Rocky market giving hedge funds a leg up for investors.

Many institutional investors were satisfied with the defensive role their hedge fund portfolios played during the ferocious market conditions sparked by the COVID-19 pandemic, even if the performance of some of their hedge fund managers was down in the first quarter. "Our clients are generally pleased with what's in their hedge fund portfolios in terms of both top-down strategy and individual managers", said James A. Neumann, New York-based CIO of hedge fund consultant Sussex Partners U.K. Ltd., in an interview. "The hedge fund portfolio continues to do well", Mr. Tull said, noting that about a year ago, the hedge fund team trimmed the then 5%-plus allocation down to 3.5%. [Extracted from the article]

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