The hedge fund manager has been waiting for the return of market volatility to help him recover losses after years of calm markets hurt his $955 million firm. Yet even with the recent whipsaw in stocks, Gulati hasn’t made any money through the first 10 months of the year. Wide swings in prices, a waning bull market and rising rates were seen as the elixir that the $3.2 trillion industry needed to overcome years of subpar performance. But hedge funds got pummeled in last month’s market swoon and are headed for their worst year since 2011.