Stocks fell sharply today, with the S&P 500 dropping nearly 1.6% and the Nasdaq 100 declining more than 2%. Today was also a settlement day, with $22 billion settling, so the sell-off wasn’t particularly surprising.

According to data from Hedge Fund Research, hedge funds recorded their strongest annual performance in more than a decade, with an average 2025 return of 12.6% across all strategies.