Opalesque Industry Update - Hedge funds started 2021 on a high note with average industry performance of +1.02% with 59% of funds seeing positive results for the month, according to the just released eVestment January 2021 hedge fund performance data. This follows a tumultuous 2020 which saw the hedge fund business return an average +11.07%. However, one early development seen in the data was under-performance among the hedge fund business' largest players. "Despite what was generally a positive month, it was a disappointing start to the year for some of the industry's larger managers," said eVestment Global Head of Research Peter Laurelli. "Among the 10 largest reporting products for January, seven were down to begin the year, putting this group into negative territory for January average returns. Even among a broader large-fund group, those funds with greater than $5 billion in AUM, the average return for January was -1.38%."