Hedge funds gained more than 10 percent in the six months of 2021, the industry’s strongest first half performance in 22 years, despite June seeing a shift in market sentiment which moderated the sector’s monthly returns Hedge funds gained more than 10 per cent in the six months of 2021, the industry’s strongest first half performance in 22 years, despite June seeing a shift in market sentiment which moderated the sector’s monthly returns. Now, managers are positioning for a “dynamic performance environment” heading into the second half of the year, shaped by ongoing Covid concerns, as well as energy and tech trends.