While there is little doubt that 2015 was a challenging year for many hedge funds, there were a few bright spots where managers were able to capture value and add alpha. In short, what worked in 2015 were stocks in the mega-cap space that were responsible for the majority of the growth in the US Equities market for the year. While they were not obscure names, hedge funds were successful in not only identifying these stocks but also allocating to them heavily. Given the poor market breadth we’ve seen, this was an important source of alpha for managers struggling to...