CHAPTER 13

NAV/Return Reporting

The hedge fund industry is extraordinarily proprietary. The regulatory requirement that performance data be provided only to qualified investors (a person, company, or trust that has investments exceeding minimal levels established by the Securities and Exchange Commission for each class of investor) exacerbates the natural secretiveness of the industry. There is no other industry with as many participants (approximately 8,000 hedge funds) for which there is no organization broadly supporting the overall industry. Because of the extremely fragmented behavior of the industry and the lack of regulatory direction, the practices in the industry are very unstructured and inefficient. This chapter addresses the result ...

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