Hedge fund managers cited the US as a lucrative opportunity to make trading gains after Donald Trump's presidential victory - but instead it is Europe that has proved a fertile ground for gains this year, write Laurence Fletcher and Gregory Zuckerman for The Wall Street Journal.

Bets on equities in France, Spain and Italy have yielded returns of more than 20% for some global hedge funds in 2017, compared with an average sector return of just 3% to May, according to data from Hedge Fund Research.