AS ILLUSTRATED IN Chapter 5, funds of funds (FOFs) offer competitive returns with volatility lower than that of traditional long-only investments in equities, and similar to that of bonds. In addition, they have low correlation to traditional investments in stocks and bonds. Both of these characteristics allow investors to improve risk-adjusted returns by diversifying a portion of a traditional portfolio of stocks and bonds into low correlation fund of funds strategies. This chapter examines performance results that would ...
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