Hedge fund performance was broadly flat in May, allaying fears that the downgrades of General Motors’ and Ford debt had badly damaged certain funds, according to early industry surveys published on Monday.

The downgrades of the US carmakers, which pushed GM to “junk” status in early May, rattled hedge funds which had exposures to GM- and Ford-related credit derivatives. The shake-up has prompted talk of large hedge fund redemptions and drawdowns later this month.