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All About Hedge Funds, Fully Revised Second Edition, 2nd Edition by Ezra Zask

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CHAPTER 13Aggregate Measures of Hedge Fund Performance

This chapter looks at various attempts to measure the performance at the aggregate level; that is the performance of all of substantially all hedge funds over time. It should be clear by now that the issue of hedge fund performance is not simple. There is no formula to help investors make decisions about which hedge fund to invest in. However, any potential investor in hedge funds needs to be well versed in at least the primary metrics of measuring hedge fund performance.

One effort to measure the aggregate performance of hedge funds is a 2012 study commissioned by the Alternative Investment Management Association and carried out by the Centre for Hedge Fund Research, Imperial College, London. ...

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