JPMorgan analysts predict that, for hedge funds, next year might look a lot like 2016, in which the alternative asset managers struggled to keep disgruntled clients invested.

Hedge funds had a rough October, with the HFRI Asset Weighted Composite Index declining 2.7%, according to HFR data. That index has lost 1% this year, the worst performance for the first 10 months of the year since 2011, HFR data show.