Hedge funds that invest in emerging economies have been clobbered by the coronavirus-induced market chaos as “extreme, historic risk-off sentiment” led them to lag developed market peers.

The emerging markets index of data consultancy Hedge Fund Research, which covers Asia, Latin America and Eastern Europe, is down 11.4% in the year to date. That's the index's steepest monthly fall since 2008, when it dropped 14.5%.