Hedge Funds Continue to See Losses

Bloomberg据报道，在截至2016年3月的12个月中，由于性能和外流差，对冲基金的资金损失了超过1亿美元。这些数字来自研究公司Evestment，该研究公司检查了2500多家资金的数据。

According to eVestment’s report, over those four quarters hedge fund clients withdrew $50.3B, whiles managers reported $51.5B in investment losses. Assets in the hedge fund sector dwindled 11% to $841.6B. They have not been that low since June ’09.

资金投资于对冲基金投资组合。他们曾经是这些资金中最大的单一投资者，并且有一次对资产的近50％负责。报道说，现在它们仅占28％。迄今为止，今年的资金资金回报尚未得到改善。

Known investors that have begun to pull out significant money from hedge funds include the New York city pension plan,American International Group (AIG)MetLife (MET), and others. TheNew York Timesreports that Larry Robbins of Glenview Capital Management and William Ackman of Pershing Square Capital Management, two of the most well-known hedge fund managers, have lost money consistently. Viking

全球投资者和Paulson＆Co。也损失了大笔，包括最近的数十亿美元，当Valeant Pharmaceuticals International（VRX）跌落时。下降是在政府有关定价策略的调查的消息后。其他对冲基金经理不得不关闭其公司。

Many clients are disgruntled because of poor hedge funds returns and the fees that firms charge them for playing the role of middleman. In April, New York City’s pension fund for its civil employees voted to leave its portfolio, which had $1.5 in hedge fund investments.

For decades, investors have had to pay hedge fund managers 2% of assets under management and 20% of any gain made during the year. The exodus of investors is forcing some managers to lower fees as a trade for keeping investor funds tied up for longer timeframes. Some are also charging a fee if certain performance targets are surpassed. That said, according toThe Times, there are other institutional investors who continue to invest in the hedge fund market.

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Funds of Hedge Funds Shrink by 11% as Losses Spur Redemptions, Bloomberg, July 15, 2016

Hedge Fund Managers Work to Stanch Loss of Investors, New York Times, June 12, 2016