Hedge funds have, on average, weathered the market turmoil caused by novel coronavirus relatively well — with a few types of funds producing some of their best returns in years. But liquidity crunches at institutional investors like endowments and pensions may mean redemptions are on the way no matter what. Hedge-fund investors sticking with the industry meanwhile must now be cognizant of the business risk facing many managers that might lose big chunks of assets for reasons unrelated to their performance.