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Some of the most respected managers, who built the hedge fund industry, such as Paul Tudor Jones and David Einhorn, are lagging the market by a large margin this year.
Paul Tudor Jones' main fund BVI Global lost 1.9 percent year to date through July 21 compared with the S&P 500's 9 percent return in that time period, according to Bloomberg News.
In addition, clients redeemed nearly 15 percent of the fund in the June quarter with assets down nearly 50 percent from the previous year, the article added.
Jones earlier this year reportedly said at a closed-door meeting in early April with Goldman Sachs that he was getting worried about the market's valuation. The hedge fund manager referred to a chart that measured the market's value relative to the country's economy and said it should be "terrifying" to central bankers, including the Federal Reserve's Janet Yellen.
It's not clear how his hedge fund was positioned at the time of the remarks, but if Tudor was set-up bearishly, things would not have gone well. The has rallied 10 percent year to date through Monday and 5 percent since the end of March.
Tudor isn't alone with his below market returns. Bill Ackman's Pershing Square Holdings fund is up 0.9 percent year to date through July, according to its website.
In similar fashion, Einhorn's Greenlight Capital is down 0.2 percent year to date through July, according to a source familiar with the matter. The fund returned 2.1 percent in July.
The Wall Street Journal reported Einhorn's firm had more than $400 million of client redemptions midyear, representing more than 15 percent of investors eligible to withdraw.
Greenlight Capital and Abernathy MacGregor's Patrick Clifford, a spokesman for Tudor, declined to comment for this story.