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Hedge funds see 6th consecutive quarter of outflows

Adapted from eVestment; Chart: Axios Visuals

Hedge funds saw overall negative returns for the second month in a row in September and investors continued to pull their money out, data from research firm eVestment shows.

Why it matters: It’s the latest piece of negative data for an industry that appears to have its best days behind it.

By the numbers: More than $12 billion was redeemed from the global hedge fund industry in September, bringing year-to-date flows to -$76.86 billion.

  • Total third quarter outflows of $29.37 billion marked the sixth consecutive quarterly outflow for the industry.
  • Total hedge fund industry assets under management were $3.27 trillion at the end of September, according to the report.

Between the lines: Multi-asset strategies have seen a wave of selling so far this year after a brutal 2018.

Go deeper: The hedge fund moment is over