Hedge Funds
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Why this module matters
On the exam, hedge-fund questions often look like simple comparisons. A stem gives you a strategy, dealing terms, valuation practice, fees, leverage, and reported performance, then asks whether you can compare the fund with another investment. If you trust the label, you can mistake a redemption restriction for a return advantage or a smooth appraisal series for low risk.
This module gives you a sequence. Read the fund's features. Identify the vehicle carrying your exposure. Separate return sources from risks, then ask whether the measured diversification is genuine.
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High-yield by chapter
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Hedge fund features vs other asset classes - Rule: compare strategy, instruments, dealing terms, valuation, fees, and leverage rather than the label. Hedge funds may seek absolute returns and use long and short positions, derivatives, and leverage; reported NAV may include estimates for less-traded holdings. The exam asks you to distinguish these features from public long-only or private investments. Trap: assuming every hedge fund is uniformly illiquid and risky; the actual terms and strategy determine the comparison.
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Hedge fund vehicles and fund of funds structures - Rule: identify the legal wrapper, then trace how capital reaches the strategy; commitment is promised, while invested capital is called and deployed. A fund of funds pools an investment across underlying hedge funds and adds fees; a managed account keeps assets separate. The exam asks which structure carries the exposure and what trade-off follows. Trap: treating a capital commitment as money already at work.
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Risk-return profile and portfolio role - Rule: align fee basis, leverage, and return measure before comparing; a multiple is value divided by invested capital and has no time dimension. Returns can come from market exposure, security selection, spread convergence, event outcomes, or skill, with corresponding risks. The exam asks you to interpret performance and diversification. Trap: reading smooth NAV or low reported correlation as safety when infrequent appraisal pricing may only delay the market signal.
Use this comparison when the stem contrasts hedge funds with public or private investments.
| Asset class | Mandate and tools | Liquidity, valuation, access |
|---|---|---|
| Hedge funds | Broad mandate, shorting, derivatives, leverage | Restricted dealing, NAV may use estimates |
| Public long-only funds | Long exposure, security selection | Frequent prices, easier dealing, public access |
| Private market investments | Ownership, lending, value creation | Infrequent trades, appraisals, limited access |
The label does not settle the comparison. The stated strategy, dealing terms, and valuation evidence do.
Legal form and investment vehicle answer different questions. The legal form identifies the wrapper around the fund: a partnership, LLC, or corporation allocates control and investor interest differently. Look for who manages or oversees the entity and whether the investor holds a partnership interest, membership interest, or shares. On a comparison question, name the legal relationship from those details before tracing where capital goes. Do not infer the vehicle from the wrapper; the next decision concerns the investment route.
| Legal form | Control pattern | Investor interest |
|---|---|---|
| Limited partnership | General partner manages, limited partners contribute | Partnership interest |
| Limited liability company | Manager runs entity, members contribute | Membership interest |
| Corporation | Directors oversee, manager invests | Shares |
Read the investment route separately. It tells you how capital reaches the portfolio. A single-manager fund gives direct exposure to one manager, while a fund of funds spreads exposure across hedge funds and can add another fee layer. A managed account holds investor assets separately, supporting visibility and customization. In a stem, follow the capital rather than the entity name. This distinction matters because the same legal form can support different routes and each route changes exposure, fees, and control.
| Investment vehicle | Capital route | Trade-off |
|---|---|---|
| Single-manager fund | Pooled capital, one manager | Direct strategy exposure |
| Fund of funds | Invests across hedge funds | Diversification, extra fees |
| Managed account | Separate account, investor assets | Visibility, customization |
Some structures use capital calls. When they do, commitment and invested capital are not synonyms. Commitment is a contractual promise and may remain uncalled; invested capital has been called and deployed. Read the stem's timing carefully: an uncalled amount represents a future funding need, not current capital at work. A question may ask for the investor's obligation or the amount already invested, and those are different readings. Use the stated capital label before assessing exposure or performance.
| Capital label | Capital status | Exam reading |
|---|---|---|
| Commitment | Promised capital | Contractual obligation |
| Invested capital | Called and deployed | Capital at work |
| Uncalled commitment | Promised, not called | Future funding need |
These labels also clarify which exposure is active today. A large commitment may create a future cash demand without yet contributing to portfolio returns. By contrast, deployed capital is already exposed to the manager's investment choices, fees, and valuation process. In a question, do not use the headline commitment as the denominator for invested-capital performance unless the stem explicitly defines it that way.
