If you held public stock in a company that managed hedge funds, you'd probably consider the performance of those funds as material information. After all, like sales at a retail company, the management fees earned from positive performance are a key driver of a hedge fund manager's revenue.

But the positions of the three public US hedge-fund managers vary widely on whether hedge fund performance should be reported, and how often. One has been issuing regular monthly reports while another, with a little regulatory nudge, has recently begun reporting quarterly. The third doesn't report performance figures at all.