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The Investment Assets Handbook: A definitive practical guide to asset classes by Yoram Lustig

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Chapter 8: Hedge funds

Hedge funds are not considered an asset class but rather a type of private, pooled investment vehicle that is actively managed by a professional fund manager who can flexibly utilise a wide array of investment strategies and techniques. In practice, however, investors normally allocate part of their portfolio to hedge funds, effectively treating them as a kind of asset class.

Hedge funds are not widely distributed to the general public like retail collective investment schemes (more than 60% of hedge fund investments come from institutional investors), so they are less regulated. Consequently, they are less constrained than retail funds and can utilise investment strategies and techniques such as leverage, short selling ...

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