Survival of the fittest



Last year proved to be disappointing for the global hedge fund industry. After several years of impressive gains, the major hedge fund indexes barely scraped through into positive territory, while investors started taking their money out of hedge funds at the end of 2002, leading to the first quarterly net outflows from that asset class in two years, according to Tremont Advisers.

By the end of last year, the asset class posted minor gains, with the MSCI Hedge Fund Composite Index

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