The U.S. stock market’s year-end rally looks intact. Lately I have been focused on equity hedge-fund performance and the necessity of hedge-fund managers to preserve and enhance returns ahead of their Dec. 31 incentive fee calculation dates. Funds that haven’t yet closed their books are on a “beta chase” in order to preserve performance bonuses. Meanwhile, small-cap stocks are staging upside breakouts from multi-month bases during a seasonally positive period for the group. Further progress will confirm the ...