When it comes to brainboxes, the name "Nobel" has a certain ring. But news that the Nobel Foundation plans to increase its investment in hedge funds, because years of low returns forced it to cut cash prizes in 2012, is one to leave laureates scratching their eggheads. The past year has been another mediocre one for hedge funds. The hfrx, a widely used measure of industry returns, is up by just 3%, compared with an 18% rise in the s&p 500 share index. Although it might be possible to shrug off one year's underperformance, the hedgies' problems run much deeper.
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