Download Hedge Funds: Definitive Strategies and Techniques (Wiley by IMCA, Kenneth S. Phillips, Ronald J. Surz PDF

By IMCA, Kenneth S. Phillips, Ronald J. Surz

A well-rounded hedge fund consultant for the intense monetary professionalAlternative funding strategies-hedge money in particular-have skilled an important resurgence lately, mostly based on the dramatic downturn of the worldwide fairness markets. in accordance with this explosion in attractiveness, this publication makes a speciality of a number of the most sensible lucrative suggestions regarding those substitute funding vehicles.IMCA (The funding administration experts organization) is a certified organization verified in 1985, representing the funding consulting occupation within the U.S. and Canada. Kenneth S. Phillips is a member of the IMCA Advisory Council and coping with primary of Capital companions, LLC. Ron Surz, CIMA, is a member of the IMCA Board of administrators and the President of PPCA Inc.

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Hsieh, and K. Tsatsaronic. 1999b. ’’ In Brookings–Wharton Papers on Financial Services. Forthcoming. , and D. A. Hsieh, 2000a. ’’ In Review of Financial Studies. Forthcoming. , and D. A. Hsieh, 2000b. ’’ In Journal of Financial and Quantitative Analysis. Forthcoming. , and D. A. Hsieh, 2000c. ’’ Journal of Empirical Finance, Vol. 7, No. 1, pp. 1–36. Fung, W. and D. A. Hsieh, 2000d. “Benchmarks of Hedge Fund Performance: Information Content and Measurement Biases. Financial Analysts Journal. Forthcoming.

4 Size and experience do not explain performance. Source: Altvest (Dec 2001), funds of hedge funds. 38 HEDGE FUNDS Additional issues to bear in mind when considering funds of hedge funds include: Liquidity—The liquidity of hedge funds is perceived as an advantage relative to other alternative investment strategies. Historically, hedge funds and funds of hedge funds have had monthly liquidity. This is mostly because investors (originally offshore) who were not completely sure of the managers’ strategies, wanted to know that they could at least get out at month-end.

In order for an index to be most representative and comparable, it should be investable, non biased in its selection of holdings, and comprehensive in its representation of the asset loss. Because of wide diversity of strategies and the idiosyncratic nature of hedge funds, no one has satisfactorily accomplished this feat. However, serious work is being done and one should expect that a convergence of ideas will occur to create standards in hedge fund indices. CONSULTANTS Consultants are perceived as being late with respect to investor interest in hedge funds.

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