alpha vs. trailing S&P 500 dispersion 1991-2020 While elevated valuations and a tenuous macroeconomic environment are a headwind for equity beta returns, we expect rising dispersion in equity markets to provide a tailwind for hedge fund It is important for investors to understand these basic concepts before they get into hedge fund investing. endstream endobj 797 0 obj <>/Metadata 35 0 R/Pages 794 0 R/StructTreeRoot 125 0 R/Type/Catalog>> endobj 798 0 obj <>/MediaBox[0 0 612 792]/Parent 794 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 799 0 obj <>stream Market Efficiency and Hedge Fund Trading Strategies May 2016 Marie Lambert University of Liège, HEC Liège Research Associate, EDHEC-Risk Institute Nicolas Papageorgiou Professor, HEC Montréal Head of Research, HR Strategies Federico Platania University of Liège, HEC Liège. PDF | This paper models hedge fund exposure to risk factors and examines time-varying performance of hedge funds. 0000009032 00000 n 2 Abstract

Hedge funds offer investors many investment options. 0000036683 00000 n 813 0 obj <>/Filter/FlateDecode/ID[<0225693FDFCA044EB1D502702DC05CF1><88815AFD0105A744B758D9138269A19E>]/Index[796 34]/Info 795 0 R/Length 92/Prev 428638/Root 797 0 R/Size 830/Type/XRef/W[1 3 1]>>stream 0 0000061590 00000 n �՛_�� ԫ��G5��׽����s R��{��g��]�?k1�/�A�}� _�b��t� �&�= No two hedge funds are identical, but funds can be categorized by their investment strategies. 0000061833 00000 n 0000002601 00000 n Global Macro Investment managers use economic variables and the impact these have on markets to develop investment strategies. ��Ȑ�=���szQ7��t�ܹ����+Mx��]�ʑ$�t�y����&��Do���vD�!=5]�0�m��%����r�i}��2�>"c��{�. 0000001296 00000 n endstream endobj 800 0 obj <>stream Hedge Funds, Highly Leveraged Investment Strategies and Financial Markets 29 Within the global hedge fund universe are funds that are active across a wide variety of markets, products and currencies, but there are others that tend to spe-cialise in specific market categories or … 08 DIFFERENT TYPES OF STRATEGIES EQUITY LONG/SHORT Funds aim to generate positive returns by being simultaneously long and short in the equity market. 0000013616 00000 n 0000060002 00000 n 0000008695 00000 n

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0000019880 00000 n List of Most Common Hedge Fund Strategies # 1 Long/Short Equity Strategy # 2 Market Neutral Strategy �b2B���7T/�;*Xς�h_h`2���c�Q���w�R��~_Y2���F$ߗ�P��S�y��_�N��;���zS�+M�Pi�4�7�{���+l�>�.=x��>z:#u�6��Q-��(6��� 0000003389 00000 n 0000053785 00000 n 0000057326 00000 n 0000001579 00000 n 0000047698 00000 n

!S�L!E��K�1�>6��`Ix)0`[.ѕ%��~M'0���^���NV���Jm7�~���1:���/_le�4��.���t�K�����^��ˢ( h�b```�"�!b`f`�s\ rL�値��fF_����^9�.������ a�(|M��5��6��Ì�� �6��aR_���� ��P����%ԁ。R�M�4?����H�1�r`p�=�����9�Q�a�K�d���f�p� g�0p������ �� U��`.�u� H�1� While it is difficult to define every single category, there are eight major approaches that are commonly employed by hedge funds. h�bbd```b``f�� �i3�d�3��6��o�I�H0��&��ɝ`�" ɨ�bK�E�����L�̫��00R������'� < 0000019706 00000 n R"��9�XLd����tq��a�3[�~|�d�k綯(��� Zg�*�v7�)n蟺G�] "

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0000041437 00000 n Despite industry challenges, investors remain supportive and hedge fund … Хꬿ¡,£l“|Ñ!ş„²ZµTÖ�¬’n|±s>?‹ÀQtl�²ÂE ȘY•¹}gÊYË«/O¦åÎ�"õ†wa£LŒ3xöF;R«Q „NfyhY†J±�t£IÕƒõåÔÀ‡êj§JÊj5bÇ…Ô†øÃôôğÜõæ« h{*»™ H��TMo�0�#��hW���#�%��G�v%�� ������T������CJ��n�U+v�̛�7���-�e���E�'����1��n��!N�. 0000003043 00000 n 0000024456 00000 n

H�|W]�$G|�_Q�ۈ髬����� �J. 0000041550 00000 n Managers employ a variety of techniques including discretionary and systematic analysis, quantitative and fundamental approaches, and long and short-term holding periods. 0000019192 00000 n 0000019365 00000 n 0000019025 00000 n 0000019533 00000 n

0000024284 00000 n Hedge fund strategies are a set of principles or instructions followed by a hedge fund in order to protect themselves against the movements of stocks or securities in the market and to make a profit on a very small working capital without risking the entire budget.. 0000060358 00000 n Over time, this approach has been effective, and has displayed less than half the volatility of broad equity markets. 0000028372 00000 n There are numerous hedge fund strategies and sub-strategies that exist within the hedge fund universe.

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The main originality of this 0000043864 00000 n Academia.edu is a platform for academics to share research papers. Each fund makes different investment decisions, but hedge funds are united by fundamental goals: Portfolio Diversification: Prevents over-concentration in … 0000056916 00000 n 0000008864 00000 n 0000002202 00000 n hedge fund strategies should be included in a classical portfolio of stocks and bonds. 829 0 obj <>stream ���i�����.u��n��1:wzcW�j�1��3�[�I$蹾� �@Δ�AB�2��j��� ���1�WO2|�0�ss���Gg����Ecq�J"��$�*`���o#=b�m�6p~�%��c��\��?�R��=n_���UGk�J��z�Md���Q�6�ٝc�9�[�g��ž�V5^]�jR�v\�lӺ�k�Ĺ�:����%=�}�z��������{/�zj��w�=�m 0000044246 00000 n Focusing on absolute returns and limiting drawdowns are essential aspects of hedge fund investing.

0000054130 00000 n h��Vmo�6�+�%�E)E0;�[I��\@��bb��IL��~��i�d���x������s�#�H�c�E�$"�Y��0'$ff�cN�g,��! 0000001519 00000 n 1. Hedge Fund Strategies - Frazzini Outline 1 INTRODUCTION 1.1 What is a hedge fund 1.2 Historical Background 1.3 Overview of Styles and Strategies 1.4 Organization of Hedge Funds 1.5 Hedge Fund Objectives and Fees 1.6 Hedge Funds’ Role in the Economy Readings: a. Lecture notes Section 1. b. Hedge Fund Strategies How do hedge funds invest? %%EOF

0000049353 00000 n x����n� ��} 0000009422 00000 n Market risk is reduced while company-specific risk is retained.

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In Part three, Diversifying Using Hedge Funds: A Utility-Based Approach, we analyse the inclusion of hedge funds in a portfolio of stocks and bonds. h�b``�g``�a ��wP+�0pt00 ¯Í'ç=;i»Íœ aºª«[/_9„—æ³õ™e´h€GíŠUwQôêÙ# (‹«èöªQ~ßD˜e¨Æ�U…„æá¡ &h‰íM‹Á–Õ’ª'Ê1u…á¤P�nd5•3H.

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