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Small hedge funds best larger peers, still lag public markets

Hedge funds with assets under management less than $250 million returned 91 basis points year-to-date through May, while funds with more than $1 billion in AUM added 25 basis points. The aggregate return among the 10 largest funds was -0.1% through the five-month period after a -0.9% decline in May.

Declines among the largest funds were driven primarily by managed futures funds, where the largest cohorts were down 2.1% and 5.36% in May and year-to-date, respectively. Smaller long/short equity funds did well among volatile equity markets and event-driven also did well across all AUM classes, with the larger varieties outperforming their smaller counterparts.