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CAIA Level I: An Introduction to Core Topics in Alternative Investments, 2nd Edition by Hossein Kazemi, Keith H. Black, Donald R. Chambers, Mark J. P. Anson, CAIA Association

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PART Three

Hedge Funds

This part begins with two general chapters: an introductory chapter on hedge funds and a chapter on how an institutional investor can establish a program of investing in hedge funds. The remaining five chapters discuss five categories of hedge funds: macro and managed futures funds, event-driven hedge funds, relative value hedge funds, equity hedge funds, and funds of funds. Each category of hedge funds groups together those hedge funds with investment strategies that have similarities. For example, hedge funds that focus their investment ideas on situations involving events are grouped together in the event-driven hedge fund category.

Each category is then further refined into strategies. For instance, there are four strategy groups within the event-driven hedge fund category: activist funds, merger arbitrage funds, distressed securities funds, and event-driven multistrategy funds.

Although Part Three provides the central discussion of hedge funds in this book, other chapters also emphasize hedge funds. For example, hedge funds are further discussed in later chapters on topics such as due diligence, risk management, and portfolio management.

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