Looks like everyone will just have to settle for the lower-end Lexus this year.

Hedge fund performance fees dropped 11% from the start of 2019 through October. Eurekahedge says that the average performance fee hit 13.3% in October. That figure is down from 15% in January of this year.

The research group says that management fees also declined. In October, the average management fee dropped to 1.16% from 1.24%. The ongoing decline in fees has been a trend for some time. In fact, declining fees became a major debate topic at the 2017 SkyBridge Alternatives (SALT) Conference.

Hedge Fund Performance Fees and Returns

The downturn in hedge fund performance fees comes after years of pressure among investors. Lackluster performance has seen funds struggle to keep up with lower-fee passive strategies. Gone are the days of “2 and 20” being the industry norm.

That said, hedge funds have seen gains in 2019. The Eurekahedge Hedge Fund Index shows a 6.3% gain so far this year. That top-performing hedge fund sub-strategy is global macro at a 7.75% return, according to the report.

Both figures lag significantly against the S&P 500, which has jumped 24.2% year-to-date.

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