Follow the arrows as a map of exposure: direct investment reaches a manager, pooled capital enters a fund structure, and managed assets remain in a separate account. The route affects how much of the underlying portfolio the investor can see and how much choice the investor retains. A fund of funds provides access across managers but adds a layer of fees. When a question names a route, identify both the source of diversification and its cost before judging suitability.
Liquidity and valuation answer different questions. A lock-up controls when you may redeem. A notice period controls how early you must ask. Redemption frequency controls dealing dates. Valuation frequency controls when the fund calculates net asset value, or NAV. Treat these as separate clocks: an often-calculated NAV does not promise frequent withdrawals, and frequent dealing does not guarantee fresh transaction evidence. In exam stems, classify each stated term first, then judge whether the investor's horizon fits the actual exit and pricing conditions.
| Term | Stem wording | Investor reading |
|---|---|---|
| Lock-up | No redemption during period | Capital cannot exit |
| Notice period | Advance withdrawal request | Exit requires planning |
| Redemption frequency | Stated dealing dates | Liquidity is periodic |
| Valuation frequency | NAV calculation timing | Price may lag |
A fund can calculate NAV often while restricting redemptions. Another can allow dealing while relying on infrequent transactions or appraisal values. The quadrant forces you to read both dimensions. Place the fund using its redemption access and pricing cadence, then interpret the combination. Restricted dealing with frequent marks still leaves an exit constraint; liquid dealing with stale marks leaves valuation uncertainty. This comparison helps you match both dimensions to the investor horizon without confusing a reported price with the ability to redeem or with economic risk.
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Match both dimensions to the investor horizon. Neither a dealing term nor a frequent price removes strategy risk.
Performance comparisons need labels before judgment. Management and performance fees affect what reaches the investor. A management fee applies to its stated asset base; an incentive fee depends on the gain definition and terms, while a high-water mark requires recovery of earlier losses. Then distinguish gross from net, and choose the measure that fits the question: manager performance, investor experience, or value relative to capital. Establish those labels before deciding which reported result is better.
| Label | Base or condition | Comparison use |
|---|---|---|
| Management fee | Stated asset base | Lowers net return |
| Performance fee | Stated investment gains | Depends on terms |
| High-water mark | Prior loss recovery | Avoids repeat fee |
| Gross return | Before fees | Pre-fee result |
| Net return | After fees | Investor result |
| Time-weighted | Removes cash-flow timing | Assess manager performance |
| Money-weighted | Reflects timing and size | Assess investor result |
| Multiple-based | Value divided by invested capital | No time dimension |
Gross and net are not interchangeable. A high-water mark requires recovery of earlier losses before another incentive fee is charged. Leverage magnifies both gains and losses, so label returns as levered or unlevered. Use the next comparison as a checklist: match fee basis, incentive-fee conditions, exposure, return clock, and capital multiple. Each row prevents one mismatch from deciding the result. For example, a higher gross figure may still leave the investor with a lower net result, and a multiple cannot rank annual performance without a time period.
| Comparison check | Read the stated result | What you still compare |
|---|---|---|
| Fees | Gross is before fees. Net is after fees. | Which figure reaches the investor? |
| Incentive fee | A high-water mark waits for recovery of earlier losses. | Was the prior loss recovered? |
| Exposure | A levered result includes borrowed exposure. An unlevered result does not. | Are both figures built on the same exposure? |
| Return clock | Time-weighted removes investor cash-flow timing. Money-weighted includes timing and size. | Which investor question does the measure answer? |
| Capital multiple | A multiple compares value with invested capital. | How long was the capital invested? |
Time-weighted return helps judge the manager without investor cash-flow timing. Money-weighted return reflects the investor's own timing and size. A multiple-based measure shows value relative to invested capital, but not how long capital was invested.
When total value is $V$ and invested capital is $I$, the multiple-based measure is the ratio below.
$$ \text{Multiple} = \frac{V}{I} $$
Here, $V$ is total value and $I$ is invested capital. Do not treat this multiple as an annualized return.
