According to a new study just 11 percent of hedge funds are beating the S&P 500 this year.

We can't help but think that there must be panic in hedge fund land!

Specifically, BarclayHedge says only 81 out of 736 long/short equity hedge funds they track were beating the S&P 500 as of the end of July.

That's 11 percent.

And with the historically turbulent months of September and October right around the corner, we can only imagine what’s happening behind closed doors.

But why imagine. Top trader Josh Brown reveals exactly what’s happening inside their hallowed walls.