Hedge funds had their worst third quarter since 2015, rising just 0.3% on average amid surging bond yields and a trade war with China.
The industry gained 1.7% during the first three quarters of 2018, on an asset-weighted basis, according to a report Friday by Hedge Fund Research Inc, down from 4.4% over the same period last year.
Macro funds were flat in the first nine months, making them the worst performing strategy. Relative-value hedge funds led the bunch, returning 3.7% for the year. Event-driven funds rose 3.6%. Equity hedge funds were up 2.5% for the year, spurred by tech and health-care strategies.
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