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They Would've Been Better Off Putting The Money Under Their Mattresses*

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The average hedge fund fell shy of double-digit returns in 2006, according to year-end numbers from Hedge Fund Research’s HFRX indices, but several individual strategies, especially arbitrage funds, managed to return better than 10%.
Still, it wasn’t enough to top to broader markets: None of the dozen HFRX indices or subindices came close to the Standard & Poor’s 500’s 13.62% return.

Arbitrage Is King In ’06, According To HFR Indices [FINalternatives]
*or lighting it on fire, given that they're into that kind of thing. [JC--And, of course, assuming that the mattress delivered at least a 10% return.]