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 The Investment Consistency Rankings

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Hedge Fund Related Analytical Reports, Articles, Books & Publications

June 9, 2022

Do hedge funds hedge?

CS Asness, RJ Krail, JM Liew - The journal of portfolio …, 2001 - jpm.pm-research.com

… Furthermore, when we account for a more accurate level of market exposure, we find that
the broad index of hedge funds and most hedge fund subcategories do not add value over this …

Save Cite Cited by 671 Related articles All 11 versions 

[PDF] martinsewell.com

On the performance of hedge funds

B Liang - Financial Analysts Journal, 1999 - Taylor & Francis

… vehicles, such as mutual funds. Unlike mutual funds, hedge funds follow dynamic trading
strategies and have low systematic risk. Hedge funds’ special fee structures apparently align …

Save Cite Cited by 765 Related articles All 14 versions

[PDF] psu.edu

A primer on hedge funds

W Fung, DA Hsieh - Journal of empirical finance, 1999 - Elsevier

… rationale for how hedge funds are organized and some insight on how hedge fund performance
differs from traditional mutual funds. Statistical differences among hedge fund styles are …

Save Cite Cited by 545 Related articles All 10 versions

[PDF] aeaweb.org

Hedge funds: Past, present, and future

RM Stulz - Journal of Economic Perspectives, 2007 - aeaweb.org

… , most mutual funds and all hedge funds are active funds. Investors in such funds hope
that the manager has skills that will deliver a return substantially better than passive funds. …

Save Cite Cited by 364 Related articles All 16 versions 

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[PDF] psu.edu

Hedge funds: Risk and return

BG Malkiel, A Saha - Financial analysts journal, 2005 - Taylor & Francis

… of hedge … of hedge funds but also the distinctly nonnormal characteristics of their returns.
We also investigate the substantial attrition of hedge funds, analyze the determinants of hedge …

Save Cite Cited by 606 Related articles All 19 versions 

[PDF] nber.org

Hedge funds with style

SJ Brown, WN Goetzmann - The Journal of Portfolio …, 2003 - jpm.pm-research.com

… hedge funds suggests they may be attractive as a portfolio asset. Yet, as we show, hedge
funds … The hedge fund universe encompasses a range of different strategies and approaches …

Save Cite Cited by 441 Related articles All 21 versions 

Do the best hedge funds hedge?

S Titman, C Tiu - The Review of Financial Studies, 2011 - academic.oup.com

… hedge funds choose to have less exposure to factor risk. Consistent with this argument, we
find that hedge funds that … The size of the hedge fund industry doubled almost every two years …

Save Cite Cited by 300 Related articles All 8 versions 

Risk management for hedge funds: Introduction and overview

AW Lo - Financial Analysts Journal, 2001 - Taylor & Francis

… hedge-fund managers and institutional investors by providing an overview of several key
aspects of risk management for hedge funds… in the context of hedge funds and discuss some of …

Save Cite Cited by 462 Related articles All 8 versions 

[BOOK] Handbook of hedge funds

FS Lhabitant - 2007 - books.google.com

… How much should we allocate to hedge funds? 24.5 Hedge funds as portable alpha
overlays 24.6 Hedge funds as sources of alternative risk exposure 24.7 Risk budgeting and the …

Save Cite Cited by 270 Related articles All 3 versions 

[PDF] tcd.ie

Hedge funds and the technology bubble

M K. BRUNNERMEIER, S Nagel - The journal of Finance, 2004 - Wiley Online Library

… This paper documents that hedge funds did not exert a correcting force on stock prices …
This does not seem to be the result of unawareness of the bubble: Hedge funds captured the …

Save Cite Cited by 1270 Related articles All 21 versions

 

Hedge funds and Chapter 11

W Jiang, K Li, W Wang - The Journal of Finance, 2012 - Wiley Online Library

… of hedge funds in the Chapter 11 process and their effects on bankruptcy outcomes. Hedge
funds … This paper examines the roles of hedge funds in Chapter 11 and the effects of their …

Save Cite Cited by 182 Related articles All 12 versions

[PDF] duke.edu

Performance characteristics of hedge funds and commodity funds: Natural vs. spurious biases

