I worked for a group that managed one these hedge funds, it would have done awesome this year as well. Overall, it looks like hedge funds haven't performed as well as the S&P after a three year run of outperformance. It shouldn't be surprising, as what worked well during that time, hasn't the last couple of months. They'll have their chance to catch up shortly. After all, how pissed could a hedge fund investor be after getting positive returns during the bear market? Although, I could see where some people could be on the hot seat. Since the managed futures index is part of the directional/tactical index as well I presume, this would pump up returns of the latter.