In addition, he was recently appointed to be a member of the company's board of directors. Other hedge fund managers recently buying the shares include Brad Gerstner of Altimeter Capital Management and Geoffrey Raynor of Q Investments. Gratia Capital, Nokomis Capital, and Castlerock Asset Management are among HA shareholders too. We pay attention to hedge fund activity in small cap stocks because our research has shown that the most popular small-cap stocks among hedge funds historically outperformed the market by an average of 18 percentage points per year ( read the details here ). It's not a typo; 18 percentage points is a large margin and Hawaiian Holdings, Inc. (NASDAQ:HA) is one of those stocks that fit the bill.