W Fung, DA Hsieh - Journal of Financial and Quantitative analysis, 2000 - cambridge.org

… biases in hedge funds. We also propose using funds-of-hedge funds to measure aggregate
hedge fund performance, based on the idea that the investment experience of hedge fund …

Save Cite Cited by 982 Related articles All 10 versions

[PDF] evidenceinvestor.co.uk

Hedge funds: The living and the dead

B Liang - Journal of Financial and Quantitative analysis, 2000 - cambridge.org

… By evaluating data reliability for hedge funds, I test whether differences exist in current …
amount of dissolved hedge funds, I document that the survivorship bias for hedge funds is over 2…

Save Cite Cited by 755 Related articles All 19 versions 

[HTML] nowpublishers.com

[BOOK] Hedge funds

V Agarwal, NY Naik - 2005 - books.google.com

… 3 Although Jones’ original fund used “long-short” strategy to hedge, today not all the hedge
funds necessarily hedge. In fact, there is no universally accepted definition of hedge funds. …

Save Cite Cited by 60 Related articles All 7 versions 

[BOOK] Hedge funds: quantitative insights

FS Lhabitant - 2009 - books.google.com

… birth to funds of hedge funds (referred to below as funds of funds) that … funds manager
may allocate his capital to several managers within a single strategy (style-specific fund of funds…

Save Cite Cited by 301 Related articles All 2 versions 

[PDF] smu.edu.sg

The geography of hedge funds

M Teo - The Review of Financial Studies, 2009 - academic.oup.com

… funds portfolio comprising local hedge funds delivers a post-fee alpha of 7.11% per year. This
study focuses on hedge funds … The advantage of Asian hedge fund data is that I can derive …

Save Cite Cited by 285 Related articles All 14 versions

[PDF] nowpublishers.com

The economics and finance of hedge funds: A review of the academic literature

V Agarwal, KA Mullally, NY Naik - Foundations and Trends® …, 2015 - nowpublishers.com

… papers on hedge funds prior to 2005, they have published 105 papers on hedge funds since
… Under one roof: a study of simultaneously managed hedge funds and funds of hedge funds. …

Save Cite Cited by 65 Related articles All 6 versions 

[PDF] psu.edu

The economics of hedge funds

Y Lan, N Wang, J Yang - Journal of Financial Economics, 2013 - Elsevier

… that differentiates hedge funds from mutual funds, is … , one of the most successful hedge
funds, charges 5% of the … Indeed, an important feature of the hedge fund industry is the …

Save Cite Cited by 123 Related articles All 23 versions

[PDF] academia.edu

Empirical characteristics of dynamic trading strategies: The case of hedge funds

W Fung, DA Hsieh - The review of financial studies, 1997 - academic.oup.com

… to 3,327 US mutual funds from Morningstar and 409 hedge funds/CTA pools from a … hedge
funds and CTA pools are treated as a single group of funds, referred to simply as “hedge funds…

Save Cite Cited by 1521 Related articles All 9 versions

[PDF] empirical.net

Hedge funds: Performance, risk, and capital formation

W Fung, DA Hsieh, NY Naik… - The Journal of …, 2008 - Wiley Online Library

… funds to deliver alpha in the future? In this paper, we employ data on a large cross-section
of hedge funds to shed light on these questions. Before using data on hedge funds, one must …

Save Cite Cited by 722 Related articles All 21 versions 

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Hedge funds and financial market dynamics

MB Chadha, MLE Kodres, MDJ Mathieson, MS Sharma… - 1998 - ideas.repec.org

… Hedge funds are collective investment vehicles, often organized as private partnerships and
… This paper considers the role of hedge funds in financial market dynamics, with particular …

Save Cite Cited by 289 Related articles All 2 versions 

[PDF] nber.org

Offshore hedge funds: Survival and performance 1989-1995

SJ Brown, WN Goetzmann, RG Ibbotson - 1997 - nber.org

… Unlike mutual funds, if hedge funds are merged into other funds we know neither the date
nor the terms of the mergers. This limitation of the data imparts a “look-ahead” bias of unknown …

