Only 38% of funds were above water in 2011, compared with 73% in 2010.
|Funds above their high-water marks by year|
|Key: + Above HWM / - Below HWM|
(+/- do not denote performance)
Source: HedgeFund Intelligence database.
The widespread, if shallow, losses of 2011 resulted in a stark decline in the number of funds earning performance fees, and