Investing in Agriculture: Opportunities in Farmland, Futures, and Equities
Grain demand from the emerging world is likely to persist, although given rich land prices in some regions, investors should proceed carefully in this developing asset class.
Hedge Funds
Hedge Funds: Value Proposition, Fees, and Future
Executive Summary Manager selection is critical when investing in hedge funds. Every analysis of a potential hedge fund allocation boils down to a granular assessment of a fund’s value proposition as reflected in its investment philosophy, terms, and business operations. Equally important is the need to identify the specific role each fund serves as part…
Investment Manager Fees
The Investment Manager Fees report is an examination of average fees for long-only managers in our database, as well as fees and terms for select hedge fund managers for which we have data.
Active Currency as an Asset Class: Is Currency the New Long Volatility Strategy
As modern portfolios evolve, investors continue to seek new ways to diversify exposures and mitigate volatility. Currency exposure, once thought of exclusively as a risk to be hedged away, is today being embraced by some in mandates designed to generate returns. The form of such a mandate may vary widely, from a discrete, active strategy,…
Global Macro: The Largest Canvas in the Industry
This paper discusses what global macro is and how its practitioners operate, reviews its history and performance, and discusses its major attractions and key risks. We believe a thoughtfully constructed allocation to select global macro managers offers various potential benefits to investors, particularly in an increasingly macro-driven environment.
The Benefits of Selling Volatility
A fully collateralized option-selling program has historically provided strong returns with low volatility and high liquidity. Looking ahead, we expect this to be an attractive portfolio diversifier that seeks to capture the seemingly persistent gap between implied and realized volatility.
Dodd-Frank’s Impact on Alternative Investments: A Brief Review
This paper highlights key provisions of the major U.S. financial act signed into law in July 2010, focusing on issues related to alternative investments and managers. With more than 60 mandated federal studies due over the next several years and at least 200 new regulations that have yet to be written, the final regulatory landscape…
Introduction to Short Selling for U.S. Investors
This primer revisits the widely misunderstood practice of short selling, considers the associated risks, and addresses the role of dedicated short sellers in a broad investment portfolio.
An Overview of Hedge Fund Strategies and Operations
This paper provides an introduction to hedge fund strategies and operations. Topics covered include common investment strategies, capacity, investor base, legal and fee structures, liquidity provisions, staffing, external service providers, and fund documents.
Asian Hedge Funds
This report examines the performance of Asian hedge funds in 2008, discusses issues to keep in mind when considering an investment in Asian hedge funds, and explores the role of such funds in a portfolio.