By E. J. Stavetski
Beneficial perception into measuring the functionality of trendy hedge fund managerMore and extra institutional cash and high-net-worth resources are discovering their strategy to hedge cash. This e-book offers the quantitative and qualitative measures and research that funding managers, funding advisors, and fund of fund managers have to allocate and computer screen their client's resources appropriately. It addresses very important themes comparable to sleek Portfolio concept (MPT) and put up sleek Portfolio idea (PMPT), determining managers, observing functionality, and gaining knowledge of trade asset periods. writer Edward Stavetski additionally contains an appendix displaying exact case reviews of hedge cash, and offers readers a highway map to watch their investments.Edward J. Stavetski (Wayne, PA) is Director of funding Oversight for Wilmington relations workplace, serving extremely high-net-worth households in strategic asset allocation, conventional and substitute funding supervisor choice, and oversight.
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Extra info for Managing Hedge Fund Managers: Quantitative and Qualitative Performance Measures (Wiley Finance)
Sample text
Hedge funds, unlike mutual funds and traditional investment advisers, are not required to be registered with the Securities and Exchange Commission (SEC) or to report performance to a central source. SEC rules governing “accredited investors” and advertising keep information flow to a minimum. Accredited investors are those with an excess of $200,000 of gross annual income ($300,000 for couples), net worth (assets minus liabilities) in excess of $1 million, or who own more than $5 million in securities, real estate (exclusive of personal residence), or cash equivalents.
As these funds get larger, they begin to float across the radar screen of institutions and consultants. The focus of the firm shifts in many cases to asset accumulation and retention. Large firms provide institutions and consultants with a sense of stability and safety. Outsize returns become secondary or even tertiary. POINT OF DIMINISHING RETURNS It is difficult to predict a precise ideal size for each hedge fund strategy. From the studies discussed in this chapter, the sweet spot appears to be managers with $30 to $250 million assets under management.
1 percent. To even the most skeptical of critics viewing these results, the study conducted by Dr. Kirschner and his associates at Mayercap demonstrated that the outperformance of new funds is an investment strategy to profitably pursue. P1: a/b c02 P2: c/d QC: e/f JWBT047-Stavetski T1: g January 14, 2009 Large versus Small Funds 4:2 Printer: Yet to come 37 DRIVERS OF OUTPERFORMANCE How do we explain this pattern of outperformance by the small funds? The answer quickly supplied by many is that these funds take on higher levels of risk.