Chapter 10

Funds of Hedge Funds versus Do-It-Yourself Funds of UCITS

Samuel Sender, EDHEC-Risk Institute, Nice, France

Chapter Outline

10.1. Introduction

10.2. Issues with Hedge Fund Investing – The Case of FoHFs

10.3. Testing for Non-Linearities in Hedge Fund Returns – A New _Approach

10.4. UCITS-Compliant Hedge Funds as a Fit for FoHFs Construction

10.5. Regulatory Risks Around UCITS Hedge Funds

Conclusion

Acknowledgments

References

10.1 Introduction

There are at least three possible reasons to invest in hedge funds: accessing outperformance, alternative risk factors (alternative betas), or risk management. As investing in hedge funds is truly complex, requiring costly supervision, due diligence, and manager selection, traditionally most investors ...

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