A full 48% of hedge funds were in the red for the year as of the end of May, as managers underperformed the broader markets in the month, according to Eurekahedge. Hedge funds were up 0.4% in the month, while the markets as measured by the MSCI World Index rose 1.3%. Distressed debt hedge funds enjoyed the best gains in the month at 1.7% and were up 2.6% in the year to date. That was a rebound from 2015, when they were up just 2.1% in the January to end-May period and down 4.4% for the year. The worst performance...