Hedge fund of the year: LMR Partners

The American football coach Vince Lombardi liked to say: “It’s not whether you get knocked down, it’s whether you get up.” In March 2020, LMR Partners was taken off its feet. The firm, which had never suffered a negative year, experienced a more than 20% drawdown in its flagship multi-strategy fund that month. LMR got back up. Painful as it was, clients talk now about 2020 as a key moment in the hedge fund’s evolution. They describe the reaction of the firm’s leadership as more or less exemplary – specifically the candour of its partners and their willingness to accept…