Hedge funds had the worst first-half-of-the-year performance in nearly two decades, with an average decline of 0.75 percent, Bloomberg reported. According to data compiled by Hedge Fund Research Inc., hedge funds declined by an average of 0.7 percent in June.

Managers brought in a net $16.5 billion in the first three months of the year, compared with $30.4 billion in the fourth quarter, according to data compiled by Hedge Fund Research Inc., as investors shifted assets.

The last time the $1.9 trillion industry had a losing year was in 2002, when funds fell 1.45 percent as the Standard & Poor’s 500 Index fell 23 percent.

Among the firms hurt most by investors pulling out their investments are Amber Capital Management LP, which had withdrawals totaling $2.5 billion as of July 1 after the firm dropped 9.5 percent in the first half of the year, and Polygon Investment Partners LLP, which had redemptions of around $1.5 billion this year through May.