Hedge Fund Course by Stuart A. McCrary

By Stuart A. McCrary

Okay, so i'm a quant and that i proposal an easy advisor may possibly exhibit me "the ropes". but if a "Course" will get the definition of normal deviation mistaken on web page 12 (it's lacking the sq. root, and does not outline rbar because the common return), i have to easily quit. Wiley? Hello?! anyone proofreading these??

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A fund may subject previously paid incentive fees to a look-back provision. In this case, a manager may be required to refund incentive fees back to the fund if the fund experiences a loss shortly after an incentive fee is paid. Look-back provisions are not common, and the specific provisions can vary from fund to fund. For example, one fund limits the lookback to three months. Another fund limits the incentive fee look-back to a calendar quarter. Hedge fund managers may charge other fees, such as commissions, financing charges, and ticket charges.

6 percent annually in nine years. CHAPTER 2 Types of Hedge Funds CLASSIFYING HEDGE FUNDS With thousands of hedge funds in existence, classifying individual funds into 10 or 20 groups in a challenge. Some funds might fit in more than one category or none of the categories used to classify hedge funds. Nevertheless, fund managers and investors rely on hedge fund classifications. Importance of Classifications There are many reasons to categorize hedge funds and group them into subsets. Investors often study a hedge fund style by reviewing aggregate performance data, selecting a sector, then reviewing funds within the sector.

For example, global macro hedge funds (see descriptions of this and other styles later in this chapter) were very popular in the early 1990s, offering high returns and high risk. Later in the same decade, various fixed income arbitrage funds provided low risk and low returns; however, this latter style went out of favor after several high-profile fixed income funds suffered large losses. Investors are returning to equity strategies seeking an attractive combination of moderately high returns and moderately low risk.

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