Hedge funds have had a tough go of it lately. The HFRI Fund Weighted Composite Index – an equal-weighted index of hedge funds – was down 1.1 percent in 2015, and is down another 2.3 percent through February of this year.
It’s not just your workaday hedge funds that have stumbled – the supernovas are burning less brightly, too. Greenlight Capital was down 20 percent in 2015. Hedge funds at Citadel, Blackstone, and Millenium have seen declines this year. And, well, Bill Ackman and Pershing Square’s Valeant debacle.