Risk and return come from the same design choices.
| Driver or signal | Return or benefit | Risk or distortion |
|---|---|---|
| Market exposure | Directional return | Market loss |
| Manager skill | Security selection | Skill may fade |
| Relative value | Spread convergence | Spread widens |
| Event-driven | Event resolution | Event fails |
| Leverage | Larger exposure | Losses magnify |
| Illiquidity | Possible premium | Exit restricted |
| Counterparty | Derivative access | Other party fails |
| Operational | Trading process | Control failure |
| Low correlation | Portfolio diversification | Stale prices mislead |
| Valuation | Reported smoothness | NAV may be stale |
Analyze the mechanism, not only the reported result. Different return drivers can diversify a portfolio, but common financing, crowded trades, and crisis selling can make correlations rise. Smooth NAV changes can reflect pricing practice rather than stable underlying economics.
Valuation needs its own check.
| Value type | Evidence | Risk in comparison |
|---|---|---|
| Market value | Transaction-based evidence | More current |
| Appraisal value | Estimated underlying value | May be stale |
| NAV | Fund-reported portfolio value | Depends on inputs |
Market value is transaction-based. Appraisal value is an estimate and may be stale. You may accept an appraisal value as current market value. The figure looks precise on a statement, so the shortcut feels reasonable. Infrequent pricing, limited transactions, or missing recent information exposes the stale valuation.
High-yield by chapter
How the exam tests this module
| Question shape | What is given and asked | The trap |
|---|---|---|
| Feature contrast | Strategy and terms, choose valid comparison | Trusting the hedge-fund label |
| Vehicle identification | Structure and capital route, name vehicle | Confusing commitment with invested capital |
| Risk and return | Fees, leverage, valuation, judge result | Comparing unlike return bases |
| Diversification | Correlation and pricing, assess true benefit | Treating smooth marks as low risk |
The question gives you strategy, vehicle, liquidity, valuation, fee, leverage, and performance facts. It asks you to compare features or analyze risk, return, and diversification in a selected response or classification grid.
Strategy and instruments point to investment features. Legal form, pooled capital, underlying funds, or a separate account point to a vehicle. Lock-up, notice, redemption, or NAV timing point to liquidity and valuation.
Then normalize the performance statement. Ask whether it is gross or net, levered or unlevered, and time-weighted, money-weighted, or multiple-based. If the stem gives appraisal values or infrequent transaction evidence, question whether smoothness is stale. You may compare a gross, levered hedge-fund return with a net, unlevered alternative. The higher gross figure feels like the obvious winner because it is larger on the page. Label the fee basis, leverage, and return definition before judging performance.
Check yourself
Practice
Which feature is most characteristic of a hedge fund compared with a long-only public fund?
Which vehicle gives a single investment exposure to several underlying hedge funds and adds another fee layer?
A hedge fund reports smooth returns, infrequent NAV updates, and holdings that rarely trade. Which conclusion is most defensible?
Before comparing two hedge-fund performance figures, which labels should you establish?
Revision snapshot
| Item | Rule | Decision |
|---|---|---|
| Return basis | Net after fees, gross before fees | Align fee basis |
| Leverage | Gains and losses magnify | Label levered or unlevered |
| Capital | Commitment is promised capital, invested capital is called and deployed | Use capital at work |
| Return measure | Time-weighted, money-weighted, or multiple-based | Label before comparing |
| Multiple | Divide value by invested capital: $\frac{V}{I}$ | No time dimension |
| Value | Market value uses transactions, appraisal value may be stale | Check recent evidence |
| Suitability | Match liquidity and pricing | Fit investor horizon |
A candidate may compare a gross return with a net return, or a multiple with a percentage return, because the figures look like the same kind of performance measure. That feels right because each number appears to rank the fund, and an appraisal looks as concrete as a transaction price. The fee basis, missing time dimension, or stale valuation date gives the mismatch away. On the exam, label the return as time-weighted, money-weighted, or multiple-based, identify whether it is levered or unlevered, and match liquidity terms, valuation frequency, and investor horizon before comparing funds.
