The Main Characteristics Of Hedge Funds
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| Author | : Maximilian Wegener |
| Publisher | : GRIN Verlag |
| Total Pages | : 11 |
| Release | : 2013-05-24 |
| Genre | : Business & Economics |
| ISBN | : 3656428158 |
Document from the year 2012 in the subject Business economics - Investment and Finance, grade: 8.0, Maastricht University, course: Investment analysis and portfolio management, language: English, abstract: This paper is based on “The Common Fund Hedge Fund Portfolio” case from the Harvard Business School (Harvard Business School, 1996). The data provided are taken from it. It aims to support David Storrs, CEO of the Common Fund Company, decision if and how to include a hedge fund into the overall portfolio. The Common Funds has more than $17 billion assets under management for more than 1,000 educational institutions. Storrs considers to establishing a fund of funds, which he can offer his clients as a means of diversification. A hedge fund is an alternative, unregulated investment vehicle that can take long as well as short positions, use high leverage and write options or futures. The central question asks how Storrs should allocate different hedge funds in the funds of funds portfolio, taking into consideration the legal, economic and marketing issues, beside performance and volatility. The first section will touch upon the legal, economic and marketing issues of hedge funds with regard to the decision to take by Storrs. The second section is going to investigate the proposed allocation of assets and reconsiders the asset allocation. Thereby not only quantitative measures are taken into account, but also qualitative factors. Finally, an advice is given on how Storrs should allocate the portfolio with regard to the circumstances of the Common Fund Company....
| Author | : H. Gifford Fong |
| Publisher | : World Scientific |
| Total Pages | : 217 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 9812563776 |
The World of Hedge Funds is a compendium of distinguished papers focusing on the cutting-edge analysis of hedge funds. This area is arguably the fastest growing source of funds in the investment management arena. It represents an exciting opportunity for the investor and manager in terms of the range of return and risk available. A source of rigorous analysis is therefore both sought after as well as needed. This book aims to fill this gap by presenting an eclectic collection of papers contributed by influential academics and practitioners covering the characteristics and problems of hedge funds.
| Author | : Frederic Gros |
| Publisher | : GRIN Verlag |
| Total Pages | : 27 |
| Release | : 2006-03-23 |
| Genre | : Business & Economics |
| ISBN | : 3638482200 |
Seminar paper from the year 2005 in the subject Business economics - Investment and Finance, grade: 1,7, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, language: English, abstract: Introduction Problem and objectives Historically, there have been two competing investment theories. On the one hand there is the traditional efficient markets theory, which states that share prices fully reflect market information and therefore only temporary mispricing occurs. The traditional investments to buy and hold equity and bonds, which benefit principally from market direction is based on this theory. On the other hand the second theory argues that greater inefficiencies occur, and therefore opportunities can arise that enable investors to exploit mispriced securities without facing excessive levels of risk. This is the principal argument behind hedge fund investing. In the Oxford dictionary, the term “hedge” is described as a way of protecting yourself against a loss, especially money. To achieve this goal, hedge funds use a wide range of different investment strategies. These strategies are partly very complex and therefore sometimes very difficult to comprehend for the investor. This fact contributes mainly to the negative image of hedge funds in the general public. But the truth is that as hedge funds exploit chances of winning which result from market imperfections, they actually support and improve the stability of the financial systems. The hedge fund industry experienced a very strong growth in the last two decades and represents a good alternative investment opportunity to traditional asset classes. Therefore this paper aims to provide an overview of the numerous hedge fund strategies which are applied by the increasing number of hedge funds. This knowledge is needed as some specialists already expect that traditional mutual funds may not be able to avoid adopting respectively integrating some sort of hedge fund strategies to remain competitive with hedge funds. Structure of the paper This paper starts with a brief outline of the development in the history of hedge funds. Then the main characteristics of hedge funds and the differences to mutual funds will be explained. Concluding the basics’ part a description of the continuously growing hedge fund universe will be provided.
