Hedge fund performance report card

It’s time for another look at the performance of hedge funds. Recent years have not been kind to hedge funds — not only has overall performance been less than stellar (particularly after fees), it has even lagged the S&P 500 index.

But what if we take a longer-term perspective? After all, the past eight years have been a bull market. What has happened in down markets?

A 28-year data comparison

One widely cited index for the hedge fund world is the HFRI Fund Weighted Composite Index (HFRI FWI), which is published by Hedge Fund Research, Inc. of Chicago. It includes

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