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Expand chart
Data: eVestment; Chart: Axios Visuals

Global investors pulled $3.78 billion from hedge funds in May, despite overall outperformance against the stock market, a new survey from data firm eVestment shows. However, there was significant difference in redemptions based on size and performance.

Between the lines: Hedge funds with strong performance during the month saw inflows across asset classes, with the lone exception of multi-asset funds, while hedge funds that lost money broadly saw investors pull out their cash.

  • Hedge fund returns overall were negative last month after 4 straight months of gains to start the year, but still posted much slimmer losses than the broader U.S. stock market.

The big picture: Hedge funds have seen $25.43 billion of outflows so far this year, and performance losses have further reduced the industry's total assets under management to $3.24 trillion.

Go deeper: The hedge fund moment is over

Go deeper

Ben Geman, author of Generate
44 mins ago - Politics & Policy

Biden to sign major climate orders, setting up clash with oil industry

Illustration: Aïda Amer/Axios

President Biden will sign new executive actions today that provide the clearest signs yet of his climate plans — elevating the issue to a national security priority and kicking off an intense battle with the oil industry,

Driving the news: One move will freeze issuance of new oil-and-gas leases on public lands and waters "to the extent possible," per a White House summary.

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
4 hours ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.