Danish pension fund PFA says it has found a way to boost returns in a world of ultra-low yields: cut out middle men like hedge fund managers and do it yourself. “Part of our new strategy is to do more investments directly instead of via specialized funds,” said Christian Lage, who helps oversee about $83 billion in pension savings as co-chief investment officer at PFA in Copenhagen. “Fund structures are typically very expensive and as yields have come down, the focus on costs has increased quite remarkably.”