But Jana, Third Point and Och Ziff are all in the black in the first half. And there are funds delivering even stronger returns than these prominent players.
Kingdon Capital climbed 13 percent, Maglan Capital gained 15 percent, Pentwater Capital is up roughly 12 percent and Polygon's European event driven fund gained 9.5 percent this year, investors in the funds said.
With investors forecasting more gains in hedge fund returns in the second half, flows are expected to be much stronger than they were a year ago in the second half of 2014, eVestment forecast.
"Hedge funds may not raise money hand over fist in the next months, but they are likely to compete with equity returns and should outperform bonds and cash, so people will be nibbling."