BAAPX

srfdriver99

The "hedge funds do worse than the S&P" stat is misleading for exactly this reason. The hedge fund shouldn't be compared to the S&P, it should be compared to an 80/20 portfolio, or a 60/40 portfolio, or whatever. That's not to defend hedge funds, but they should really be compared to [stuff with bonds in the mix](https://totalrealreturns.com/n/USSTOCKS,VASGX,BAAPX,AOA,BIGPX,PRWCX,ABALX). (In particular, go look at the "Worst Drawdown" section.)