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Despite Difficult Market, Activists Continue to Perform

Major firms such as Third Point, Pershing Square and ValueAct avoided momentum stocks and profited off underperformers in the first quarter.

While most long-short and macro managers lost money or barely broke even in the first quarter, one group of hedge fund firms posted decent results for that tumultuous period: the activists. Most of them not only made money, they outperformed other managers. One major reason is that they avoided the speculative,

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