A Hedge Fund for the Masses On Monday, Feb. 22, disaster struck Infinity Q Diversified Alpha Fund (IQDAX). The SEC announced that Infinity Q’s management had asked the commission’s permission to deny redemptions for Diversified Alpha, meaning that its investors would be unable to sell their shares. Shortly thereafter, Infinity Q fired the fund’s portfolio manager, James Velissaris, who was also the company’s founder. (Neat trick, that.) Why the fund closed its doors (the SEC granted the request) and dismissed its portfolio manager I will divulge shortly. First, though, let’s run through the indicators that should have concerned the fund’s investors. There were many.