Meet the most successful investors in Wall Street's hottest sector: activist investing.
Led by Bill Ackman's first-of-its-kind strategy in the attempted takeover of Botox-maker Allergan, activists last year became bigger and bolder than ever.
The quartet — Ackman, Dan Loeb, Barry Rosenstein and Jeff Smith —rewrote the activist playbook, threw out entire boards, pushed for the year's biggest leveraged buyouts and even got their corporate prey to pay their legal bills — just to name a few successes.
"It was a great year for activists," said Stan Altshuller of Novus Research, which tracks the top 70 players.
Some 343 activist campaigns were launched, according to FactSet leading the top guns to control a record level of assets — almost $200 billion in equities.
That's double the amount of just two years ago and up nearly tenfold over the last decade, according to Novus.
Why the smart money is chasing activist investors is clear — over the last 10 years the activist hedge-fund portfolios returned annual profits to investors more than double the average hedge fund's: 13 percent for the activists versus 5.8 for all hedge funds, according to Novus.
The S&P 500 over the same period has returned 8 percent.
And these top hedgies each made his own luck.
They are among the few independent thinkers left in hedge-fund land, able to forge their own destinies and force multibillion-dollar companies to do their bidding.
Of course, booming markets have been a tailwind, but analysts say the activists' staying power has been tested.
"Activists don't crowd into similar names, and ballooning assets actually help them," says Altshuller. "You want to take a sizeable stake to push people around."
And push people around they did. Here are a few of the more notable moneymakers of 2014.
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