It might have been wiser to do a pairs trade: short {BSC, LEH, MS}/ long xlf.

Clarium doesn't usually do that, though. They usually look for ideas so big they don't need to hedge to offset them (e.g. with oil prices, they found a discrepancy between the prices of various heating oil contracts, which could have been a nice arbitrage. But they just bought the cheaper contract, because they saw it as a cheaper way to get exposure to the price moves).