The Globe and Mail reports in its Saturday edition copycat investing just might have something going for it. The Globe's David Berman writes the strategy is often discouraged, but a small U.S. mutual fund that prides itself on piggybacking on the moves of other investors has been delivering impressive results over its three-year existence. The 13D Activist Fund beat the S&P 500 in 2014 for the third year in a row, delivering gains of 15.5 per cent. In 2013, the Activist Fund outperformed the benchmark index by more than four percentage points in 2013. What makes this performance even more remarkable is that mutual funds, as a whole, have been struggling. If you are Canadian, there is no point in trying to buy the 13D Activist Fund, which is limited to U.S. investors, but its success raises the point that, in our search for investing ideas, perhaps we should be paying more attention to Schedule 13Ds. The 13D is a regulatory filing, also known as a "beneficial ownership report," identifying investors that have acquired an interest of more than 5 per cent in a particular company. They are filed with the Securities and Exchange Commission within 10 days of crossing the ownership threshold.