We follow Glenview among over 700 other hedge funds, because we believe that imitating hedge fund activity can generate market beating returns over the long-term. However, our backtests that covered the period between 1999 and 2012 showed that following hedge funds’ into their most popular picks generally slightly underperforms the market, while imitating their top small-cap ideas can produce returns well above the benchmark. Our strategy involves following the 15 most popular small-cap picks among hedge funds and it has returned 102% since August 2012, beating the market by some 53 percentage points (see more details here). Among the external...