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Hedge Fund Bull Bets at Four-Year High After Lagging S&P 500

As gains at his hedge fund tumbled from 49 percent in 2009 to 3 percent last year, Pierre Philippon of London-based Zadig Asset Management was hearing from clients.

They wanted to know if the company, which runs the Zadig Fund that beat 91 percent of rivals since 2006 even with last year’s return, would give them a way to bet only on stock gains as the Standard & Poor’s 500 Index posted its biggest rally in five decades. He complied, loading up a new fund with companies such as CGGVeritas that benefit most from economic expansion.