Financial News’ annual survey of the biggest hedge funds in Europe shows managed futures funds were often caught off guard in the past 12 months, while investors continued to favour the biggest funds and outstanding performance was driven by big bets on US housing and activism.

Overall growth at Europe's largest 20 hedge funds remained virtually flat in the past 12 months, dragged down by poor performance from managed futures strategies but boosted by buoyant equity markets. There was also a sharp divergence between strategies.