It’s understandable that hedge fund performance is under the microscope. An average return of 3.96% in 2014 isn’t good enough. What makes this particularly difficult for hedge funds is that long-only markets have been blazing a trail, enjoying double-digit growth over the past few years.

The average hedge fund can’t compete in such an environment (although there are plenty of highoctane outperformers, such as the Taiga fund, which has returned 33.4% over 12 months). Then again, the fact these funds are ‘hedged’ means they aren’t expected to.