Smaller Activist Funds Outpace Their Larger Peers

While the Pershing Squares of the world suffer, scrappier funds like Tosca Opportunity, Barington and Blue Harbour are finding ways to post gains.

Clifton Robbins, Blue Harbour Group (Bloomberg)

It’s no secret that 2016 has been a rough year for many activists, especially the better-known ones.

This is partly because investors are not rewarding the types of stocks that attract these kinds of event-driven managers: usually underperforming, more seasoned companies with sometimes complicated structures or disparate divisions.

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