For decades, investment professionals have considered hedge fund managers the “smart money” on Wall Street. Over the long term, hedge funds have tended to outperform traditional benchmarks on a risk-adjusted basis, so their reputation seems justified. Still, until recently, assessment of hedge fund trading in specific sectors and securities has been limited to a few select managers at a time, and less has been done to gauge the growing industry’s direction as a whole. Recent advances in data collection and analytics coupled with deeper global public disclosure requirements allow for more robust study and close monitoring of hedge fund managers’ positioning. In this publication, we track developing trends in hedge fund equity holdings. In addition, we analyze the most popular and highest-concentrated names in hedge funds and relate this to outperformance of the broader market as well as study the biggest drivers of returns for the industry.