Hedge Funds up only 1.4% Year to Date while S&P 500 is up 12.6%

Who is making gains?

Seems that I have a lot of highly compensated company in grossly under performing the S&P 500 so far this year.  

The more interesting aspect of the hedgies performance is the other side of their trades.  Who has been making money?  It must be the central banks and their proxies the global, too big-to-fail banks.  Or are the central banks errand boys for the banks?

http://www.businessweek.com/news/2013-07-05/hedge-funds-post-biggest-declines-in-one-year-amid-market-rout

Most of the money hedge funds manage is for pension funds.  Pension funds for regular folks such as fire-fighters, teachers, employees of large companies, etc., etc.  The funds are under performing the S&P because the central banks continue to inflate the markets (stocks, bonds, real estate) with new created money.  This new money, created by the central banks adds to national debt which must be paid by higher taxes some day.  Therefore, right now your pension fund is likely losing money and you will be paying for it in the form of higher taxes.  Insult to injury.