Coatue, Winton Join Hedge Funds Damaged by Momentum Reversal(Bloomberg) It came out of nowhere and hammered hedge funds. Then it disappeared. Now we’re beginning to see the damage report. Early September saw a massive shift from long-favored momentum stocks to value equities. In the first two weeks of the month, stock-picking hedge funds lost more than a third of the alpha, or gains above benchmarks, that they had produced this year, according to a Goldman Sachs Prime Services report.Coatue Management dropped 5% in the first two weeks and Viking Global Investors sunk almost 2%, according to people familiar with the matter. Winton Group’s multi-strategy quant flagship fund fell 4% this month through Sept. 20, another person said.