Hedge Fund đầu tiên trên thế giới ra đời năm 1949 tại Mỹ. Một trong những người được coi là "ông tổ" của loại quỹ đầu tư này là Alfred W. Jones, xuất thân là một nhà báo và nhà xã hội học. Alfred W. Jones thấy rằng việc nắm bắt xu thế của thị trường để đầu tư là rất khó khăn. Vì vậy, ông đã lập ra một loại quỹ đầu tư với chiến lược đầu tư dựa trên vị thế dài hạn (long position- vị thế của người mua) và ngắn hạn (short position- vị thế của...
wouldn’t buy a new home just because it looked good from the
outside. We would do a thorough walk-through first. We’d examine the fur-
nace, check for a leaky roof, and look for cracks in the foundation.
Mutual fund investing requires the same careful investigation. You need
to give a fund more than a surface-level once-over before investing in it.
Knowing that the fund has been a good performer in the past isn’t enough
to warrant risking your money. You need to understand what’s inside its
portfolio—or how it invests.
.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....
very month, it seems, Wall Street comes up with some newfangled
investment idea. The array of financial products (replete with 164-page
prospectuses) is now so dizzying that the old lumpy mattress is starting to
look like a more comfortable place to stash the cash. But there is one relatively
new product out there definitely worth looking at. It’s something of a
cross between an index mutual fund and a stock, and it’s called an exchangetraded
fund, or ETF.
The Private Volker Fund Memos of Murray N. Rothbard The hugely influential memos by Murray Rothbard, written in the 1950s and early 1960s, were kept under wraps for fifty years. They were commissioned by the William Volker Fund and concerned most every important thinker and book of the period. Through them, Rothbard
Over the last decade, I co - founded two U.S. investment partnerships as
chief investment ofﬁ cer (CIO), undertaking direct responsibility for
delivery of superior returns to partners. Investment partnerships that mainly
trade in securities are loosely called hedge funds, or simply funds, irrespec-
tive of whether they actually hedge to reduce risks. While venture capital
funds, such as venture funds in Silicon Valley, are basically U.S. investment
partnerships, they are considered a distinct breed from hedge funds. ...
Mutual funds charge two kinds of fees: expenses and loads. Expenses comprise the management
fee (typically a fixed percentage of assets under management) and other recurring operating
costs—such as custodian, administration, accounting, registration, and transfer agent fees.
Rather than charging explicit fees for these expenses, funds deduct them on a daily basis from
the fund's net assets. Expenses are expressed as a percentage of assets under management (the
expense ratio). Loads are one-time fees used to compensate distributors.
study also offers an auxiliary performance measure to capture this effect and assesses how
important it is to mutual fund performance in Thailand.
The fourth aim of this thesis is to investigate and discuss policy implications in
Thailand which adopt tax-advantaged types of mutual fund in order to encourage retirement
and long-term savings. In this thesis, the performance and characteristics of these tax-
advantaged funds are also investigated in a separate group and compared to those of general
mutual funds. ...
To quantify the impact of luck on mutual fund performance, we use the False Discovery
Rate (F DR) introduced by Benjamini and Hochberg (1995) in the statistical
literature. The F DR measures the proportion of lucky funds among the funds with significant
estimated alphas. We extend this methodology by developing a new approach
which allows us to separately compute the F DR among funds with significant positive
estimated alphas (called hereafter the best funds) and funds with significant negative
estimated alphas (called hereafter the worst funds)....
As I noted, the ﬁnancial crisis has created an increasingly
global outlook among policymakers. More and more, national
regulators are inﬂuenced by policies fashioned abroad, and
international bodies are stepping up policy coordination.
At the same time, the extraordinary worldwide rise of as-
set managers as ﬁnancial intermediaries has created new
opportunities for funds. Responding to these and other
trends, the Institute readied a new initiative —ICI Global—
launched early in ﬁscal year 2012.
The Commission, in the Single Market Act
(SMA) undertook to put in train several
measures to ensure investment funds focused on funding social undertakings can flourish.
The current proposal on a European framework for social investment funds is one initiative
that delivers on that commitment.
The principal aim is to increase the effectiveness of the fundraising by social investment
funds, and to achieve a high level of clarity as to the characteristics that distinguish social
investment funds from the wider category of alternative investment funds.
Progress Microfinance has been implemented through two actions, both of which are managed by
EIF. They are: 1) a guarantee instrument to providers of micro-credit (funded entirely by the
European Commission); and 2) a structured investment vehicle set up under Luxembourg law, the
European Progress Microfinance Fund, funded by the European Commission and the EIB.
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.
Mutual funds are one of the several options
that investors explore for investing surplus
funds. In a deposit-dominated market like
India it is important for mutual funds to
be able to offer differentiated risk-rewards
and gain shelf-space. With many seemingly
similar offerings from multiple mutual
funds unable to clearly communicate their
superiority, a less informed investor may find
it difficult to make a choice. This uncertainty
leads to a weakened ‘pull’ for the product.
Traditionally, large distribution networks
were developed by the Life Insurance
Corporation of India and the Unit Trust of
India for their own products. The LIC model
involved engaging deeply with distributors
and agents, by educating and equipping
them to sell. Agents were well-compensated
and penetration was deep. In return, the
agents worked exclusively with LIC and did
not sell other products.
Unlike this, the mutual fund distribution
network evolved in an open architecture
The parallel thematic sessions on May 27 and on May 28 presented the unique opportunity
for participants to focus and interact on a set of specific issues identified as priorities for social
funds. Initiated by session leaders, who drew upon their experiences managing social funds,
the sessions addressed the key issues with the assistance of professional facilitators from the
Learning and Leadership Center. The presence of resource persons drawn from the World
Bank staff active in project design and supervision contributed to the quality of the discus-
The Portfolio Improvement Program (PIP) was launched by the World
Bank about a year ago to improve the performance of its project portfo-
lio. Within that review, the performance of social funds was evaluated
for such things as efficiency, targeting, and sustainability.
As the largest multilateral development finance agency, the World Bank
lends about US$20 billion annually for development all over the world.
Its portfolio of 1,500 projects under implementation accounts for close
to US$120 billion of commitment on the part of the World Bank.