Hedge Fund Analysis

An In-Depth Guide to Evaluating Return Potential and Assessing Risks

Inbunden, Engelska, 2012

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A detailed, step-by-step book covering the entire hedge fund evaluation process Investing in hedge funds is different from investing in other asset classes. There is much less publicly available information about hedge funds performance than there is about mutual funds or individual stocks. Consequently, investing in this class requires more sophisticated investment knowledge, greater due diligence, and, in many cases, a better-developed ability to evaluate investment managers.Hedge Fund Analysis provides a broad framework of how to approach this endeavor, from initial screening to analytical techniques, interviewing skills, and legal and contract negotiations. Along the way, it demonstrates a variety of mechanisms for monitoring and tracking hedge funds and the underlying hedge fund portfolios—explaining each stage of the process in minute detail and providing specific examples which fully explain the opportunities and challenges you'll face each step of the way. Provides a detailed look at how to source hedge funds, screen through them, and rank their strengths and weaknessesLays out a thorough process for evaluating funds, from initial interviews to performance analysis to onsite meetingsReveals what questions to ask by strategy in order to understand the underlying risk factors associated with eachHighlights non-investment analysis, including operational due diligence and risk management, as integral elements in the processWritten by a financial professional with over twenty years of experience conducting investment manager due diligence, this book will put you in a position to make more informed decisions when investing in hedge funds.

Produktinformation

Utgivningsdatum2012-10-19
Mått160 x 236 x 33 mm
Vikt621 g
FormatInbunden
SpråkEngelska
SerieWiley Finance
Antal sidor416
FörlagJohn Wiley & Sons Inc
ISBN9781118175460

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Finansiering inom Ekonomi och Ledarskap

FRANK J. TRAVERS, CFA, is a portfolio manager at Larch Lane Advisors. He has over two decades of experience analyzing traditional long-only, private equity, and hedge fund strategies. Previously, he was the director of research at First Peninsula Capital and a portfolio manager at Pine Street Advisors and CIC Group. Additionally, he held positions as the director of due diligence at CIBC World Markets, associate director of international equity research at Evaluation Associates, and senior analyst positions at Morgan Stanley Asset Management and RCB Trust. Travers is the author of Investment Manager Analysis: A Comprehensive Guide to Portfolio Selection, Monitoring, and Optimization, also published by Wiley. He received his BS in finance from St. John's University and his MBA from Fordham University.

Introduction xiPART ONE BackgroundCHAPTER 1 Hedge Fund History 3So Who Invented the Hedge Fund? 4The Samurai 4The Academic 5The Legend 14The Innovator 17CHAPTER 2 Hedge Fund Asset Class 29Definition 29Hedge Fund Structure 31Hedge Fund Strategies 32Advantages of Allocating to Hedge Funds 43Hedge Fund Size and Age Impacts Performance 52PART TWO Hedge Fund Due DiligenceCHAPTER 3 Due Diligence Process 57Key Areas of Focus within Each Component of Due Diligence 57The Due Diligence Process Highlighted in This Book 60Putting It All Together 67Some Initial Thoughts 70CHAPTER 4 Initial Data Collection 77Data Collection 78Due Diligence Questionnaire (DDQ) 80Fictional Capital Management 80Other Materials 106Further Analysis 10813F Analysis 116Hedge Fund Journal 119CHAPTER 5 Initial Interview 121Initial Call or Meeting 121Phone Interviews 122Meeting Notes 139CHAPTER 6 Quantitative Analysis 145Performance Measures 146Absolute Return Measures 146Absolute Risk Measures 154Regression-Based Statistics 164Peer Group Analysis 168CHAPTER 7 Portfolio Analysis 173Attribution Analysis 174Fundamental Analysis 189Evaluating Portfolio Data 193CHAPTER 8 Onsite Interviews 217Onsite Meeting Strategies 219One-on-One Meetings 219Meeting with More Than One Person 222Different Perspectives 223Meeting Notes 224Onsite Interviews at Fictional Capital Management (FCM) 228CHAPTER 9 Operational Due Diligence 259Case Study: Bayou Fund 259Definition 261Importance of Operational Due Diligence 263Categorization of Operational Due Diligence 267Interview with FCM Operational Staff 301CHAPTER 10 Risk Due Diligence 309Graphical Depiction of Hedge Fund Risks 312Risk Due Diligence 314Factor Decomposition Analysis 330Interview with FCM Risk Manager 333CHAPTER 11 Reference and Background Checks 339Onlist and Offlist References 340Internet and Social Media 341Contacting References 343Problematic References 346Whose References Should You Check? 349How Many Reference Calls Are Enough? 350Background Checks 352Summary of Reference Calls for FCM 353CHAPTER 12 Hedge Fund Scoring Model and Decision Making 357Hedge Fund Scoring Model 358Putting It All Together 374About the Author 379Index 381