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