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Hedge Funds Dropping Like Flies

Fortress Investment Group is closing its flagship hedge fund following heavy losses and investor withdrawals. The fund, which had managed more than $8 billion in 2007, saw its assets fall to $3.2 billion at the start of 2015 and then again to just $1.6 billion at the time of this week’s announcement.

Fortress’s fund, which made bets on shifting macroeconomic trends, lost investors more than 17 percent through the end of September. That’s pretty hard to do, given that not a single major asset class is down that much in 2015. The worst-performing equity asset class so far this year has been emerging markets, which were down about 15 percent.

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