Shades of Hedge Fund Mediocrity

Returns expectations have ebbed since the glory days, partly due to institutions’ quest for the Goldilocks of investments.

Here is further proof this is not your father’s hedge fund industry. By now it’s clear that the average hedge fund has lagged most markets in each of the past three years, including 2012, when the HFR Composite Index rose 6.2 percent while the S&P 500 was up 13.4

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