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In the week ending October 25th 2019, Jeffrey Vinik, the billionaire investor who relaunched his hedge fund earlier this year, said he is closing his stock-picking hedge fund less than eight months after he started it, the latest sign of challenges facing the hedge-fund industry.
This news comes as investors pulled almost $30bn from hedge funds during the three months to the end of September, meaning the $3.2tn industry has now been steadily losing investors for a year and a half.
The eVestment Hedge Fund Asset Flows Report said investors redeemed an estimated $12.11 billion from the global hedge fund industry in September 2019, bringing year to date (YTD) flows to -$76.86 billion.
Meanwhile, according to the Barclay Fund Flow Indicator, the hedge fund redemption trend stretched to three straight months in August as the industry experienced $11.3 billion in outflows.
HFR said total hedge fund capital declined modestly to $3.24 trillion, a slight reduction from the prior quarter record of $3.245 trillion, a decline of $5.5 billion, or approximately 0.17 basis points.
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