Why isn’t this fund fully diversified?
Probably because every category is going down.
THe Hedge Fund performance overall may be fair to poor but I would think the pension funds are busy selling calls and purchasing puts to maintain asset values. A selloff like what is reported here seems to be pretty extreme especially if the predicted downturn or collapse doesn’t happen on the timescale chosen.
Public pension funds for some reason don’t impress me but they should have the best money managers and yet they suck for some reason. Maybe there are state laws in place that restrict them from doing business with some of the best traders, I don’t know.