Barclays Capital Solutions Group recently surveyed nearly 350 hedge fund allocators to probe their perspectives on, and expectations for, the hedge fund industry. The survey report synthesizes the responses received from survey participants, along with other relevant industry data. This article, the first in a two-part series, offers perspectives on the current state of the hedge fund industry, including a more nuanced view of recent underperformance and a glimpse into investors’ allocation plans and preferences. The second article will detail industry trends identified by Barclays as part of its research, including current interest in smaller managers and non-traditional products, as well as the recent evolution of fees and investment terms. For coverage of Barclays’ 2016 survey report, see “Barclays Survey Suggests Hedge Funds Fell Short of Investor Expectations Due to Industry Growth, Position Crowding and Macro Conditions” (Aug. 25, 2016). For coverage of another survey from Barclays, see “Options for Hedge Fund Managers in Alternative Mutual Fund Space” (Apr. 11, 2014).