<p>HEDGE funds have had a measly few years, plagued by investor withdrawals, poor returns and much moaning about steep fees. Until now, a fund’s typical excuse has been that massive central-bank intervention has dampened volatility, which hedge funds profess to benefit from. But as 2016, the most volatile year for markets in a long while, draws to a close, it is striking that hedge funds have failed to perform markedly better.</p>