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1、FinalPDFtoprinterCHAPTERTWENTY-SIX26HedgeFundsWHILEMUTUALFUNDS arestillthedomi-traditionalportfolio.Otherfundsengageinnantformofinvestinginsecuritiesmarketsaggressivemarkettiming;theirriskprofilesformostindividuals,hedgefundsenjoyedfarcanshiftrapidlyandsubstantially,raisingdif-gre
2、atergrowthratesinthelastdecade,withficultquestionsforperformanceevaluation.assetsundermanagementincreasingfromManyhedgefundstakeextensivederiva-$200billionin1997toabout$2trillionintivespositions.Eventhosefundsthatdo2012.Likemutualfunds,hedgefundsallownottradederivativeschargeincen
3、tivefeesprivateinvestorstopoolassetstobeinvestedthatresemblethepayofftoacalloption;anbyafundmanager.Unlikemutualfunds,option-pricingbackgroundthereforeisneces-however,theyarecommonlyorganizedassarytointerpretbothhedgefundstrategiesprivatepartnershipsandthusnotsubjecttoandcosts.Ins
4、hort,hedgefundsraisethefullmanySECregulations.Theytypicallyareopenrangeofissuesthatonemightconfrontinonlytowealthyorinstitutionalinvestors.activeportfoliomanagement.HedgefundstouchonvirtuallyeveryWebeginwithasurveyofvarioushedgeissuediscussedintheearlierchaptersofthefundorientatio
5、ns.Wedevoteconsiderabletext,includingliquidity,securityanalysis,attentiontotheclassic“market-neutral”ormarketefficiency,portfolioanalysis,hedg-hedgedstrategiesthathistoricallygavehedgeing,andoptionpricing.Forexample,thesefundstheirname.Wemoveontoevidenceonfundsoftenbetonrelativemi
6、spricingofhedgefundperformance,andthedifficul-specificsecurities,buthedgebroadmarkettiesinevaluatingthatperformance.Finally,exposure.Thissortofpure“alphaseeking”weconsidertheimplicationsoftheirunusualbehaviorrequiresaprocedureforoptimallyfeestructureforinvestorsinandmanagersofmixi
7、ngahedgefundpositionwithamoresuchfunds.PARTVIIbod61671_ch26_926-950.indd9267/25/132:04AMFinalPDFtoprinterCHAPTER26HedgeFunds92726.1HedgeFundsversusMutualFundsLikemutualfunds,thebasicideabehindhedgefundsisinvestmentpooling.Investorsbuysharesinthesefunds,whichtheninvestthepooledasse
8、tsontheirbehalf.Thenetassetvalueo
