(Bloomberg) The first six months of the year is turning out to be a period hedge fund managers want to forget. With China’s currency causing global market turmoil in January and the U.K. vote to quit the European Union doing the same in June, the $2.9 trillion industry is headed for its worst first-half performance since 2011.
“There have been a lot of intrinsic shocks this year, especially after managers got relatively comfortable with betting on rising markets for the last several years,” said Ronan Cosgrave of Pacific Alternative Asset Management, an Irvine, California-based firm that invests client money in hedge funds.
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