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Data: eVestment; Table: Axios Visuals

Hedge fund returns fell last month after four straight months of positive results to start the year, but managed to outperform the broader U.S. stock market — posting much slimmer losses.

Be smart: The data from market research firm eVestment found nearly all hedge fund categories outperformed the S&P 500 in May. Equity strategies had the worst performance among primary markets hedge funds, but still outpaced the S&P by more than 400 basis points, with quantitative directional strategies delivering overall positive returns for clients during the month.

The big picture: Hedge funds have seen significant redemptions and declining popularity as they have dragged well behind the overall market's returns for more than a decade. Year-to-date, hedge funds still trail the S&P, but May's stock market swoon showed hedge funds remain a solid alternative for investors to offset risk and may help redeem the industry.

Reality check: Hedge funds were comparable to a benchmark fund of 50% global stocks and 50% global bonds in reducing losses during the month, measured by the mix of MSCI's all-world stock index and Citi's world government bond index.

  • Investment in such strategies is also generally significantly less expensive than hedge funds.

Go deeper: The hedge fund moment is over

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Facebook boycott organizers share details on their Zuckerberg meeting

Facebook is in the midst of the largest ad boycott in its history, with nearly 1,000 brands having stopped paid advertising in July because they feel Facebook hasn't done enough to remove hate speech from its namesake app and Instagram.

Axios Re:Cap spoke with the boycott's four main organizers, who met on Tuesday with CEO Mark Zuckerberg and other top Facebook executives, to learn why they organized the boycott, what they took from the meeting, and what comes next.

Boycott organizers slam Facebook following tense virtual meeting

Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

Steve Scalise PAC invites donors to fundraiser at Disney World

Photo: Kevin Lamarque-Pool/Getty Images

House Minority Whip Steve Scalise’s PAC is inviting lobbyists to attend a four-day “Summer Meeting” at Disney World's Polynesian Village in Florida, all but daring donors to swallow their concern about coronavirus and contribute $10,000 to his leadership PAC.

Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.