Hedge Fund Billionaires' Fortunes Fall

Investors' Changing Approach to Hedge Funds

The world’s richest hedge fund managers, grappling with the industry’s worst start to the year since 2009, are feeling the pinch. The eight hedge fund billionaires who rank among the world’s 400 richest people have seen their fortunes drop by an average of 4.9 percent since Jan. 1, compared to a 0.9 percent increase in the net worth of the 37 other, non-hedge fund finance moguls on the Bloomberg Billionaires Index. Pershing Square’s Bill Ackman, who doesn’t rank on the index, has lost almost 28 percent of his fortune this year.