Listed single-manager hedge fund performance offers solace

Managers with requisite scale have beaten S&P 500 since 2007

Stock market

Research shows that listed hedge funds have beaten the S&P 500 and the HFRI Composite Index, offering some solace to an industry under scrutiny in the wake of the decision by the California Public Employee Retirement System's (Calpers) to liquidate its $4 billion hedge fund portfolio.

While hedge funds have been widely criticised – perhaps unfairly – for failing to beat the S&P 500 and other broad equity indexes, data from alternatives investment bank Dexion Capital shows listed single-manager h