Michael, respectfully disagree as well:
"For example, the performance of the top 50 hedge funds can be simply replicated via a 50% allocation to the S&P 500 and 50% to non-interest-bearing cash." Based on the Eurekahedge Top 50 Hedge Fund Index.

https://caia.org/blog/2022/01/30/cryptocurrency-hedge-funds-just-bitcoi…

However, simple trend following mamaged futures mixed with equities increased their risk adjusted returns for decades based on their benchmark indices SG Trend and MSCI World and reduces their drawdowns even more.