Summary List PlacementMarch was not pleasant for many hedge funds. Big-name managers like Lone Pine, Holocene, Candlestick, Suvretta, and more lost money as industry-wide alpha — or returns beyond the overall market — is on pace for its worst year since 2015, according to client data from Morgan Stanley's prime brokerage unit. March ended with a massive market event, thanks to the implosion of Bill Hwang's family office Archegos that dealt major losses to banks like Credit Suisse and Nomura.