Download e-book for iPad: Alternative Beta Strategies and Hedge Fund Replication by Lars Jaeger

By Lars Jaeger

ISBN-10: 0470721243

ISBN-13: 9780470721247

ISBN-10: 047075446X

ISBN-13: 9780470754467

There s a buzzword that has fast captured the mind's eye of product companies and traders alike: "hedge fund replication". within the broadest feel, replicating hedge fund innovations capacity replicating their go back resources and corresponding possibility exposures. even if, there nonetheless lacks a coherent photograph on what hedge fund replication capability in perform, what its premises are, easy methods to distinguish di erent methods, and the place this may lead us to.

Serving as a guide for replicating the returns of hedge money at significantly cheaper price, replacement Beta recommendations and Hedge Fund Replication offers a distinct concentrate on replication, explaining alongside the way in which the go back resources of hedge money, and their systematic dangers, that make replication attainable. It explains the heritage to the recent dialogue on hedge fund replication and the way to derive the returns of many hedge fund ideas at a lot cheaper price, it differentiates a few of the underlying ways and explains how hedge fund replication can increase your individual funding procedure into hedge cash.

Written by means of the well-known Hedge Fund professional and writer Lars Jaeger, the booklet is split into 3 sections: Hedge Fund history, go back resources, and Replication recommendations. part one offers a brief path in what hedge money really are and the way they function, arming the reader with the heritage wisdom required for the remainder of the publication. part illuminates the assets from which hedge cash derive their returns and indicates that almost all of hedge fund returns derive from systematic threat publicity instead of supervisor "Alpha". part 3 provides a variety of methods to replicating hedge fund returns via featuring the 1st and moment new release of hedge fund replication items, issues out the pitfalls and strengths of some of the ways and illustrates the mathematical thoughts that underlie them.

With hedge fund replication going mainstream, this publication presents transparent tips at the subject to maximize returns.

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Additional info for Alternative Beta Strategies and Hedge Fund Replication

Sample text

However, they generate their returns from very different investment concepts than the Long/Short Equity, Managed Futures, or Global Macro strategies. Relative Value 31 Aristotle tells the story of Thales of Miletus performing an option-like trade on olives about 2500 years ago; see Aristotle The Politics, Cambridge University Press (1988), p. 16. e. diversified investing, did not emerge before the 1960s. g. a long position in a convertible bond and a short position in the underlying stock). They attempt to avoid any correlation at all to the markets in which they operate.

In fact most hedge fund managers use much less leverage than outsiders would guess. 18 The reader should compare this with the leverage factors employed by most house owners (about 5×) or financial institutions (7–10×). Even in funds that do use high leverage, that leverage does not necessarily make the fund excessively risky. Leverage can be very helpful for achieving the desired risk–return profile of a strategy. com P1: JYS c02 JWBK289-Jaeger 20 August 18, 2008 8:47 Printer: Yet to come Alternative Beta Strategies and Hedge Fund Replication expected returns.

As a result, risk management techniques have become much more sophisticated. The ‘cowboy mentality’ of hedge funds has given way to investment managers who are better and more professional risk managers, and thus more credible in the eyes of the investor. With continued asset growth and compelling and unique risk–return attributes, hedge fund investing appears destined to be recognized as a legitimate element of global asset management. 40 The ‘magic’ of hedge funds is thus rooted in well-known portfolio theory and diversification into orthogonal risk factors.

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Alternative Beta Strategies and Hedge Fund Replication by Lars Jaeger

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