I think if the funds keep a maximum montly drawdown, their reports would be much more impressive. Actually, no one know what they do, the public just know their results from the reports. After lossing 10 or 15%, stop trading for the month. If they got a month with 30 or 40% drawdown, it would scare many potential clients. Just like the discussion of quadriga in other thread. Its past performances are quite good. But in Oct they hit the wall and made many people start to suspect their ability.