The market turbulence leading investors to flee hedge funds around the world is providing a measure of vindication for one asset manager. First Quadrant LP, which manages $11 billion in foreign-exchange strategies, relies on computer models that crunch data such as interest-rate differentials and equity valuations to identify currencies’ fair value and determine entry and exit points. The $1 billion Absolute Return Currency Fund it runs out of Pasadena, California, for John Hancock...