THE HONEYMOON FOR hedge funds is over. Having wowed investors with returns of 11.2% in 2003, 4.14% in 2002, 9.36% in 2001, 13.48% in 2000 and 15.35% in 1999, according to the S&P Hedge Fund Index, the sector will struggle to post double-digit annual returns for 2004 after experiencing its most challenging quarter since 1998.
The S&P index, which represents a broad range of hedge fund strategies, was down 1.59% for the second quarter this year compared with a positive 1.92%
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