If Wall Street financial institutions and academics are enthusiastic about the prospects of replicating hedge fund returns through the use of statistical models, institutional investors are much more skeptical.

“So far, I haven’t found replication very exciting,” said Ho Ho, quantitative portfolio manager for global equity at the California Public Employees’ Retirement System in Sacramento, Calif. CalPERS is the United States’ largest public pension fund, with $259 billion in assets.

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