The Hedge Funds That Changed the Game

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(The Wall Street Journal) — Hedge-fund titans Steve Cohen, Izzy Englander and Ken Griffin are killing it.

Their imitators are having trouble keeping up.

The big three’s advantage comes from having pioneered what has become the hedge-fund industry’s hottest strategy over the past few years: Known as multimanager firms, they divvy up money across as many as hundreds of specialized investment teams with the aim of producing steadier returns that are uncorrelated to broader markets.