Hedge Funds Turn to These Tiny Stocks That Have Been Quietly Surging

Chinese tech giants aren’t the hot hedge fund favorites they once were. Alibaba and Tencent are giving way to a new crop of top picks: smaller non-Chinese companies that have been quietly surging even as valuation worries and market jitters have weighed down the behemoths. Among the winners are Taiwan’s Wiwynn Corp. and Yageo Corp., whose shares have more than tripled in 2018, and San Mateo, California-based Coupa Software Inc., whose shares have doubled.