With five months of 2017 in the books, the $3 trillion hedge fund industry continues to look mostly positive on the surface. The majority of products are producing positive returns, and the average positive return has outweighed the average loss, but returns based on recent allocation trends have likely left some investors disappointed. The theme of less than fortunate results for 2016/17 fund flows continued into May. Event driven funds, a segment which has lost significant investor capital in the last two years, are among 2017 industry performance leaders. Macro strategies, particularly the industry’s largest which have also recently been...