Looking at the panoply of strategies and how they were positioned, hedge funds were generally negative Friday. In fact, hedge fund losses were out pacing what was witnessed in major stock indexes. North America and European long exposure “fell faster than the market and faster than shorts on Friday,” John Schlegel, Annie McNerney and Vasileios Prassas of the bank’s prime brokerage unit wrote. This, in turn, “exacerbated” hedge fund month to date underperformance. As of the close of May, the HFRI Asset Weighted Composite Index was down -1.27% while the Barclay Hedge Fund Index was up 0.70% year to date. Inside the markets,...