we could likely see a few high-profile closures by the year-end.
We track at least 60 (!) large Hedge Funds trailing S&P500 by 500 bps or more, that means YTD produced negative returns of -15-40%.
Ouch…
As we all know, given the high watermark rule that most Hedge Funds follow, it is a lot easier to close the fund down (and, possibly reopen it under a new name) than dig yourself out of the losses of that proportion.

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