Stocks and bonds have been pummeled this year. But bets on hedge funds have paid off for the giant Teacher Retirement System of Texas.
The roughly $184bn pension fund, one of the biggest in the US and a significant investor in hedge funds, lost 2.3% for the fiscal year ended June 30, outpacing the median 5.1% loss for large pension funds reported by Wilshire Trust Universe Comparison Service. Its $9.7bn portfolio of so-called stable-value hedge funds — which includes funds run by Man Group, Systematica Investments and Citadel...
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