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Practice Questions: Hedge Funds
1. Sterling Multi-Asset Fund is reviewing three alternative strategies to improve diversification relative to its long-only public equity and bond holdings. The investment committee requires the analyst to identify each strategy by its economic return source rather than by the manager's stated product category. The committee is also assessing operational risks because several proposed investments use derivatives, short sales, or direct ownership of digital assets. Alpha Convertibles purchases convertible bonds that the manager considers undervalued and shorts shares of the same issuers. The short equity positions are sized to reduce sensitivity to small changes in the underlying share prices. The manager seeks to earn returns from differences between the market pricing of the convertibles and the value implied by their bond and embedded-option components. The strategy does not focus on announced mergers, bankruptcies, or corporate restructurings. TrendPath Futures uses liquid exchange-traded futures and a systematic trend-following model. It may hold long positions in markets with positive trends and short positions in markets with negative trends. The mandate spans equity indexes, government bond futures, currencies, and commodities. Sterling's chief investment officer expects some markets to experience prolonged directional trends during periods in which traditional stock–bond diversification may weaken. The committee therefore wants to identify which proposal is most directly designed to exploit such trends. The fund is separately rolling a long natural gas futures position. The expiring contract is sold and the next-delivery contract is purchased at the prices shown in Exhibit 2. For purposes of calculating the expected roll return, the analyst assumes that the new contract will later be sold at USD 3.00 per MMBtu and ignores collateral income, transaction costs, changes in spot prices, and leverage. Digital Reserve would hold cryptoassets directly rather than through securities issued by an operating company. The proposal currently permits employees to retain private keys on internet-connected devices. Sterling's operational-risk policy instead favors segregated assets, offline key storage, multi-person authorization, documented recovery procedures, and independent reconciliation. The committee is particularly concerned that loss or theft of private keys could make assets permanently inaccessible even if blockchain records remain intact.
2. The Alder University Endowment is reviewing several alternative strategies to improve diversification during periods of equity and bond market stress. The committee requires the investment staff to identify each strategy's underlying economic return driver rather than relying on a manager's marketing classification. Exhibit 1 summarizes three proposals. Strategy Alpha invests only after a public acquisition announcement. Its manager analyzes financing conditions, shareholder approvals, regulatory reviews, and the probability that each transaction will close. The manager generally buys the target below the announced consideration and may short the acquirer's shares when the consideration includes acquirer stock. The strategy loses money if a transaction fails and the target's price falls toward its unaffected level. Strategy Beta trades liquid futures on equity indexes, government bonds, currencies, and commodities. Its systematic model establishes long positions after persistent price increases and short positions after persistent declines. Position sizes are volatility adjusted. The manager expects the strategy to perform best when market movements are sustained, but recognizes that rapid reversals can cause repeated losses as signals change direction. Strategy Gamma maintains fully collateralized long commodity futures positions. The investment staff decomposes return into changes in the relevant spot price, collateral income, and roll return. For the markets currently targeted by Gamma, futures prices are below the spot prices expected to prevail at contract expiration and increase toward spot as expiration approaches. The endowment assumes the convergence described in Exhibit 1 occurs and evaluates the roll component separately from spot and collateral returns. The committee is also considering a direct allocation to digital assets. As described in Exhibit 2, ownership and transfer depend on cryptographic keys rather than a conventional securities registrar. The proposed custodian would use offline storage, authorization controls, and backup procedures, but these controls cannot eliminate the possibility that inaccessible or compromised keys could prevent the endowment from controlling its holdings. Separately, the endowment already owns timberland. Staff notes that biological growth contributes to timber volume and that harvest timing can sometimes be deferred when prices are unfavorable. The committee nevertheless recognizes that timberland remains exposed to fire, disease, weather, operating costs, illiquidity, and uncertain sale prices. Each proposed strategy is therefore assessed on its specific return source and structure-specific risks.
