Choppy markets hit hedge funds in May as the industry suffered losses during the month after four positive months this year with the HFN Hedge Fund Aggregate Index down -1.15% (+1.58% YTD). The S&P 500 Total Return Index (S&P) was -1.13% in May and +7.82% in the first five months of 2011.

But if there was some good news, early estimates by hedge fund tra