| Author | : Sam Kirschner |
| Publisher | : John Wiley & Sons |
| Total Pages | : 256 |
| Release | : 2006-11-17 |
| Genre | : Business & Economics |
| ISBN | : 0470048549 |
"Eldon Mayer is a battle-tested pro. You should listen to what he and his partner, Sam Kirschner, have to say." --Barton M. Biggs, Managing Partner, Traxis Partners Meet the crème de la crème of the new breed of hedge fund managers, learn how they evaluate world financial markets, hear about their winners and losers, and discover how they apply proprietary strategies to stay ahead of the curve. Through broad-scope interviews with 15 highly successful managers, The Investor's Guide to Hedge Funds provides unparalleled insight into each major hedge fund strategy, its strengths, weaknesses, and performance characteristics. Most importantly, this book shows that despite the sensational headlines, adding hedge funds to a portfolio of stocks and bonds can reduce risk and improve overall performance.
| Author | : Daniel Detzer |
| Publisher | : GRIN Verlag |
| Total Pages | : 18 |
| Release | : 2008-11-20 |
| Genre | : Business & Economics |
| ISBN | : 3640216024 |
Seminar paper from the year 2007 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,1, Berlin School of Economics, course: National and International Financial Relations, language: English, abstract: With the recent announcement of the investment bank Bear Stearns that two of their hedge funds High-Grade Structured Credit Enhanced Leverage Fund and High-Grade Structured Credit Fund had become nearly worthless, the discussion about hedge funds was newly rekindled. The funds were mainly invested in the market for mortgages loans to debtors with a medium or low degree of credit worthiness, the so called sub prime lending. They traded with collateralized debt obligations (CDO), which bunch the risk of those loans. Due to the decline in prices of properties and the increase in interest rate debtors got into trouble. Therefore the CDOs lost worth and the funds became bankrupt. Even if that is very problematic for the investors and the investment bank some economists think, that there could occur bigger problems. Meanwhile there are rumours that other funds got into trouble and economists worry that they could destabilize the whole financial system, due to their close relations to other financial institutions. Banks, in particular, which financed the funds, are in danger of being affected. Whether this small crisis will spread or not can actually not be answered. In the next days and months that remains to be seen. But for sure the discussion about hedge funds will be renewed. Therefore this essay will deal with that complicated topic. It is tried to explain what hedge funds are and how they work. For this purpose, first of all a proper definition for hedge funds is given. Secondly, the origin of hedge funds will be described and then the typical characteristics will be elaborated. Next, there is a short overview of the common strategies and about the development of hedge funds given. In the last part, the positive and the negative aspects will be described. Finally a short summary and a future outlook will end this paper.
| Author | : Turan Bali |
| Publisher | : Academic Press |
| Total Pages | : 186 |
| Release | : 2013-06-29 |
| Genre | : Business & Economics |
| ISBN | : 0124051693 |
This book will present a comprehensive view of the risk characteristics, risk-adjusted performances, and risk exposures of various hedge fund indices. It will distinguish itself from other books and journal articles by focusing solely on hedge fund indices and emphasizing tail risk as a predictor of hedge fund index returns. The three chapters in this short book have not been previously published. Presents new insights about the investability and performance measurement of an investor’s final portfolio Uses most recently developed investable hedge fund indexes to revise previous analyses of indexes Focuses on 14 distinct types of hedge fund indices with daily data from January 1994 to December 2011
| Author | : François-Serge Lhabitant |
| Publisher | : John Wiley & Sons |
| Total Pages | : 654 |
| Release | : 2011-03-23 |
| Genre | : Business & Economics |
| ISBN | : 1119995248 |
A comprehensive guide to the burgeoning hedge fund industry Intended as a comprehensive reference for investors and fund and portfolio managers, Handbook of Hedge Funds combines new material with updated information from Francois-Serge L’habitant’s two other successful hedge fund books. This book features up-to-date regulatory and historical information, new case studies and trade examples, detailed analyses of investment strategies, discussions of hedge fund indices and databases, and tips on portfolio construction. Francois-Serge L’habitant (Geneva, Switzerland) is the Head of Investment Research at Kedge Capital. He is Professor of Finance at the University of Lausanne and at EDHEC Business School, as well as the author of five books, including Hedge Funds: Quantitative Insights (0-470-85667-X) and Hedge Funds: Myths & Limits (0-470-84477-9), both from Wiley.
