JPMorgan Chase's hedge fund suffered its worst drawdown since last April.

JPMorgan strategist said that hedge funds are experiencing their biggest drawdown since the market turmoil sparked by the tariff liberation day, as crowded trades have hit these fast money funds. The strategist pointed out in a report on Wednesday that commodity trading advisors and other quantitative funds have suffered their most severe losses in nearly a year since the Iran conflict erupted. JPMorgan stated that long-short equity hedge funds suffered huge losses due to overexposure in European and South Korean markets while underweighting software stocks. CTAs typically follow trends in various futures markets to take advantage of market signals formed by investor groups. JPMorgan cited data from HFR showing that systematic diversified CTA funds dropped nearly 4% in March.