No-Leverage, One-Man Hedge Fund Beats Bay Street With 65% Return

Francis Lau runs his hedge fund from an office next to a gas station and a Costco, far from Bay Street, where most of Canada’s money managers cluster. It has emerged as one of the best-performing hedge funds in the country.

Lucida Capital, operated solely by Lau, gained 65% from April through the end of last year. Few of his larger and more established rivals returned more than 40%.