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The items don't get deleted, just no longer display after a certain amount of time. It is called "Recent Activity" for a reason, and beyond a timeframe (I think it is 6 months), the system no longer considers it recent.
Not sure what version you are running on, but if you have the ability to add a Super List tile (filtered to most recent activity), that is a better option for you if you want there to always be content in a stream. Not quite the same as the stream that lives on the Activity page, but depending on what is most important to you it might serve your purposes.
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Many thanks for this answer Tracy!