This study determines if hedge funds take advantage of the earnings momentum anomaly. A five-factor model was used including Fama and French (1993) and Carhart (1997) factors as well as an earnings momentum factor based on Chordia and Shivakumar (2007). The average hedge fund does not take advantage of the post-earnings momentum drift; however, larger funds associated with equity long only and equity short bias strategies successfully arbitrage on the earnings anomaly, contributing 2-3% per year, respectively. In contrast, funds with event driven, fund timing, and convertible arbitrage strategies tend to employ a strategy opposite to that of the earnings momentum anomaly and suffer losses accordingly.