Two hedge funds tell the up and down story of the industry in 2017.
Equity fund Coatue Qualified Partners soared 24% on its tech bets while the Caxton Global macro fund dropped 13.4%, according to an investor document and people familiar with the matter. The equity and macro strategies served as bookends for the industry, which delivered a lukewarm overall performance for the year.
Hedge funds last year returned 6.5% on average on an asset-weighted basis, the best annual performance since 2013, according to a Hedge Fund Research report Monday. That good news has been overshadowed by the broader stock market rally and flood of money into passive products by investors no longer willing to pay high hedge fund fees.
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