Over the last few weeks, we’ve taken an in-depth look at hedge funds.

You’ve learned how to see what the billionaires are buying and how to decrypt their elusive trading strategies through their 13F filings.

But, as you know, not all hedge funds are created equal.

Direxion Investments tracks 16 of the nation’s top-performing funds in its iBillionaire Index, and the vast majority posted negative one-year returns.

However, two of them did manage to beat the market this year – and they may have the blueprint for success in 2016.

The two outperforming iBillionaire funds are Appaloosa Management (3.8% gain) and Trian Fund Management (2.6% gain). Their winning formula for 2015?

Consumer discretionary and staples plays.

As Americans pocketed big savings at the pump, these funds cashed in on increased consumer spending. But let’s take a closer look at where they’re putting their money for next year.

Follow the Leaders

Appaloosa Management’s biggest third-quarter buy was Delta Air Lines Inc. (DAL).

David Tepper’s fund scooped up 1.8 million shares of Delta, effectively doubling its holding. Delta now makes up 9.6% of Appaloosa’s total long equity portfolio.

The company trades at just nine times forward earnings – a 22% discount to the industry. Currently, Delta has a price-to-sales ratio of 1.0 times – a 44% discount to the S&P 500 Index (1.8 times).

But what separates Delta most from competitors is outsized earnings growth.

Delta projects a 26% increase in year-over-year earnings for 2016, thanks to record-low oil prices. Analysts expect its closest competitor, JetBlue Airways Corp. (JBLU), to grow at 15%, barely more than half of Delta’s projection.

From a technical perspective, shares are trending upward with strength. In September, Delta’s chart produced a “golden cross” – a cross of the 50-day moving average over the 200-day moving average.