Fund performance

Double-digit gains produced by the mutual funds and ETFs with the most AUM were not enough to best the broader market.

Those that shorted the market suffered “steep losses,” while market-neutral products posted “modest gains.”

Data reported by the Investment Company Institute.

With an average gain of nearly 40%, the following mutual funds and ETFs are narrowly invested in the most attractive segments of the market.

The SEC’s recently passed ETF modernization rule, which expands choice in the market, “is probably the end of the mutual fund industry.”

Despite their high fees and double-digit returns, nearly all have even outperformed themselves so far this year.

The move comes amid years of mediocre returns posted by hedge funds, prompting investors to pull money and demand lower fees.

The $10.1 billion fund’s star manager, well known for his contrarian investments, held on to a short position against U.S. Treasurys even as bonds rallied.

The top 20 nearly doubled their gains over the last year, data show.

Broadly, hedge funds lost about 0.1% last month, paring gains for the year to about 6.2%, data show.