TOP STORY: The Teacher Retirement System of Texas, one of the largest pension funds in the US, has benefitted from a number of winning hedge fund bets placed by the likes of Citadel and Man Group, according to a report by the Wall Street Journal.

The Teacher Retirement System of Texas (Texas Teachers), one of the largest pension funds in the US, has benefitted from a number of winning hedge fund bets placed by the likes of Citadel and Man Group, according to a report by the Wall Street Journal.

The report cites data from Wilshire Trust Universe Comparison Service has revealing that the roughly $184 billion fund lost 2.3% for the fiscal year ended 30 June, bettering the median 5.1% loss for large pension funds. Texas Teachers' $9.7bn portfolio of 'stable-value hedge funds' — including funds run by Man Group, Systematica Investments and Citadel — gained 9.4% for the period.

Some of the fund's other hedge fund investments didn't fare as well though, with Texas Teachers’ directional hedge fund portfolio, which is intended to more closely track stock markets, losing 6.6% for the year ended 30 June, reportedly paring overall hedge-fund returns to just over 2%, according to the Wall Street Journal.