September 30, 2013 01:00 AM

Activist hedge fund managers

Ranked by year-to-date return as of Aug. 31, 2013, unless otherwise noted.

Manager	Fund	YTD return	2012 return	2011 return	2010 return
Trian Fund Management	Trian Partners Ltd.	24.3%	0.9%	4.0%	17.9%
Third Point1	Third Point Offshore Fund Ltd.	18.5%	34.5%	-2.3%	37.9%
JANA Partners	JANA Partners Offshore Ltd.	16.7%	33.4%	-2.5%	10.0%
ValueAct Capital Partners2	ValueAct International II LP	15.3%	20.4%	14.2%	42.4%
Greenlight Capital	Greenlight Capital LP	11.7%	8.0%	2.9%	15.9%
Cevian Capital	Cevian Capital II Master Fund Ltd.	8.6%	22.4%	-9.8%	42.5%
Starboard Value	Starboard Value & Opportunity Fund Ltd.	5.7%	14.0%	7.8%	31.8%
Pershing Square Capital Mgmt.3	Pershing Square International Ltd.	1.1%	12.4%	-2.0%	21.7%
S&P 500		16.2%	15.9%	2.1%	15.1%
1 Year-to-date return as of June 30, 2013. 2 Year-to-date return as of July 31, 2013. 3 Year-to-date return as of Sept. 13, 2013.
Source: HSBC Investment Funds Performance Review; hedge fund databases