Save Cite Cited by 1031 Related articles All 17 versions 

[PDF] psu.edu

The performance of emerging hedge funds and managers

RK Aggarwal, P Jorion - Journal of financial economics, 2010 - Elsevier

… funds, defined as newly established managers and funds. In this paper, we examine both
emerging hedge fund managers and emerging hedge funds, … We focus on emerging funds and …

Save Cite Cited by 285 Related articles All 9 versions 

[PDF] martinsewell.com

The performance of hedge funds: Risk, return, and incentives

C Ackermann, R McEnally… - The journal of …, 1999 - Wiley Online Library

… of hedge fund data from 1988–1995, we find that hedge funds consistently outperform mutual
funds, but … Fourth, we show that hedge funds are significantly riskier than their mutual fund …

Save Cite Cited by 1461 Related articles All 11 versions

[PDF] upenn.edu

Hedge funds and governance targets

WW Bratton - Geo. LJ, 2006 - HeinOnline

… Until recently, we could distinguish hedge funds from private equity … funds of the 1980s,
takes companies private, investing long-term in their equity from a control position. Hedge funds, …

Save Cite Cited by 333 Related articles All 7 versions

[PDF] johnhcochrane.com

Risks and portfolio decisions involving hedge funds

V Agarwal, NY Naik - The Review of Financial Studies, 2004 - academic.oup.com

… hedge funds using buy-and-hold and option-based strategies. Our results show that a large
number of equity-oriented hedge … the systematic risk exposures of hedge funds, we show that …

Save Cite Cited by 1546 Related articles All 16 versions

[BOOK] Investment strategies of hedge funds

F Stefanini - 2010 - books.google.com

… seen, hedge funds are considered … hedge funds, explaining hedge fund strategies while
offering both qualitative and quantitative tools that investors need to access these types of funds. …

Save Cite Cited by 138 Related articles 

[PDF] unisg.ch

Does the choice of performance measure influence the evaluation of hedge funds?

M Eling, F Schuhmacher - Journal of Banking & Finance, 2007 - Elsevier

… hedge funds, we compare the Sharpe ratio with 12 other performance measures. Despite
significant deviations of hedge … results in virtually identical rank ordering across hedge funds. …

Save Cite Cited by 540 Related articles All 15 versions

[PDF] upenn.edu

Hedge funds in corporate governance and corporate control

M Kahan, EB Rock - Corporate Governance, 2017 - taylorfrancis.com

… hedge funds are so much more active than other institutional investors. We show that hedge
funds … institutions, such as mutual funds and pension funds, which have never lived up to the …

Save Cite Cited by 852 Related articles All 15 versions 

[PDF] econstor.eu

Do hedge funds manage their reported returns?

V Agarwal, ND Daniel, NY Naik - The Review of Financial …, 2011 - academic.oup.com

… Hedge funds are compensated by incentive fees, which are … database of hedge funds, we
show that hedge funds manage their … This “returns management” phenomenon in hedge funds …

Save Cite Cited by 205 Related articles All 16 versions 

HEDGE FUND RISK AND OTHER DISCLOSURES

Hedge funds, including fund of funds (“Hedge Funds”), are unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. There are substantial risks in investing in Hedge Funds. Persons interested in investing in Hedge Funds should carefully note the following:

  • Hedge Funds represent speculative investments and involve a high degree of risk. An investor could lose all or a substantial portion of his/her investment. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in a Hedge Fund.

  • An investment in a Hedge Fund should be discretionary capital set aside strictly for speculative purposes.

  • An investment in a Hedge Fund is not suitable or desirable for all investors. Only qualified eligible investors may invest in Hedge Funds.

  • Hedge Fund offering documents are not reviewed or approved by federal or state regulators

  • Hedge Funds may be leveraged (including highly leveraged) and a Hedge Fund’s performance may be volatile

  • An investment in a Hedge Fund may be illiquid and there may be significant restrictions on transferring interests in a Hedge Fund. There is no secondary market for an investor’s investment in a Hedge Fund and none is expected to develop.

