While the Pershing Squares of the world suffer, scrappier funds like Tosca Opportunity, Barington and Blue Harbour are finding ways to post gains.
After the long Easter weekend, thin market volume remains the order of the day; NTT buys Dell business services unit; Avon comes to terms with Barington.
With high-profile managers paranoid that 13F filings will telegraph — and mess up — their activist plans, many are finding ways around the system.