Emerging-market assets managed by hedge funds hit a fresh high and performance was solid. : Emerging-market assets held by hedge funds rose to a fresh high in the second quarter in spite of market headwinds, according to an industry report out Thursday. Hedge funds held a record $239.3 billion, according to the HFR Emerging Markets Hedge Fund Industry Report. That’s up $5.3 billion compared to the first quarter of this year.