Illustration: Rune Fisker Hedge Funds Are Pocketing Much of Their Clients’ Gains With ‘No Limit’ Fees By Hema ParmarWeihua LiKyle KimArmand Emamdjomeh February 10, 2025 In 2023, the main hedge fund at billionaire Dmitry Balyasny’s eponymous firm notched a gross return of 15.2%. Investors walked away with a gain of just 2.8%. The rest they paid in fees — more than $768 million — mainly for compensation but also a wide variety of other costs down to mobile-phone service. That parceling out of...