Investors redeemed $38bn from top performing hedge funds in the 12 months to end-October, having pulled out $14bn in the year earlier period, according to a report by Reuters. The report cites data from hedge fund specialist Aurum Research. 

Hedge funds that saw high levels of redemption had returned, on average, more than 19% and 18%, respectively, in the two 12-month periods, Aurum Research said.

According to the report, the best performing hedge funds are falling victim to their own success as institutional investors such as pension funds and university endowments cut back their most profitable positions to make up for pain elsewhere