Basically, it is even more dramatic due to that windowing calculation. I would say that Q3 and Q4 had been carnage for even more investors.
I would ask for segmentation of results by currencies.
For instance, if EURUSD is in range market for Q3 and Q4, it may happen that are strategies which are not able to properly track it, hence losing money. Spotting such darwins may be advisable to create strategies on darwins by investors. This would help on real risk diversification. After all, we are invested in trading strategies over ccies, if strategies are correlated by ccy in our portfolio, harsh scenarios are more likely to pop up.