Vega Asset Management had little good news to share with investors, once again. In a letter back in October, the hedge fund that calls New York and Madrid home admitted to investors that it had lost some 60% of its once-mighty $12 billion in assets, but vowed to carry on. Two months later, as the year nears it end, there’s enough negative news to leave investors down in the dumps. For example, Vega’s flagship Vega Select Opportunities Fund is -16.16% through November, at a time when its peers in global macro are averaging +7.9%. "Global macro is a good a space to be in this year," the head of one fund that invests in hedge funds told Reuters. "But manager research is critically important to do well in that strategy and size tends to be the detriment of performance." Select was off 9.76% in August and 10.63% in September. Things improved somewhat dramatically in October as it recorded a loss of only -.31% and was actually up last month, +0.93%. But that recovery, according to the investor letter obtained by Reuters, won’t save the fund from lagging behind others in its group or having the worst year since it was launched. Just five years ago, Select Opportunities rewarded investors handsomely with 40% returns and 35% in 2003, but it has been dwindling since then, finishing 2005 at –9.25%. Other Vega funds have little to crow about as well, as their returns thus far are for the birds. Through Nov. 30, Vega Global Fund was up 1.19% for the year, Vega Feeder Fund (which also invests in Vega Global) is at -3.09% YTD, and Vega Relative Value Fund is at -0.62% year to date, while others in that category are boasting an average 10.8% for the year so far. Finally, the Vega Diversified Fund, which invest equally in the other Vega funds, stands at -4.7% YTD.