Hedge funds have hardly been covering themselves in glory during a tumultuous few weeks for markets.
Sharp moves in the US government bond market and in bank stocks, driven by failures in the US regional banking sector and the fall of Credit Suisse, have left numerous funds in the red for the year.
Many managers were found to be sitting in trades that seemed obvious at the time based on the perfectly rational belief that interest rates had to move higher to combat stubbornly high inflation. Unfortunately, this also meant that these trades became crowded, and therefore dangerous if funds all rushed to the door to reverse them.
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