Hedge Fund of Funds Investing An Investor's Guide

ISBN-10: 1576601242
ISBN-13: 9781576601242
Edition: 2004
List price: $80.00 Buy it from $3.00
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Description: The hedge fund industry continues to grow by leaps and bounds, and within this universe, the socalled "fund of funds" is king. Comprised of multiple-manager portfolios bundled together as a single multi-hedge fund product, this risk-balancing  More...

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Book details

List price: $80.00
Copyright year: 2004
Publisher: John Wiley & Sons, Incorporated
Publication date: 1/1/2004
Binding: Hardcover
Pages: 288
Size: 5.75" wide x 9.50" long x 1.00" tall
Weight: 1.386
Language: English

The hedge fund industry continues to grow by leaps and bounds, and within this universe, the socalled "fund of funds" is king. Comprised of multiple-manager portfolios bundled together as a single multi-hedge fund product, this risk-balancing vehicle has emerged as the instrument of choice for the astute investment professional. "Hedge Fund of Funds Investingwalks the steps for creating, combining, and managing investments with multiple hedge funds as a fund of funds--to achieve specific investment objectives as well as the overall strategic diversification so highly valued by institutional and individual investors alike. Nicholas explains the building blocks of a fund of funds and how they can be incorporated into a traditional portfolio. He also teaches how to evaluate risks, estimate potential returns, and choose statistical measurement methods.

Introduction
The Fund of Funds Industry
Fund of Funds in the Hedge Fund Industry
Hedge Fund Investment Options
Direct Investment
Customized Portfolio
Index Fund
Fund of Funds Investment
Growth of Funds of Funds
Hedge Fund Industry Characteristics and Trends
Hedge Fund Investment Structure
Legal Structure
Numbers of Investors and Minimum Investment Size
Reporting and Disclosure
Liquidity
Lockup
Summary
Hedge Fund Investment Strategies
Convertible Arbitrage
Distressed Securities
Emerging Markets
Equity Hedge
Equity Market Neutral
Event Driven
Fixed Income
Macro
Market Timing
Merger Arbitrage
Relative Value Arbitrage
Sector Long/Short
Short Selling/Short Bias
Summary
Fund of Funds Mechanics and the Two-Tiered Structure
Structural Considerations
Organization Structure
Company Structure
Domicile
Subscriptions and Registration Exemptions
Minimum Investment Size
Fees
Lockup, Redemption, and Liquidity
The Fund of Funds Management Company
Manager Due Diligence and Selection
Risk Management
Operations
Performance and Exposure Reporting
Summary
Advantages and Disadvantages of Funds of Funds Advantages
Diversification
Due Diligence
Risk Management
Portfolio Management: Strategy Selection and Manager Selection
Access to Funds/Capacity
Consolidated Reporting
Fees
Performance
Disadvantages
Exposure to Other Investors' Cash Flows
Fees
Lack of Control/Customization
Decreased Transparency
Summary
Historical Performance of Funds of Funds
Performance of Funds of Funds Fund of Funds Substrategies
HFRI Fund of Funds Conservative Index
HFRI Fund of Funds Strategic Index
HFRI Fund of Funds Diversified Index
HFRI Fund of Funds Market Defensive Index
Fund of Funds Returns 1990-2002
Fund of Funds Returns 1990-2002
Fund of Funds Volatility 1990-2002
Fund of Funds Volatility 1990-2002
Fund of Funds Return Versus Volatility 1990-2002
Fund of Funds Risk-Adjusted Returns--The Sharpe Ratio
Sharpe Ratio 1990-2002
Sharpe Ratio 2000-2002
Preservation of Capital 1990-2002
Fund of Funds Performance Versus Equities
Fund of Funds Performance During Bear and Bull Markets
Average Performance During Negative Periods and Positive Periods 1990-2002
Return Distribution 1990-2002
Fund of Funds Performance During Periods of Market Stress
Summary
Fund of Funds in a Portfolio With Traditional Assets
Linear Analysis of Returns
Adding Funds of Funds to a Traditional Portfolio
Achieving Superior Risk-Adjusted Returns
Summary
A Commonsense Approach to Selecting Funds of Funds
Defining Objectives and Identifying Candidates Step 1: Define Objectives and Parameters
Objectives
Parameters
Strategy Restrictions
Structural Requirements
Fund of Funds Objectives and Parameters Worksheet
Step 2: Screen to Create a Funds of Funds Short List
HFRI Fund of Funds Conservative Index
HFRI Fund of Funds Strategic Index
HFRI Fund of Funds Diversified Index
HFRI Fund of Funds Market Defensive Index
Summary
Issues in Due Diligence: The Fund of Funds Firm Background Information
Staff Information
Company Structure
Asset Management Activities
Product Information
Performance
Summary
Issues in Due Diligence: Portfolio Management Asset Allocation/Style Selection
Due Diligence Criteria in Manager Selection
Portfolio Construction
Summary
Issues in Due Diligence: Risk Management Transparency and Separately Managed Accounts
Transparency
Managed Account Structures
Pricing Risk Case Study: Lipper
Style Drift Case Study: Integral
Risk Management
Compliance and Legal Issues
Summary
Fund of Funds Selection Case Study
Scenario
Defining Investment Objectives and Parameters
Screening to Create the Funds of Funds Short Lis.t
Conducting a Due Diligence Screen of the Funds of Funds Short List
Evaluating Finalists for Selection
Final Selections
Summary
AIMA Due Diligence Questionnaire
Excerpts from HFR Fund of Funds Industry Report
Index

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