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ValueAct, TCI Faring Better than Most Activists

The two firms have avoided much of the bloodletting that has plagued their heavily concentrated peers.

The market sell-off and overall volatility since the summer has been especially rough on the big-name activist hedge fund firms, which essentially run long-only funds. New York–based Pershing Square Capital Management, for example, plunged 12.5 percent in September alone and is down 12.6 percent for the year through the first nine

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