Download Alternative Beta Strategies and Hedge Fund Replication by Lars Jaeger PDF

By Lars Jaeger

There s a buzzword that has quick captured the mind's eye of product services and traders alike: "hedge fund replication". within the broadest feel, replicating hedge fund concepts potential replicating their go back assets and corresponding chance exposures. despite the fact that, there nonetheless lacks a coherent photograph on what hedge fund replication ability in perform, what its premises are, easy methods to distinguish di erent methods, and the place this may lead us to.

Serving as a instruction manual for replicating the returns of hedge cash at significantly cheaper price, substitute Beta options and Hedge Fund Replication offers a distinct specialize in replication, explaining alongside the way in which the go back resources of hedge money, and their systematic dangers, that make replication attainable. It explains the history to the recent dialogue on hedge fund replication and the way to derive the returns of many hedge fund suggestions at a lot cheaper price, it differentiates a number of the underlying methods and explains how hedge fund replication can increase your personal funding strategy into hedge cash.

Written by way of the well-known Hedge Fund professional and writer Lars Jaeger, the e-book is split into 3 sections: Hedge Fund history, go back resources, and Replication recommendations. part one offers a quick direction in what hedge money truly are and the way they function, arming the reader with the heritage wisdom required for the remainder of the publication. part illuminates the resources from which hedge cash derive their returns and exhibits that most of hedge fund returns derive from systematic threat publicity instead of supervisor "Alpha". part 3 provides quite a few techniques to replicating hedge fund returns via proposing the 1st and moment iteration of hedge fund replication items, issues out the pitfalls and strengths of many of the methods and illustrates the mathematical options that underlie them.

With hedge fund replication going mainstream, this booklet presents transparent information at the subject to maximize returns.

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

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Sample text

But he became more broadly known as an author, capitalism critic, and humanitarian. ’, the first futures-based investment program in commodity markets and pioneered a technical trading method today known as ‘trend following’. 32 Around this time, ‘managed futures’ strategies were more broadly developed by what today are referred to as ‘commodity trading advisors’ (CTAs). In 1965, Dunn and Hagitt started trading commodity futures using technical trading systems. This same team later offered the first offshore commodity pool in 1973.

40 The ‘magic’ of hedge funds is thus rooted in well-known portfolio theory and diversification into orthogonal risk factors. e. org for more details. 40 There are several empirical studies illustrating the return and risk characteristics of hedge funds and showing the benefits of hedge funds in traditional portfolios. Please refer to the following original studies: ‘The risk in hedge fund strategies: alternative alphas and alternative betas’ by W. Fung and D. Hsieh (2003); The Benefits of Hedge Funds by T.

But he became more broadly known as an author, capitalism critic, and humanitarian. ’, the first futures-based investment program in commodity markets and pioneered a technical trading method today known as ‘trend following’. 32 Around this time, ‘managed futures’ strategies were more broadly developed by what today are referred to as ‘commodity trading advisors’ (CTAs). In 1965, Dunn and Hagitt started trading commodity futures using technical trading systems. This same team later offered the first offshore commodity pool in 1973.

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