Hedge funds clearly dropped the ball on SOGO as the stock delivered strong returns, though hedge funds' consensus picks still generated respectable returns. Our calculations showed that top 20 most popular stocks among hedge funds returned 24.4% in 2019 through September 30th and outperformed the S&P 500 ETF (SPY) by 4 percentage points. A small number of hedge funds were also right about betting on SOGO as the stock returned 20.5% during the third quarter and outperformed the market by an even larger margin.