A survey of institutional investors by JPMorgan Chase found that most participants planned to “maintain or increase their overall hedge fund allocations in 2019, following a year during which 68 percent of respondents said their hedge fund portfolios underperformed.” This according to a recent article in Institutional Investor.

Over half of the survey’s 227 participants—which included banks, consultants, endowments, foundations, family office, funds of funds, insurers and pensions—said they intend to maintain their hedge fund allocations with about a third planning to increase them. Only 13 percent of respondents said they would shrink their allocations this year.

The article reports that 88 percent of respondents gave “alpha generation” as one of the top reasons for investing in hedge funds, but more than 82 percent raised concerns about crowding within the industry. A little less than half of respondents said that hedge funds have disappointed on the short side.

While most respondents plan to keep or increase hedge fund allocations this year, the survey showed that nearly three-quarters plan to reallocate to different managers, with 62 percent saying they would invest in different hedge fund strategies. “In particular, investors were eyeing higher allocations to global macro, emerging markets, and distressed credit strategies.”

Over half of respondents said they are currently negotiating or are planning to renegotiate fees.