January 2013
Beginner
350 pages
10h 25m
English
book
Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance
by Kevin R. Mirabile
Content preview from Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund PerformanceBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Manager Discretion
Managerial discretion is meant to reflect the degree to which managers have options to make significant choices. Discretion can have a significant impact on both absolute and relative performance outcomes because these managers have additional powers or time to make decisions relative to their peers.
The terms that give one manager more discretion than another usually relate to the lockup period, redemption period, and notice period.
The lockup period refers to the number of days reported to the database that an initial investment in the fund must remain in the fund before an investor is eligible to redeem his investment. The lockup period is set once when the fund is launched and does not change over the life of a fund.
The redemption period refers to the frequency with which an investor in a fund is allowed to redeem an investment after the initial lockup period, if any. The redemption term is reported to the database as either monthly, quarterly, semiannually, annually, or greater than annually. The redemption period is set once when the fund is launched and does not change over the life of a fund.
The notice period refers to the number of days prior to the next upcoming redemption date that an investor must notify a fund of an intention to redeem. The notice period is set once when the fund is launched and does not change over the life of a fund.
Discretion and Performance
Ample studies have been published of discretion and performance, based on either the ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.