How hedge funds are dealing with the global market meltdown

• The global market meltdown has clear winners and losers among hedge funds.
• Investors who thrive in choppy markets have done well previously at firms like Capstone and Eisler.
• Asia-focused firms and currency traders at big macro funds might have been wrong-footed.

Japan's Nikkei index had its biggest single-day fall since 1987. The VIX, Wall Street's go-to snapshot of market volatility, is at its highest point since the onset of the pandemic. Stocks are falling in Europe and the US.

And hedge funds are sifting through the wreckage, with some looking to survive and others planning to pounce.