3. Northbridge Pension Plan is evaluating commitments to several private equity funds. The investment committee understands that reported internal rates of return can be affected by the timing of capital calls and distributions, whereas investment multiples generally do not incorporate the time value of money. The committee therefore asks its analyst, Elena Park, to assess both dimensions of performance rather than rank funds using IRR alone. Park first reviews Fund Alpha and Fund Beta using the information in Exhibit 1. All NAV amounts are the general partners' most recent fair value estimates, and all distributions are cash amounts already received by limited partners. Neither fund has used recallable distributions. Park notes that Fund Alpha is younger and has a greater proportion of its value remaining in unrealized investments. Fund Beta has completed several exits, although it continues to hold portfolio companies with material residual value. The committee also considers a commitment to Fund Gamma, which is preparing a distribution under the terms summarized in Exhibit 2. The fund uses a European-style waterfall, so the general partner does not receive carried interest on an individual successful transaction before the limited partners recover aggregate contributed capital and the stated preferred return. The committee asks Park to calculate the carried interest strictly under the specified simplified terms; taxes and transaction expenses are ignored. Finally, Park reviews Fund Delta. Its general partner uses a subscription credit facility to finance investments temporarily before issuing capital calls to limited partners. Assume the facility merely delays the limited partners' contributions, the underlying investments and exit proceeds are unchanged, and any interest expense is immaterial. Park tells the committee that the facility can make the reported since-inception IRR appear stronger even when it does not improve the underlying portfolio companies' economics. Park also examines Fund Alpha's performance against a public market benchmark using a public market equivalent (PME) analysis, matching the fund's contribution and distribution cash flows to the same dates in a reference index, as summarized in Exhibit 3. Separately, the committee is comparing a direct commitment to the underlying fund against investing through a fund-of-funds vehicle that would add an extra layer of management fees and carried interest, as summarized in Exhibit 4. Park also explains the typical J-curve pattern. Early in a private equity fund's life, management fees, organizational expenses, and initial investment costs may contribute to negative or weak returns. Reported performance may improve as portfolio companies mature, valuations rise, and successful exits generate distributions. The committee intends to evaluate the funds using TVPI, DPI, residual value, cash-flow timing, PME benchmarking, fee layering, and the reliability of unrealized valuations.
4. Meridian Real Assets advises an institutional investor seeking income, inflation sensitivity, and diversification from conventional equities and bonds. The investor can tolerate moderate illiquidity but wants the valuation and risk analysis to reflect the economics of each real asset rather than relying on a single framework for all holdings. Meridian first evaluates Riverside Plaza, an unlevered office property. Current annual rental revenue is USD 4.2 million. Property operating expenses, including property taxes, insurance, maintenance, and management costs, are USD 1.5 million. After the replacement of a departing tenant, the analyst forecasts stabilized annual net operating income of USD 3.0 million. Comparable stabilized properties trade at a 5.4% capitalization rate. The valuation is to be performed using direct capitalization, and financing costs are excluded from NOI. The investor also owns shares in a publicly traded equity REIT. For the most recent year, the REIT reported funds from operations of USD 3.40 per share. Recurring capital expenditures required to maintain the quality and occupancy of existing properties were USD 0.25 per share. The REIT reported no unusual leasing commissions, straight-line rent adjustments, or other adjustments beyond those stated. An analyst proposes using adjusted funds from operations to assess the cash flow potentially available for distribution after maintaining the property portfolio. Meridian then compares three infrastructure assets. The first is an operating toll road that has five years of traffic data but requires rehabilitation. The second is a proposed greenfield port facility that is awaiting permits, construction, and customer commitments. Its forecast usage depends on regional trade growth. The third is an operating regulated electric utility with established demand and a permitted return on invested capital. All three investments would be acquired at independently appraised fair values. Finally, Meridian reviews a timberland holding containing mature and semi-mature trees. Lumber prices have declined temporarily, but the forest is healthy, carrying costs are manageable, and the investor has no near-term liquidity requirement. The manager proposes reducing current harvesting and allowing selected trees to continue growing. The investment committee notes that timberland returns may arise from changes in land value, changes in timber prices, and biological growth. It asks whether the manager's harvest proposal is economically consistent with timberland's distinctive characteristics.
5. A private loan pays three-month SOFR plus 600 basis points, subject to a 4.0% SOFR floor. If SOFR is 3.0%, the annualised coupon rate is closest to:
- A. 10.0%
- B. 9.0%
- C. 6.0%
Show answer
Answer: A. 10.0%
10.0% - The 4.0% SOFR floor replaces the observed 3.0% SOFR when calculating the coupon. - The 600-basis-point spread is 6.0%, so the annualised coupon is 4.0% + 6.0% = 10.0%. 9.0% - Adding the observed 3.0% SOFR to the 6.0% spread gives 9.0%. - That calculation ignores the contractual floor, which requires using 4.0% instead of 3.0%. 6.0% - 6.0% is the 600-basis-point spread alone. - It omits the applicable 4.0% SOFR floor from the coupon calculation.
