.Praise for Hedge Fund of Funds Investing: An Investor’s Guide
by Joseph G. Nicholas
“Hedge funds of funds are at the leading edge of the broad move into hedge investing by the mainstream of private wealth management.
1. Inflation targeting is becoming the monetary policy framework of choice in a
growing number of emerging market and developing countries. This paper examines the
experience of non-industrial inflation targeting countries to review the implications for the
Fund’s approach to surveillance, technical assistance, and the design of conditionality in
Fund-supported programs. For this examination, the paper uses macroeconomic data,
technical assistance reports, and a new survey of central banks in selected emerging markets....
We rst construct Pan-European size, book-to-market, and momentum risk factors for stocks.
Then, we report on the average performance of European mutual funds over our time period using
these benchmarks. Our ndings are similar to those of many studies of U.S. mutual funds (e.g.,
Carhart, 1997 and Wermers, 2000). Specically, the median one-factor and four-factor alphas are
-0.90%/year and -0.32%/year, respectively. This nding indicates that our benchmarks successfully
control for common variation in European equity mutual fund returns....
The second aim of this thesis is to investigate whether Thai mutual fund performance
can be explained by any of its characteristics. The study examines statistic and economic
importance of fund characteristics to its performance. In the literature, evidence is sparse and
mixed on developed markets, let alone that on emerging markets. Rather than focusing on
one particular characteristic, this study draws on the evidence from five important
characteristics in the literature, which offer theoretical and empirical support.
Thus, the study of mutual funds in emerging markets is overdue for those who need a
fuller understanding of their investment conditions. In addition, this would allow an out-of-
sample test to challenge existing asset pricing models and lead to the development of new
This study seeks to shed light on mutual fund investment in emerging markets and
specifically focuses on three issues: performance, determinants of performance and the role
of liquidity on performance and performance measure.
Equity and fixed income funds play an important role for the impressive Thai mutual fund
growth. With an in depth analysis, we found two major facts. Firstly, Thai mutual fund industry is
concentrated in fixed income mutual funds especially short-term money market funds. Secondly,
approximately 50% of the AUM invested in Thai equity mutual funds are from LTF and RMF or
growth in equity mutual funds is affected by tax incentive.
For example, SLAT Prime Obligation Fund disclosed a variety of asset purchases occurring in the year
ended June 30, 2009, but did not disclose transaction dates. Second, even if the date of the support was
disclosed, in many cases that date represented when the sponsor chose to provide direct support, but the
direct support may have been preceded by indirect support such as guarantees that were important in
stabilizing the NAV, reassuring investors and preventing runs.
Real estate markets globally have been severely affected by ongoing
unprecedented economic turmoil, particularly in Europe and the United
States. This is expected to continue. The Australian real estate market
has, in this time, emerged as a destination of choice for global real estateReal estate markets globally have been severely affected by ongoing
unprecedented economic turmoil, particularly in Europe and the United
States. This is expected to continue.
At the same time, you’ll work with the analysts to increase return. That
means that you’ll concentrate on the creditworthiness of the issuers of both
commercial paper and CDs,which offer higher yields. You’re probably going
to try to buy as many of these issues as possible—assuming that the analysts
can verify that the investments are high quality. Your fund has the ﬂexibility
to invest in a wide range of securities, and your competitors are doing just
that, looking for higher returns.
In fiscal year 2001, Congress allocated funds for NIOSH to establish a new program for personal protective technology research to protect the nation’s miners, firefighters and other emergency responders, and health care, agricultural, and industrial workers. To carry out this research, NIOSH formed the National Personal Protective Technology Laboratory (NPPTL).
Some pension funds and other institutional investors have already expressed their interest in - or
indeed already are - investing in climate change related assets. Consequently, various industry groups have
been formed in order to increase industry expertise in this area and to engage in a dialogue with
governments to explain the sort of investment environment and financing vehicles which are necessary to
support their greater engagement. They are also exploring how to pool resources in order to achieve the
scale which investment in some of these projects requires. ...
This paper examines how corporate financial structure shapes the impact of a financial crisis on the real sector by way of its effects on flows of funds and on corporate real expenditures.
It is one of the first papers to utilize extensive cross-country flow and balance sheet data and also to examine
subcomponents of GDP in the wake of banking and currency crises rather than focusing exclusively on aggregate GDP.
In those early, heady, exciting, and terribly uncertain days, many issues faced those in the nascent field that researchers today would find hard to remember. For example, our hearty band constantly worried if any scholarly journal would publish the papers we wrote. Sources of research funding were hard to find and difficult to maintain. MEMS fabrication was itself a major issue.
Although the growing literature on the importance of finance in economic growth contrasts
bank-based financial systems with market-based financial systems, little attention has been paid to the
role of the bond market. Correspondingly the role of the bond market has been very small relative to
that of the banking system or equity markets in most Asian emerging economies. We argue that the
underdevelopment of Asian bond markets has undermined the efficiency of these economies and
made them significantly more vulnerable to financial crises....
This book consists of a collection of articles describing the emerging and integrated
area of Energy,Natural Resources and Environmental Economics. A majority of the
authors are researchers doing applied work in economics, ﬁnance, and managemen
science and are based in the Nordic countries. These countries have a long tradition
of managing natural resources. Many of the applications are therefore founded on
The high data frequency not only helps to validate our results, but
also allows us to advance some analysis. For example, in Chapter 5, the fund weekly data are
used to calculate the risk-adjusted abnormal return for each year from 2000-2007. Then, it
turns into a panel data allowing us to perform a multidimensional (panel) regression on fund
Furthermore, this is the first empirical study of an emerging market which includes
flexible funds in the sample. In theory, a flexible fund is in some ways similar to equity funds
since its main assets are also stocks.
Performance evaluation measures the skill of an asset manager and its principal idea
is to compare the returns with an alternative appropriate portfolio to that which was obtained
in a particular case. The emergence of modern portfolio theory (MPT) by Markowitz (1952),
who quantifies how rational investors make decisions based on expected return and risk, has
brought much development to portfolio performance measurement.
In spite of the limited evidence about the behaviour of mutual funds in emerging
markets, mutual fund investment in these areas has grown markedly over the past decade at a
quicker pace than even the developed markets have shown. The growth in mutual fund
investment is influential because it shapes the future development in the securities market and
has important policy implications. The high proportion of institutional investors creates more
timely information and therefore makes the market more efficient.
They say what doesn’t break you makes you stronger. For
hedge funds, 2012 was a backbreaking year to put it mildly.
Heightened market volatility, stressed global macroeconomic
conditions, and underperformance relative to traditional
investing vehicles were just a few of the factors that
challenged hedge funds in 2012. Add the extra weight of an
increasing regulatory burden, and many fund leaders might
have been forgiven for packing it in.
The research study was carried out by researchers with investment fund experience in
developing countries. It included a desk study review and assessment to take stock of existing
agriculture investment funds in developing countries in order to better understand their nature,
magnitude, and most of all, the lessons learned from their experiences to date. Based on the
initial work and characterization, more comprehensive case reviews were undertaken of six
distinct types of investment funds and one fund management company.