Minimal Returns

I’ll try one more time, yes not all the funds are market neutral, but some are, and some are multi strategy, some are macro, etc. Comparing these to the s&p is a foolish exercise (imagine taking a bond manager and comparing their return to the s&p). Negative is never good, so those are bad. Low single digits are usually bad. Once you get to ~10-15% you are entering the area that some (not all) of these funds actually target. So a 10% year for some of these funds (macro, market neutral, etc) is around what they’ll target, it doesn’t matter what the s&p does. The comparison is where people go wrong, if over time you have a similar sharpe (and other return and risk metrics) between the s&p (as a comparison for an alternative investment) and your fund, you are probably doing something off (as an investor can choose to just passively invest) - if someone believes that is true going forward then it is hard to justify an investment in your fund. The truth is, the good funds have much better “holistic” metrics than the s&p. So, to reiterate, as an alternative investment over time the comparison can make sense, in any one year it isn’t the right comparison to make, so not sure what returns you are calling “garbage” but it seemed like you think 10-15% is trash, and I disagree.