(CNBC) Stock-picking hedge funds are finally beating low-cost equity index funds this year thanks to bets like Valeant Pharmaceuticals, Microsoft and Yum Brands.The S&P 500 index (INDEX: .SPX) gained 1.29 percent from January through April this year, while the Absolute Return U.S. Equity Index, which tracks hedge funds in the sector, is up 2.03 percent over the same period.
A small group of hedge funds has done even better. Symmetric, which analyzes the quarterly public disclosures of hedge fund stock ownership, ranked the top 20 firms of 1,000 total based on their three-year performance above sector benchmarks. Broadfin Capital is first, followed by Brave Warrior Advisors and Hound Partners.
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