Many hedge funds failed to profit from mergers and acquisitions despite a record year for deals.
Event-driven strategies have been the most disappointing performers this year.
Funds have crowded into the largest corporate deals and have been reluctant to bet on smaller ones. That contributed to low returns for event-driven hedge funds this year.
Event-driven hedge funds that seek to profit from corporate activities such as mergers, acquisitions and reorganizations lost on average 1.4 percent this year.
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