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October 7, 2008 6:04:38 AM CDT

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First Half of '08 Worst Ever for Hedge Funds

Posted Jul 9, 08 12:52 PM CDT in Business 

(Newser) – Hedge funds have fallen an average of 0.75% in the first half of 2008, the worst yearly start for the industry since Hedge Fund Research began collecting data in 1990. Even 2002, the only year on record in which the $1.9 trillion industry lost money, was sunnier. "Investors are showing less patience than before to live through the bad times," one analyst tells Bloomberg.

Underperforming funds are the hardest hit, as those with capital seek out fund managers with proven track records in a down market. But so far, Bloomberg notes, the money is staying in the industry. “We don't see investors pulling the plug across the board and putting their capital into cash,” one manager said.

Source Bloomberg

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Angela Sabatino, center,of NYSE Euronext talks to a colleague on the floor of the New York Stock Exchange, Friday, Jan. 25, 2008.   (AP Photo/Henny Ray Abrams)
Mathew Mandola of Lehman Brothers Market Makers looks to an overhead monitor from the floor of the New York Stock Exchange, Friday, Jan. 25, 2008.   (AP Photo/Henny Ray Abrams)
Ned Zelles of Wagner, Stott, Bear Specialists throws his hands up while looking at the numbers on the floor of the New York Stock Exchange, Friday, Jan. 25, 2008.   (AP Photo/Henny Ray Abrams)
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