Hedge funds are in a sorry state, so funds that show impressive profits are real standouts.

 

It was flagged by a hedge fund investor because the performance was so good that the investor expressed disbelief about it. I wondered how the fund made money like this.

It turns out, it's a difficult question to answer because the fund in question doesn't want to explain how. And that tells you a lot about how hedge funds work.

While there are high-profile investors, such as activists, whose every move is known, for most of the industry secrecy …