  • A Hedge Fund may have little or no operating history or performance and may use hypothetical or pro forma performance which may not reflect actual trading done by the manager or advisor and should be reviewed carefully. Investors should not place undue reliance on hypothetical or pro forma performance.

  • A Hedge Fund’s manager or advisor has total trading authority over the Hedge Fund.

  • A Hedge Fund may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk.

  • A Hedge Fund (for example, a fund of funds) and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be disclosed to investors

  • A Hedge Fund may involve a complex tax structure, which should be reviewed carefully.

  • A Hedge Fund may involve structures or strategies that may cause delays in important tax information being sent to investors.

  • A Hedge Fund may provide no transparency regarding its underlying investments (including sub-funds in a fund of funds structure) to investors. If this is the case, there will be no way for an investor to monitor the specific investments made by the Hedge Fund or, in a fund of funds structure, to know whether the sub-fund investments are consistent with the Hedge Fund’s investment strategy or risk levels.

  • A Hedge Fund may execute a substantial portion of trades on foreign exchanges or over-the-counter markets, which could mean higher risk.

  • A Hedge Fund’s fees and expenses-which may be substantial regardless of any positive return- will offset the Hedge Fund’s trading profits. In a fund of funds or similar structure, fees are generally charged at the fund as well as the sub-fund levels; therefore fees charged investors will be higher than those charged if the investor invested directly in the sub-fund(s).

  • Hedge Funds are not required to provide periodic pricing or valuation information to investors.

  • Hedge Funds and their managers/advisors may be subject to various conflicts of interest.

The above general summary is not a complete list of the risks and other important disclosures involved in investing in Hedge Funds and, with respect to any particular Hedge Fund, is subject to the more complete and specific disclosures contained in such Hedge Fund’s respective offering documents. Before making any investment, an investor should thoroughly review a Hedge Fund’s offering documents with the investor’s financial, legal and tax advisor to determine whether an investment in the Hedge Fund is suitable for the investor in light of the investor’s investment objectives, financial circumstances and tax situation.

All performance information is believed to be net of applicable fees unless otherwise specifically noted. No representation is made that any fund will or is likely to achieve its objectives or that any investor will or is likely to achieve results comparable to those shown or will make any profit at all or will be able to avoid incurring substantial losses. Past performance is not necessarily indicative, and is no guarantee, of future results.

The information on the Site is intended for informational, educational and research purposes only. Nothing on this Site is intended to be, nor should it be construed or used as, financial, legal, tax or investment advice, be an opinion of the appropriateness or suitability of an investment, or intended to be an offer, or the solicitation of any offer, to buy or sell any security or an endorsement or inducement to invest with any fund or fund manager. No such offer or solicitation may be made prior to the delivery of appropriate offering documents to qualified investors. Before making any investment, you should thoroughly review the particular fund’s confidential offering documents with your financial, legal and tax advisor and conduct such due diligence as you (and they) deem appropriate. We do not provide investment advice and no information or material on the Site is to be relied upon for the purpose of making investment or other decisions. Accordingly, we assume no responsibility or liability for any investment decisions or advice, treatment, or services rendered by any investor or any person or entity mentioned, featured on or linked to the Site.

The information on this Site is as of the date(s) indicated, is not a complete description of any fund, and is subject to the more complete disclosures and terms and conditions contained in a particular fund's offering documents, which may be obtained directly from the fund. Certain of the information, including investment returns, valuations, fund targets and strategies, has been supplied by the funds or their agents, and other third parties, and although believed to be reliable, has not been independently verified and its completeness and accuracy cannot be guaranteed. No warranty, express or implied, representation or guarantee is made as to the accuracy, validity, timeliness, completeness or suitability of this information.

Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. Comparisons to indexes have limitations because indexes have volatility and other material characteristics that may differ from a particular hedge fund. For example, a hedge fund may typically hold substantially fewer securities than are contained in an index. Indices also may contain securities or types of securities that are not comparable to those traded by a hedge fund. Therefore, a hedge fund’s performance may differ substantially from the performance of an index. Because of these differences, indexes should not be relied upon as an accurate measure of comparison.

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