By Philip Coggan
These days most folks have heard the time period 'hedge fund' yet few are transparent approximately what precisely a hedge fund is or what it does. This advisor goals to place them within the photo with the readability and full of life prose that The Economist is known for. It offers a succinct survey of the for all those that imagine they need to learn about hedge cash, yet don't. it really is aimed toward all those that may want or need to take care of a hedge fund: inner most traders, trustees of a pension fund, administrators of a indexed corporation, legal professionals and accountants who can be attracted to operating within the undefined. it's also aimed toward those that fortunately criticise hedge cash with out particularly understanding what they do.
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Extra resources for Guide to Hedge Funds: What they are, what they do, their risks, their advantages
Event-driven Distressed debt Distressed debt managers invest in bonds or loans issued by companies that are in trouble. Traditionally, they hope to exploit the fact that investors generally panic when companies look in danger of default, and that drives the bond price down to depressed levels. indb 28 8/11/07 16:38:46 HEDGE FUND TAXONOMY It is a sector where managers often need a lot of expertise and a fair amount of stubbornness, fighting their corner against other classes of creditors when companies get into trouble.
The purchase has been phenomenally successful, with funds under management growing from less than $7 billion at the time of acquisition to more than $33 billion as of March 2007. As a result, JP Morgan is perhaps one of the biggest manager of hedge fund assets in the world. However, the initial omens were not good. One of Highbridge’s main strategies was convertible arbitrage, which suffered horribly in 2005; the first quarter after the JP Morgan acquisition was the worst in the fund’s history.
Firms are highly dependent on “black box” models – computer programmes that scour the market for profitable opportunities. If a manager gives away how the model works, his business could be destroyed since another manager could copy it. But that limits what they can tell clients. The best they can say is: “We have a system that has beaten the market in the past. Here are the results. ” Not everyone is comfortable about this arrangement. ”5 So what are the systems trying to do? 6 There is a tendency for trends to persist and there is a tendency for investors to act as a herd.
Guide to Hedge Funds: What they are, what they do, their risks, their advantages by Philip Coggan