Let's face it these over paid fund managers can't beat the S&P500 returns over the long run but get paid millions for trying.
We have had the largest bull market in the stockmarket in the US, if you are trend following and investing for the long term, there is no reason to be out of the market. Most hedge funds following the trend have 2 ATR stop losses which I imagine has not been hit yet, all this time. These guys are not trend following which is why they are losing monies! Problem is with them because they are fighting the trend! Most other hedge funds are still long stocks. There is no reason to abandon the trend when it is intact! This is a no brainer even for retail investors.