Hedge funds are losing clients and money as they continue to deliver returns far worse than the broader stock market. The big picture: Since the beginning of 2015, Americans' total financial assets have grown by nearly $11 trillion, Federal Reserve data shows, and less than 1% of that gain has been in hedge funds. "The industry has been struggling," Peter Laurelli, eVestment's global head of research tells Axios. "Since the end of 2015, quarterly flow has been negative in 10 of 14 quarters, including in each of the last four through Q1 2019."