Alternative Investment Strategies In Search o.pdf

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1、GlobalAlternativeInvestmentStrategiesOctober2000GlobalInSearchofAlphaEquityResearchwww.ubswarburg.com/researchwebInadditiontotheUBSWarburgwebsiteourresearchproductsareavailableoverthird-partysystemsprovidedorservicedby:Bloomberg,FirstCall,I/B/E/S,IFIS

2、,Multex,QUICKandReutersUBSWarburgisabusinessgroupofUBSAGAlexanderMIneichenCFAInvestinginHedgeFunds+44-20-75684944alexander.ineichen@ubsw.comInSearchofAlphaOctober2000ContentspageExecutiveSummary.........................................................

3、....................................3—InSearchofAlpha......................................................................................3OverviewandStructure........................................................................................4He

4、dgeFunds–TheBasicsRevisited.................................................................6HedgeFundStrategies......................................................................................20—DefiningHedgeFundStyles...........................

5、.........................................20—Relative-ValueandMarketNeutralStrategies.........................................22—Event-DrivenStrategies...........................................................................33—OpportunisticStrategies

6、...........................................................................40—SummaryPerformanceAnalysis..............................................................51MutualVersusHedgeFunds.............................................................

7、.................54—DifferencebetweenMutualandHedgeFunds........................................54TheMythofHedgeFunds..................................................................................64—HedgeFundDisasters...............................

8、..............................................64—DemystifyingHedgeFunds......................................................................69AdvantagesandDisadvantagesofHedgeFundInvesting................................81—Advantages.........