Most investors will remember 2008 for its double-digit losses. Anthony Lennie will remember it as the year hedge funds passed muster with him.
“When we got into hedge funds, we didn’t really see it as a big alpha play,” says Lennie, director of finance at Victoria University (part of the University of Toronto) and overseer of its C$200 million ($169 million) endowment. “We just expected that whether the markets were going up or down, these things should perform fairly well for us.”
In the...