6. An institution commits capital to a closed-end buyout fund that draws funds as investments arise. The fund's liquidity pattern is best described by:
- A. Periodic investor redemptions at reported NAV
- B. Capital calls followed by finite-life realizations
- C. Continuous issuance and exchange trading
Show answer
Answer: B. Capital calls followed by finite-life realizations
Capital calls followed by finite-life realizations - The closed-end buyout fund draws the institution’s committed capital through capital calls as investments arise. - Cash generally returns when portfolio companies are exited during the fund’s finite life, rather than through investor redemptions. Periodic investor redemptions at reported NAV - Periodic redemptions are associated with open-end funds, not the closed-end buyout fund described. - A reported NAV does not give this institution a routine right to redeem its fund interest for cash. Continuous issuance and exchange trading - Continuous issuance does not match a commitment that the buyout fund draws as investments arise. - Exchange trading describes a market for tradable securities, not how this fund returns capital through realizations.
7. A one-year private loan is issued at USD 98. It pays USD 2 cash interest and USD 8 payment-in-kind interest, increasing the USD 100 principal repaid at maturity to USD 108. The lender's holding-period return is closest to:
- A. 10.20%
- B. 12.24%
- C. 14.29%
Show answer
Answer: B. 12.24%
12.24% - The lender invests USD 98 and receives USD 108 of principal, including payment-in-kind interest, plus USD 2 of cash interest. - The holding-period return is (110 − 98) / 98 = 12.24%, including the USD 2 gain from buying below face value. 10.20% - (2 + 8) / 98 = 10.20% counts cash and payment-in-kind interest but omits the USD 2 gain from the issue price being below the original USD 100 principal. - Holding-period return measures the entire gain relative to the USD 98 invested, not interest alone. 14.29% - (110 − 98 + 2) / 98 = 14.29% incorrectly counts the USD 2 issue-price discount a second time. - The discount is already included when the USD 110 received is compared with the USD 98 invested.
8. A corporate treasurer seeks a blockchain-based asset designed to track USD for programmable payments with limited price volatility. The asset is most likely a:
- A. Governance token
- B. Non-fungible token
- C. Stablecoin
Show answer
Answer: C. Stablecoin
Stablecoin - A stablecoin is designed to track a reference asset such as USD, limiting price volatility. - Because it can be transferred on a blockchain, it fits the treasurer’s need for programmable payments. Governance token - A governance token primarily grants participation or voting rights in a blockchain protocol. - It is not designed to track USD, so it does not meet the treasurer’s limited-volatility requirement. Non-fungible token - A non-fungible token represents a unique asset or entitlement rather than interchangeable units for payments. - Its uniqueness does not make it a USD-tracking asset suited to the treasurer’s payment needs.
Flashcards: Hedge Funds
1. In Alternative Investments (Hedge Funds), what are the four primary categories of hedge fund strategies?
Show answer
Equity hedge, Event-driven, Relative value, and Opportunistic.
2. In Alternative Investments (Hedge Funds), what characterizes a "macro" opportunistic strategy?
Show answer
Making trades based on global economic trends and events, taking long or short positions in equities, fixed income, currencies, or commodities.
3. In Alternative Investments (Hedge Funds), what is an "activist shareholder" strategy?
Show answer
Buying sufficient equity shares to influence a company's policies with the goal of increasing company value through restructuring or management changes.
4. In Alternative Investments (Hedge Funds), what is a "merger arbitrage" event-driven strategy?
Show answer
Buying the shares of a firm being acquired and selling short the shares of the firm making the acquisition.
5. In Alternative Investments (Hedge Funds), what characterizes an "equity market neutral" strategy?
Show answer
Selecting undervalued equities to go long and overvalued equities to short in approximately equal amounts to profit from relative price movements while eliminating overall market risk exposure.
6. In Alternative Investments (Hedge Funds), what are the three distinct sources of returns for a hedge fund?
Show answer
1\. Market beta (broad index return). 2. Strategy beta (specific sector return). 3. Alpha (manager's security selection).
7. In Alternative Investments (Hedge Funds), what is the "master-feeder" structure?
Show answer
A structure where offshore and onshore feeder funds pool capital and direct it into a single master fund that makes the investments, allowing for tax efficiency and economies of scale.
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