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July handed hedge funds their worst monthly underperformance relative to the S&P 500 in more than twenty years of Goldman Sachs data.
The record lands at a moment when the case for active management was already hard to make. Goldman's dataset stretches past two decades.
When a single calendar month clears the worst reading in that entire sample, the month stands apart.
The counterargument is the one every allocator reaches for: hedge funds run hedged books by design, and hedged books are built to lag a straight-line rally.
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