For those who have access to your fund's performance at fundamental L/S SMs, what's the max peak-to-trough drawdowns you've seen? Thinking of a typical 30-50% net but concentrated setup, would mid-teens/low-20s be the right range? Obviously aware that TGM/LP etc drew down much more than this but want to exclude private markdowns and anecdotally seems like they were much more levered long than average.
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