Amid some pretty daunting headwinds for the industry, hedge fund assets actually have climbed to new highs.
The industry now manages just shy of $3 trillion, according to the latest count from industry tracker HFR.
Assets rose 2.5 percent to $2.97 trillion, despite investors yanking $28 billion, the biggest quarterly outflow since the second quarter of 2009. That brought year-to-date outflows to $51.5 billion.
The reason behind the asset surge was performance — the HFRI Fund Weighted Composite Index rose 2.9 percent, bringing the benchmark's gain this year to 4.2 percent. That still lagged the S&P 500, which gained 6.4 percent through the period. (Another industry benchmark, the Preqin All-Strategies Hedge Fund index, rose 4.06 percent through the first three quarters.)