Murano’s Ole Rollag (pictured) reflects on the past year and makes his predictions for hedge funds in 2020…: Murano’s Ole Rollag (pictured) reflects on the past year and makes his predictions for hedge funds in 2020… It has been another challenging year for the hedge fund industry – asset flows were negative for the sixth consecutive quarter according to HFR data – and yet many managers seem positive overall. We note both a more defensive view amongst many institutional investors and a better understanding within the asset management complex of what a hedge fund can and cannot do.