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1、Chapter26:HedgeFundsChapterOpenerPART VIIp.903WHILEMUTUALFUNDSarestillthedominantformofinvestinginsecuritiesmarketsformostindividuals,hedgefundsenjoyedfargreatergrowthratesinthelastdecade,withassetsundermanagementincreasingfromaround$200billionin1997tonearly$2trillionbeforedecliningassetpricesand
2、heftywithdrawalsduringthemarketdownturnof2008reducedthatvaluetoaround$1.5trillioninlate2009.Likemutualfunds,hedgefundsallowprivateinvestorstopoolassetstobeinvestedbyafundmanager.Unlikemutualfunds,however,theyarecommonlyorganizedasprivatepartnershipsandthusnotsubjecttomanySECregulations.Theytypical
3、lyareopenonlytowealthyorinstitutionalinvestors. Hedgefundstouchonvirtuallyeveryissuediscussedintheearlierchaptersofthetext,includingliquidity,securityanalysis,marketefficiency,portfolioanalysis,hedging,andoptionpricing.Forexample,thesefundsoftenbetonrelativemispricingofspecificsecurities,buthedg
4、ebroadmarketexposure.Thissortofpure“alphaseeking”behaviorrequiresaprocedureforoptimallymixingahedgefundpositionwithamoretraditionalportfolio.Otherfundsengageinaggressivemarkettiming;theirriskprofilescanshiftrapidlyandsubstantially,raisingdifficultquestionsforperformanceevaluation.Manyhedgefundstak
5、eextensivederivativespositions.Eventhosefundsthatdonottradederivativeschargeincentivefeesthatresemblethepayofftoacalloption;anoption-pricingbackgroundthereforeisnecessarytointerpretbothhedgefundstrategiesandcosts.Inshort,hedgefundsraisethefullrangeofissuesthatonemightconfrontinactiveportfoliomanag
6、ement. Webeginwithasurveyofvarioushedgefundorientations.Wedevoteconsiderableattentiontotheclassic“market-neutral”orhedgedstrategiesthathistoricallygavehedgefundstheirname.Wemoveontoevidenceonhedgefundperformance,andthedifficultiesinevaluatingthatperformance.Finally,weconsidertheimplicationsofthe
7、irunusualfeestructureforinvestorsinandmanagersofsuchfunds.26.1HedgeFundsversusMutualFundsp.904Likemutualfunds,thebasicideabehindhedgefundsAprivateinvestmentpool,opentoinstitutionalorwealthyinvestors,thatislargely
