Hedge fund BlueMountain Capital's Credit Alternatives fund posted nearly a 4% loss in the first quarter, an investor letter shows, while the rest of the industry gained nearly 6% on average. The roughly $11 billion fund did recover slightly in April, but has still lost money so far this year. It's the latest blow to BlueMountain, which has axed two of its three equity strategies this year and had a major investor say the manager's growth prospects have "declined significantly." For more stories like this, visit Business Insider's homepage.