What sort of leverage is the hedge fund industry currently using

I’m just reading through some interesting industry research on the level of leverage used by 24 of the market’s biggest macro funds.

The average level used sits somewhere around 2.0, with the vast majority using only 1.5 times but some outliers using up to 9.

If memory serves me correctly, this average is slightly higher than seen in previous years (but don’t quote me on that).