RAB Capital is restructuring its second hedge fund in as many months after its energy portfolio lost 56% this year in a peer group that fell about 21%, making it one of at least 10 hedge funds that have revised their redemption terms since September.

The $4.2bn (€3.3bn) hedge fund manager's energy fund was hit by illiquid positions and falls in concentrated positions in the portfolio, as market participants sold off commodities companies' shares amid growing concern at a worldwide economic deceleration.