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Hedge funds recorded their worst daily performance since the Covid-19 market crash of 2020. The comparison is stark: more than five years of trading sessions produced nothing worse for the industry than this single day.
The 2020 benchmark The Covid-19 crash of 2020 is the acute stress watermark for current-era fund performance.
A daily result at or beyond that threshold puts this session in its own category by recent historical standards. That benchmark matters because it was not a slow deterioration.
It was a rapid, compressed loss event that exposed positioning across strategies simultaneously.
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