Global hedge funds hit by broadest slump since pandemic as three equity strategies fall over 1% in one day

The simultaneity is the story: when long/short, TMT, systematic and multi-strategy books all lose more than 1% on the same day, it points to a common factor driving positioning rather than idiosyncratic stock picking. TMT funds taking the deepest hit suggests concentrated exposure to a single crowded theme. The open question is whether this is a one-day deleveraging event or the start of a broader unwinding, and whether prime brokerage data shows net exposure coming down in the sessions that follow.