“We are seeing investors lean toward long-short equities,” said Ronald Lake, co-chairman of Lake Partners Inc., a Stamford, Connecticut-based firm that advises clients on investing with third-party managers. “But among the institutions who are more geared toward a stable return or highly diversified hedge-fund strategies, there is still a pretty broad mix of equity, fixed-income, credit and macro approaches.”

Long-short managers can wager on and against stocks.

Cameo Role

The shift into equities is sharper at Scaramucci’s firm, whose SkyBridge Alternatives Conference is the largest annual U.S. symposium for hedge-fund managers, featuring speakers from former U.S President Bill Clinton to actor Al Pacino. Scaramucci’s ability to network and draw big names to the annual event has earned him the nickname ‘the Mooch’ in the hedge-fund industry.

Scaramucci, 49, played a cameo role in Oliver Stone’s 2010 sequel ‘Wall Street: Money Never Sleeps.’ Before starting SkyBridge in 2005, Scaramucci, co-founded Oscar Capital Management LLC, which he sold to Neuberger Berman LLC in 2001. He previously worked at Goldman Sachs Group Inc. in private- wealth management.

The portion of the $4.4 billion SkyBridge Multi-Adviser Hedge Fund Portfolios LLC’s fund holdings in event-driven strategies rose to 64 percent as of Sept. 30 from 52 percent as of Dec. 31, while the proportion devoted to relative value fell to 33 percent from 45 percent.

Recovery Fund

The fund added $399 million in Paulson Recovery Fund in the second and third quarters, according to regulatory filings, and it put $91 million in Paulson Partners Enhanced LP in the latest quarter. Sixteen percent of the fund’s $3.26 billion of invested capital as of Sept. 30 was allocated to Paulson.

Paulson, 58, ranked 99th on the Bloomberg Billionaires Index as of Dec. 27 with a net worth of $11.4 billion, down $450 million year-to-date. His main funds are generating double-digit returns this year, regaining some of the ground lost to soured bets on the U.S. recovery, the euro crisis and gold that helped cut assets by about half from their 2011 peak.

Paulson’s Gains