Nelson Peltz David A. Grogan | CNBC

Wall Street's top activist investors are raising lots of cash and gearing up for battle over the next year, a new report shows. The group see more opportunity to disrupt the consumer discretionary sector, which includes retailers, than in any other industry, according to the study from corporate law firm Schulte Roth & Zabel, Activist Insight and Okapi Partners. Consumer products companies will continue to be in the crosshairs, the survey showed, amid multiple high-profile contests in the last year at household names like Procter & Gamble and Campbell Soup. But in order, activists believe consumer discretionary, financials, industrials and telecommunications represent the areas where management will see the most activity in the coming months. The report, a result of an August 2018 survey of activist funds that have engaged almost 300 companies since 2013, found that 72 percent of respondents expect to raise "some" or "a lot" of new capital over the next year. And more than half expect the size of assets allocated to activist strategies to grow over the next 12 months.

Source: Schulte Roth & Zabel, Activist Insight and Okapi Partners "Activism remains an attractive asset class and, particularly with the increase in co-invest vehicles, more capital will be deployed in campaigns," wrote Ele Klein, SRZ partner and co-chair of the firm's global activism group. The latest findings come amid a resurgence in activity by activists at some of the country's largest consumer products titans. In one such battle, renowned activist investor Nelson Peltz took aim at Procter & Gamble, the largest U.S. company by market cap to have faced a proxy contest. The two parties – which ultimately spent at least $60 million on the dispute – debated for weeks over the most effective business model before Peltz was ultimately elected to the board in one of the closest shareholder voters in the history of Wall Street. Peltz, who took his seat on the board March 1, said the company needs to streamline it businesses into three global units and rekindle innovation to drive brand development. Meanwhile, fellow activist investor Third Point is in the middle of its own crusade against a longtime consumer name. In a move reminiscent of Carl Icahn's early career, manager Dan Loeb launched a campaign to replace the entire Campbell Soup board earlier this year after the company's plans to sell assets failed to satisfy the investor. Loeb joined forces with George Strawbridge – a descendant of the Campbell Soup founder – after the company announced it would sell its international and fresh food businesses despite CEO Denise Morrison's efforts to establish footholds in healthier options.