http://www.bloomberg.com/news/2013-12-06/hedge-funds-trail-stocks-by-the-widest-margin-since-2005.html

Hedge funds are currently caught in the middle of their Great-White Short, and it's beginning to burn them badly.  Their resouce-related anti-bets will unwind heavily and possibly lead to the biggest rally in the resource sector in years. 

By the end of this year, they will be asked to point out their significant underperformance of the S&P500.  Believe me, their mandate will change faster than Obama's story on Obamacare.