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By Joseph G. Nicholas

ISBN-10: 1576600602

ISBN-13: 9781576600603

One of many first books to demystify hedge cash, this insightful, useful, and easy-to-follow advisor presents how-to ideas followed by way of insights from best fund managers.

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Extra resources for Investing in Hedge Funds

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Rather, returns are expected to fall within a certain range, regardless of what the markets do. The hedge fund strategies covered in this book are differentiated by the tools used and the profit opportunities targeted. ” Hedge funds are heterogeneous. To render them comparable, they must be categorized by the core strategy that the fund manager uses. Some hedge fund strategies, such as macro funds, use aggressive approaches, whereas others, such as nonleveraged market-neutral funds, are conservative.

Generally, no performance fee is payable until the client has recouped past losses. In addition, existing funds usually use a single investment strategy and do not customize their operations to meet the needs of individual fund investors. Therefore, if an investor wants a different investment program than the one the fund proposes to use, a separate managed account may be preferable. In a fund, no one investor has the power to change the strategy, but managed accounts enable investors to dictate changes in the investment program over time.

Alternatively, managers may wish to use an offshore fund structure so that they can defer receipt of fees for income tax purposes. DOCUMENTATION three main documents involved in investing in hedge funds organized as limited partnerships are the offering memorandum, the limited partnership agreement, and the subscription agreement. 5 I N V E S T M E N T S T R U C T U R E OFFSHORE FUND Investment Manager 20% Incentive 1% Management Services Offshore Services Investors Shares Fund, Limited Partnership Administrator Fee Assets Fee Custodian SOURCE: BPTHESANS-PLAIN 5/12 SMALLCAPS TRACK 50 partnership agreement.

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Investing in Hedge Funds by Joseph G. Nicholas

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