A special Q&A with Christopher Ailman of CalSTRS, which has $300 billion under management. : The hedge fund model has been under attack for decades, at least since the financial crisis, but assets under management continue to surpass records. Christopher Ailman oversees the nation's second-largest public pension fund, CalSTRS, with $300 billion under management. Here he is, in conversation with Leslie Picker, on the high price of delivering alpha. Leslie Picker: Chris, I want to ask you point blank, in your estimation, do active managers deliver alpha?