Want a Diversified Portfolio of Energy Names? Look Outside the U.S. Exchanges But you'll be dealing with exchange rates, local elections, and all manner of other externalities. May 28, 2021 | 01:00 PM EDT As Exxon Mobil (XOM) shares slide again today, albeit only fractionally, one has to wonder what "activist" hedge fund Engine No. 1 thinks it has accomplished. The value of its "massive" 0.02% stake in XOM has declined since it won election of two of its slate of candidates to Exxon's 12-member Board. One Engine No. 1 candidate lost and the third seat is still apparently too close to call. With self-styled activist Jeff Ubben already on Exxon's board, that means that, at most, the "woke" contingent on Exxon's Board of Directors is four out of 12 seats. My guess is that it actually ends up being 3 out of 12 when the proxy solicitation firm is finished reporting results next week.