Barclays Capital Solutions Group recently took the pulse of the hedge fund industry, compiling survey responses from 340 hedge fund investors and other relevant data. Its report includes three main components: an overview of hedge fund industry performance, with a focus on the possible causes of recent underperformance; an exploration of investor sentiment; and an outlook on the industry for 2016. This article outlines the insights from the report most applicable to hedge fund managers, including with respect to hedge fund performance and the reasons for industry underperformance; strategy preferences of investors; prevalence of fee discounts; and investor criteria for selecting managers. For coverage of other surveys from Barclays, see “Options for Hedge Fund Managers in Alternative Mutual Fund Space” (Apr. 11, 2014); “Family Office Perspectives on Hedge Fund Allocation Percentages, Strategies, Liquidity, Fees, Track Record and Investor Base” (Nov. 14, 2013); and “Increased Financing Costs for Hedge Funds Due to Regulatory Changes Affecting Prime Broker Financing” (Oct. 18, 2012).