Hedge funds that are supposed to do well in any type of market are having a tough go of it lately. As Gregory Zuckerman and Juliet Chung of The Wall Street Journal report:

Bridgewater Associates, which built a $150 billion hedge-fund empire with the promise of strong performance even in turbulent markets, is suffering from the market’s recent convulsions.

The firm’s All Weather fund, which manages about $70 billion, has lost 6% so far in June and has dropped about 8.5% for the year, according to a person close to the matter.

The firm’s flagship fund, the Pure Alpha fund, which manages about $80 billion, has lost money in June and is flat on the year, said a person familiar with the matter.