The first half of 2012 was tough on most asset classes, hedgies were definitely not exempt. The different style indices trailed the S&P 500 through the first half of 2012. The S&P 500 itself returned a modest 8.3% through the first six months of 2012:

Returns over the most recent 12 months have been paltry. Fixed Income Arb and Global Macro both finished above 5%, barely higher than the 3.1% investors received from the S&P 500.

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