The hedge fund industry is quietly innovating, particularly in the legacy area of equity. Long-only equity run by hedge fund managers is growing in popularity—and for good reason-- early returns have surpassed expectations—with the added plus that much of the money is also being run in a client fee aligned manner. It makes sense that major innovation should once again come from the equity area. As context, equity investing was the initial hedge fund strategy when Alfred Jones created the first hedge fund structure in 1949.