Hedge funds delivered their worst performance against stock benchmarks since 2011 by one measure
December 16, 2020 at 15:28 PM EST
For the biggest active fund managers, it is decidedly a poor stretch of comparative performance, according to data from J.P. Morgan, which indicates that returns against a benchmark, known as alpha in the parlance of investment managers, were the worst since 2011 and particularly abysmal for large hedge funds.