The Place Hedge Funds Rose

``New Zealand hedge funds made 20.4% last year, according to an index of eight funds compiled by the New Zealand Absolute Return Association. This compares to the fall of 23.3% over the same period from peers based elsewhere, according to the investable benchmark of hedge funds around the world produced by analysts Hedge Fund Research. New Zealand could be the only country whose hedge-fund managers, on average, made such good money in 2008.''