A small, unknown Madrid-based fund topped this year’s hedge fund survey, outdistancing the second-place finisher by the widest margin ever tracked: an annualized rate of nearly 3 percentage points over the past three years through 2016. EQMC excelled by relying on the unique European strategy of benign activism. The managers help quality small-cap firms realize their potential. More traditional strategies that were well represented in the top 100 list included Equity Long-Short and Quants. And a surprising number of CTAs and Macro managers bucked their strategy’s negative trends.

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