2016-05-17zerohedge.com

``Net sales were led by hedge funds, a reversal from institutional client-led selling in the prior nine weeks. As we speculated last month, we wonder how much of this is forced selling as a result of inbound and rising redemption requests. If that is the case, it sets up hedge funds for an unpleasant feedback loop where more redemptions force lower prices, leading to more redemptions and so on.''



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