Many hedge funds are drastically underperforming the markets this year. In fact, since 2004, the majority of 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 now turning 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 activist funds. We highlight a few of those situations here.

Shares of casualty insurance company Baldwin & Lyons ( BWINB) are receiving substantial pressure from Loeb Partners. The fund recently called Baldwin & Lyons' capital-allocation strategy "flawed," highlighting the company's poor stock performance. Loeb suggested that the company pay a dividend to its shareholders with excess cash.

Baldwin & Lyons has $85 million in cash, zero debt and a stated book value of $24.30 per share.

DellaCamera Capital wants Enzon ( ENZN) to immediately engage an investment bank to explore strategic alternatives. DellaCamera believes the "cash-generating potential of these businesses coupled with synergies that an acquirer could bring are significant."

This latest movement comes on top of Carl Icahn's call for the company to sell itself. One certainly has to wonder how long Enzon is going to stay public with these two activist investors pushing for a sale.

Enzon has a 35% short position.

Next on the list is Care Investment Trust ( CRE). This company is facing pressure from its second-largest shareholder, GoldenTree Asset, to hire an investment bank and sell itself.

GoldenTree recently expressed concern about Care Investment Trust's strategic direction and the stock's steep discount to the company's $14 book value.

Other positions in GoldenTree's portfolio include Liberty Global ( LBTYK), Chemtura ( CEM) and Anadarko Petroleum ( APC).

For more activist ideas, including Maguire Properties ( MPG), please check out the Latest Activist Situations portfolio, which we update daily with the latest situation recorded by the StreetInsider.com 13D Tracker.

You can also check out the latest activist filings from Barron's.

Stockpickr is a wholly owned subsidiary of TheStreet.com.

More from Investing

When Is It 'Worth It' to Work With a Financial Advisor?

When Is It 'Worth It' to Work With a Financial Advisor?

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says