemplified by a £40 million profit from The Restaurant Group after Apollo’s unsolicited bid. While it has not disclosed voting intentions, sources expect the fund to push for a faster turnaround rather than targeting senior management.

Capita plans to use its March‑announced sale of the private‑sector contact‑centre arm to refocus on public services and pension solutions, aiming to improve cash flow of £82 million and reduce net debt of £461.6 million. Oasis will attend the capital‑markets day in June, where the outsourcer expects to unveil refreshed financial targets and a clearer capital‑allocation strategy.