The launch of commodity trading advisor (CTA) hedge funds dropped this year to the lowest level since 2006 as investor dissatisfaction grew.
Only 50 CTA funds were launched in the first nine months of 2015, representing 9% of total hedge fund launches.
CTAs typically invest in physical goods using futures and options.
Research from financial information provider Preqin found that, at the start of the year, only 14% of CTA investors planned to increase their exposure to the asset class.
The firm also found 70% of investors were unimpressed by performance after a poor second quarter.
Amy Bensted, head of hedge fund products at Preqin, says that although the number of investors interested in CTA strategies might be growing, investors have also expressed prolonged dissatisfaction with performance.
Discontent with the wider European hedge fund industry is reflected in previous data from Eurekahedge that showed four out of every 10 funds that closed in 2014 were European.
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