By Lars Jaeger

ISBN-10: 0470721243

ISBN-13: 9780470721247

ISBN-10: 047075446X

ISBN-13: 9780470754467

There s a buzzword that has fast captured the mind's eye of product companies and traders alike: "hedge fund replication". within the broadest experience, replicating hedge fund concepts potential replicating their go back resources and corresponding danger exposures. although, there nonetheless lacks a coherent photograph on what hedge fund replication potential in perform, what its premises are, the way to distinguish di erent methods, and the place this may lead us to.

Serving as a instruction manual for replicating the returns of hedge money at significantly cheaper price, Alternative Beta ideas and Hedge Fund Replication offers a distinct concentrate on replication, explaining alongside the way in which the go back assets of hedge money, and their systematic dangers, that make replication attainable. It explains the heritage to the hot dialogue on hedge fund replication and the way to derive the returns of many hedge fund options at a lot lower price, it differentiates a number of the underlying ways and explains how hedge fund replication can enhance your individual funding procedure into hedge funds.

Written via the well-known Hedge Fund specialist and writer Lars Jaeger, the publication is split into 3 sections: Hedge Fund historical past, go back assets, and Replication suggestions. part one presents a brief path in what hedge cash truly are and the way they function, arming the reader with the historical past wisdom required for the remainder of the ebook. part illuminates the assets from which hedge cash derive their returns and exhibits that almost all of hedge fund returns derive from systematic possibility publicity instead of supervisor "Alpha". part 3 offers a variety of techniques to replicating hedge fund returns through providing the 1st and moment new release of hedge fund replication items, issues out the pitfalls and strengths of some of the methods and illustrates the mathematical suggestions that underlie them.

With hedge fund replication going mainstream, this e-book offers transparent counsel at the subject to maximize returns.

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Extra resources for Alternative Beta Strategies and Hedge Fund Replication (Wiley Finance)

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W. Jones experienced phenomenal investment success with his strategy outperforming all ‘traditional’ money managers by a wide margin in the 1950s and 1960s. His success finally caught wider public attention,26 which coincided with the start of a first hedge fund boom in the late 1960s. However, this boom died off quickly during the equity bust years in the early 1970s. Around the same time in the late 1960s another ‘original’ hedge fund strategy emerged – ‘Global Macro’. The Global Macro strategy entails taking sophisticated bets on probable future price moves with a much smaller element of ‘hedging’.

P1: JYS c02 JWBK289-Jaeger 22 August 18, 2008 8:47 Printer: Yet to come Alternative Beta Strategies and Hedge Fund Replication However, one must note that while they still represent rather small assets invested worldwide, hedge funds account for a disproportionately high amount of global trading behavior due to their higher average trading frequency that comes with active investing. 22 Furthermore, hedge funds represent a significant part of the daily trading volume in some particular financial instruments.

This movement is one source of the increased number and range of different hedge fund products. But the dynamic evolution of the global financial market itself also creates new opportunities for innovative investment strategies. For example, the Capital Structure Arbitrage strategy did not exist until there was a large and liquid market in credit derivatives. A final contributor to the increased supply of hedge funds is that most large banks and financial institutions began offering a range of hedge fund investments.

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Alternative Beta Strategies and Hedge Fund Replication (Wiley Finance) by Lars Jaeger

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