Hedge funds' poor performance have been reported throughout the financial news recently. Not gloating over them because I did poorly myself. I would like to know if these hedge funds' performance reported on the news are by default before fees or after fees? If it is after fees (including both management and performance fees), the actual performance may not look as bad as reported since hedge funds' fees are really high. 2 and 20 can chop off substantial part of the actual performance.