| Author | : Filippo Stefanini |
| Publisher | : John Wiley & Sons |
| Total Pages | : 399 |
| Release | : 2010-03-11 |
| Genre | : Business & Economics |
| ISBN | : 1119995280 |
One of the fastest growing investment sectors ever seen, hedge funds are considered by many to be exotic and inaccessible. This book provides an intensive learning experience, defining hedge funds, explaining hedge fund strategies while offering both qualitative and quantitative tools that investors need to access these types of funds. Topics not usually covered in discussions of hedge funds are included, such as a theoretical discussion of each hedge fund strategy followed by trading examples provided by successful hedge fund managers.
| Author | : Cathleen M. Rittereiser |
| Publisher | : John Wiley & Sons |
| Total Pages | : 245 |
| Release | : 2017-10-09 |
| Genre | : Business & Economics |
| ISBN | : 0470501294 |
A professional's guide to the world of hedge fund investing Throughout the financial crisis of 2008, many hedge funds suffered massive losses and were often blamed for the extreme market upheavals. In the wake f the crisis, hedge funds remain a source of fascination for the media, legislators, and investors, mostly due to misunderstanding. Historically portrayed as risky investment funds for the very wealthy run by swashbuckling traders, the truth is hedge funds are simply an investment vehicle designed to generate superior returns and reduce an investor's overall portfolio risk. Investors have good reasons to remain fascinated with hedge funds. Although many individual funds have underperformed or collapsed, hedge funds as a whole have provided solid returns while reducing risks. Savvy institutions have invested in hedge funds for many years and have made them a large and powerful force in the markets. Investing in hedge funds requires sophisticated knowledge, understanding, skill, access, and experience. Individuals and institutions, whether they are new to hedge funds or need to improve, can find those attributes in the stories of the successful hedge fund investors profiled in Hedge Fund Investors. Hedge Fund Investors chronicles the challenges and rewards these investors face, in selecting hedge fund managers, managing risks, and constructing portfolios. In revealing conversations, leading hedge fund investors who place hundreds of billions of dollars in hedge funds, share their philosophies, strategies, and advice. Profiles a variety of different investors from the pioneers in hedge fund investing to managers for high net-worth individuals and fund of funds investors Discusses winners and losers in the recent market decline, problematic hedge fund strategies, and how these current events will change future strategies Provides lessons, insights, and advice beneficial to all hedge fund investors Engaging and informative, Hedge Fund Investors will prove valuable to anyone involved in placing money with hedge funds, as well as hedge funds who seek to better understand their clients.
| Author | : Vikas Agarwal |
| Publisher | : Now Publishers Inc |
| Total Pages | : 85 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 1933019174 |
Hedge Funds summarizes the academic research on hedge funds and commodity trading advisors. The hedge fund industry has grown tremendously over the recent years. According to some industry estimates, hedge funds have increased from $39 million in 1990 to about $972 million in 2004 and the total number of hedge funds has gone up from 610 to 7,436 over the same period. At the same time, hedge fund strategies have changed significantly. In 1990 the macro strategy dominated the industry while in 2004 the equity hedge strategy had the largest share of the market. There has also been a shift in the type of investor in hedge funds. In the early 1990's the typical investor was a high net-worth individual investor, today the typical investor is an institutional investor. Thus, the hedge fund market has not only grown tremendously, but the nature of the market has changed. Despite the enormous growth of this industry, there is limited information available on hedge funds. As a result, there is a need for rigorous research from both the investors' and regulators' point of view. Investors need research to better understand their investment and their risk exposure. This research also helps investors recognize the extent of diversification benefits hedge funds offer in combination with investments in traditional asset classes, such as stocks and bonds. Regulators can use this research to identify situations where regulation may be needed to protect investors' interests and to understand the impact hedge funds trading strategies have on the stability of the financial markets. The first part of Hedge Funds summarizes hedge fund performance, including comparisons of risk-return characteristics of hedge funds with those of mutual funds, factors driving hedge fund returns, and persistence in hedge fund performance. The second part reviews research regarding the unique contractual features and characteristics of hedge funds and their influence on the risk-return tradeoffs. The third part reviews the role of hedge funds in a portfolio including the extent of diversification benefits and limitations of standard mean-variance framework for asset allocation. Finally, the authors summarize the research on the biases in hedge fund databases.
