A dramatic reshaping of the hedge fund landscape continued in 2017, as the percentage of new funds employing equity-based strategies fell significantly for the second year in a row, according to the Seward & Kissel 2017 New Hedge Fund Study. Since 2015, when eight out of 10 new hedge funds used equity-based strategies – a record high in the Seward & Kissel Study – that share has now fallen to just 56 per cent, the lowest level since the Study’s inception in 2011.