Hedge Funds Back the Wrong Bull

(Bloomberg) Another year, another disappointing start for hedge funds.But don’t despair — the hedgies have a plan to lift their fortunes: U.S. small-cap stocks. It’s been a long, long time since hedge funds outpaced the market. The HFRI Fund Weighted Composite Index lost to the S&P 500 for eight consecutive years from 2009 to 2016, and it’s on track to lose again this year. The HFRI Index is up 3.5 percent through May, while the S&P 500 is up 8.7 percent, including dividends.

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