Hedge Funds Slash Risk, Torch Russell, as Buybacks Go Brrr

De-grossed & de-levered

Overall book gross leverage fell 2 pts to 78.8 % (44th percentile, 1-year), and net leverage declined 1.4 pts to 75.9 % (36th percentile, 1-year).

So, in plain English for you non-mathematicians that don't get percentiles: “It’s on the lower side of the typical range".