It was a tale of two 2011s.
On one hand, the global HedgeFund Intelligence database ended down 1.99 percent for the year. Nearly 60 percent of funds worldwide lost money. Some strategies were slammed particularly hard, notably emerging market equity, which swooned 15 percent, and event driven, which dropped 4.42 percent.
The AR Composite did much better, dribbling down 0.53 percent. Nine of its 16 underlying...