US hedge funds brace for worst year since 2008

Downtrend: Computer screens at the New York Stock Exchange showing the stock plunge last Monday, where stocks tumbled nearly 300 points, closing at just above 16,000. — AFP

BOSTON: US hedge funds are bracing for their worst year since the 2008 financial crisis after a dramatic sell-off in healthcare and biotechnology stocks triggered double-digit losses for some prominent players last month.

September’s sucker punch in the biotech sector, on top of a grim August when global markets tumbled due to fears about slowing growth in China, have pushed many hedge fund managers deep into the red.