In 2019, activists and stock-pickers were hot - but Ray Dalio made a rare stumble and short-sellers got crushed

• The hedge funds that dominated 2019 included big names like Bill Ackman, David Einhorn, and Dan Loeb.
• Spin-offs from funds like Citadel, D.E. Shaw, and Viking also made positive headlines, carving out names for themselves in the process.
• On the other end of the spectrum, Ray Dalio's Bridgewater slipped and one of PIMCO's biggest hedge funds stumbled
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Big names closed shop. Billions were pulled out of the industry. Fees continued to drop.

But 2019 wasn't all bad for hedge fund managers.

Once-embattled stock-pickers like Bill Ackman and David Einhorn had bounce-back years, with Ackman posting record returns.

Activists like Third Point, Elliott, and Starboard Value saw big campaigns go their way. And Steve Cohen's first full year of trading after his ban from regulators beat several rivals - and the billionaire is set to buy his favorite baseball team.

That said, there were funds that slipped and stumbled. Short-sellers were pressed again as the market surged. Ray Dalio stumbled for the first time in years, and PIMCO's flagship hedge fund offering lost money.