In 2016, the asset-weighted hedge-fund index returned 2.86% while the fund-weighted index returned 5.47%.The S&P 500, with dividends, gained 11.93% and the Barclays bond index returned 3.19%. To bring you the best content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads.Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices.An external spokesman for the New York-based firm declined to comment. The shuttering underscores continued pressure on the hedge fund industry following a period of poor performance. That was down from .9 billion as of late 2013 and around billion in early 2008, according to firm reporting seen by Reuters.
Industry data tracker HFR reported in September that 530 funds liquidated in the first half of the year, on pace for the second-most shut-downs in a calendar year except for 2008. Co-founder Leff and former co-chief investment officer David Russekoff have departed in recent years.The average management fee for funds launched in 2016 fell to 1.33%, down from 1.6% in 2015.The average incentive fee for new funds declined to 17.71% from 17.75% in 2015.Instead the market has seen a slow but steady liquidation with existing longs cut by a total of almost 250 million barrels (15 percent) since Jan. It remains uncertain whether this is merely a pause and the price rally will resume shortly, or whether it marks a temporary peak, with more liquidation and price falls to come.But the balance of risks remains tilted towards the downside in the short term given the huge number of long positions still hanging over the market.Long positions still outnumbered short positions by a ratio of 10:1, down from a peak of almost 12:1 in January, but again a level of bullishness that was unprecedented until this year.