Three Top Activist Plays

Updated from 7:02 a.m. EDT

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

Since most hedge funds get paid based on their returns for the year, managers who do not want to underperform are often turn to shareholder activism as a way to increase shareholder value and ultimately boost their returns.

Those interested in piggybacking the top hedge funds should take a look at recent activist situations, in stocks such as Amylin(AMLN Quote - Cramer on AMLN - Stock Picks) and Alexander & Baldwin(ALEX Quote - Cramer on ALEX - Stock Picks).

To read more about these situations and others, visit Stockpickr.com.