When 17 of 20 hedge funds on the HSBC Hedge Weekly performance weekly are managed futures CTAs or quantitative investment funds, a market environmental factor is likely in play. But savvy investors must understand that market beta gives it and takes it away, which is where alpha in terms of risk management begins to appear. On Wall Street, alpha is most often attributed to delivering oversized wins. But in certain quarters, a master hedge fund manager is defined by how the strategy navigates during negative market environments.  This investment thesis is often discussed deep inside the regulated derivatives industry and...