Stockpickr's Activist Track Stocks

Updated from 7:59 a.m. EDT

Most hedge funds are drastically underperforming the markets this year. In fact most hedge funds have underperformed the boarder markets since 2004, despite the huge bull market in stocks.

Since many hedge funds get paid based on their returns for the year, some managers who don't want to underperform turn to shareholder activism as a way to increase shareholder value and ultimately boost their returns.

Here at Stockpickr.com, we track many of the Latest Activist Situations for those interested in piggybacking these funds. We highlight a few of those situations here.

Recently, SAC Capital has accumulated 4.1 million shares, or a 5.3% stake, in Take-Two(TTWO Quote). From April 28 through June 24, SAC and its affiliates spent $68.2 million to purchase nearly 2.57 million shares at prices ranging from $25.75 to $27.78 each. So with Take-Two trading in the low $25 area, here is your chance to piggyback SAC Capital.

Take-Two, the maker of the Grand Theft Auto video game series, has a 12% short position, forward P/E of 15 and PEG of 0.99.

SAC Capital also has a very large position in Yahoo!(YHOO Quote) of about 8 million shares. Yahoo!, which is in a nasty proxy fight with Carl Icahn, has a major shareholder meeting coming up on Aug. 1. It is almost certain that SAC Capital, like other activist investors, is piggybacking on the coattails of Icahn

Next on the list is Agilysys(AGYS Quote). Ramius Capital Group recently sent a letter to Agilysys, nominating three candidates for election to the board at the 2008 annual meeting.