Stocks and bonds have been pummeled this year, but bets on hedge funds have paid off for the giant Teacher Retirement System of Texas
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 $184 billion pension fund, one of the biggest in the U.S. and a significant investor in hedge funds, lost 2.3% for the fiscal year ended June 30, outpacingfor large pension funds reported by Wilshire Trust Universe Comparison Service. Its $9.7 billion portfolio of so-called stable-value hedge funds—which includes funds run by Man Group PLC, Systematica Investments and Citadel that are intended to zig when markets zag—gained 9.4% for the period.
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