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Hedge Funds Really Did Underperform in 2014

Every database tells a similar story: Hedge funds overall reduced the risks but captured few of the rewards in the markets.

Another year, another major underperformance for hedge funds, right? As 2014 winds down, the average hedge fund is once again poised to lag virtually any benchmark you choose to hold it up against. The anemic average gains for the first 11 months range from 2.85 percent, according to industry tracker eVestment, to

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