William Martin's Raging Capital Management is a long/short equity hedge fund that was founded in 2006. According to a copy of Raging Capital Management's 2014 Q4 investor letter seen by Insider Monkey the long/short equity hedge fund returned 2.8% in its Series A Master Fund in 2014. The return was better in its Series B Master Fund: 3.4% gain. Don't be fooled by these small numbers though. William Martin's Raging Capital has an impressive track record of delivering an annualized return of 25% since its inception in April 2006. S&P 500 Index returned only 7.7% during the same period. William Martin has an interesting background. In 1997 he co-founded of one of the first financial websites, ragingbull.com, at the age of 19. Ragingbull was sold in 1999 for more than $160 million. Later on he went into financial newsletter business. Raging Capital has more than $600 million in regulatory AUM (2014).