At first seen as a source of pure alpha, hedge funds have evolved and now position themselves as a source of favorable risk-adjusted returns. A recent industry study conducted by the Alternative Investment Management Association (AIMA) and HFM found that investors are very satisfied with how hedge funds and other alternative investments performed during the past year, which saw unprecedented market turbulence resulting from the ongoing coronavirus pandemic. The study’s report, which incorporates the views of both investors and alternative asset managers, covers performance, investor priorities, fees, allocation preferences and marketing. This article outlines the key takeaways from the study, with additional commentary from Tom Kehoe, AIMA’s managing director and global head of research and communications. For coverage of another recent survey from AIMA, see “Hedge Fund Industry Remains Agile and Resilient, According to Recent KPMG/AIMA Survey” (Oct. 8, 2020).