Update On Hedge Fund Performance After The US Close

Update (5:00pm ET): US markets have recovered during the day. At close, we estimate today's HFs returns:

• Fundamental LS managers down 1.4%. Including today returns, now down 5.9% YTD.
• Systematic LS managers seeing some pain today: down 0.9% mainly driven by unwinding in crowded stocks (~2.5 SD adverse moves). Still up 10% YTD.

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