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The best hedge fund white papers from around the world
The CFA Institute Research Foundation’s 183-page ‘primer’ on the alternative investment industry contains a wealth of information on hedge funds, from typical structures to individual strategies and management practices. We’ve also included surveys of hedge fund managers, insights into strategies such as long/short equity and total return investing, and papers that question the very nature of alpha generation.
Discover the top papers on hedge funds and the management of alternative assets, including everything from their founding principles to their current outlook, when you sign up on Savvy Investor.
Alternative Investments: A primer for investment professionals (CFA Institute Research Foundation, 2018)
This paper reviews the alternative investment landscape, along with the particular challenges and characteristics of alternative assets for the benefit of portfolio managers and institutional asset allocators.
2018 Hedge Fund Institutional Investor Survey (JP Morgan)
This is JP Morgan’s 15th annual Hedge Fund Institutional Investor Survey, with responses from over 250 global investors. The survey aims to assist hedge fund managers and investors in understanding industry trends.
Combining investment signals in long/short strategies (Goldman Sachs AM, 2018)
How should investment signals be combined within long/short portfolios? Should the signals be weighted first and then combined, or the other way around? This paper explores the implications for fund managers of each approach.
If we don’t believe markets are “efficient”, what do we believe? (Winton, 2018)
The efficient market hypothesis may not accurately encapsulate real-world investor behaviour. Winton presents an alternative theory of ecological origin that may capture some of the elements that the EMH overlooks.
How to pick a quantitative hedge fund (MAN Group, Sept 2017)
The authors of this paper examine some of the key characteristics of quantitative hedge fund strategies, offering perspectives for investors on selecting the most appropriate one to meet their needs.
The current state of quantitative equity (CFA Institute Research Foundation)
Modern quantitative equity investing is grounded on financial economics theory, specifically the concepts of risk and return. This paper explores these concepts and additional related themes.
Comparing hedge fund returns – how not to do it (Cliff Asness, May 2018)
In this paper, Cliff Asness of AQR Capital Management explains why hedge fund returns shouldn’t be compared to 100% long equities and how to do a more proper comparison.
An introduction to short selling (Managed Funds Association, 2018)
This paper introduces the practice of short selling, as well as the ways that it is currently regulated. It also explores the risk management aspect of short selling, and other benefits provided to investors.
Preqin Investor Update: Alternative Assets H2 2018
Preqin surveys 530 institutional investors, providing insight about what investors are seeking from alternative assets, how alternatives are meeting their needs, and what their future plans are regarding this asset class.
Hedge Funds in the late stages of a business cycle (Fidante Partners, Aug 2018)
Fidante Partners investigates hedge fund returns by strategy in the late stages of business cycles, finding that differences do exist, and then suggesting particular strategies that may provide superior performance during these times.
Alpha generation in long/short equity portfolios (Man Group, July 2018)
In this paper, the authors discuss how finance theory can be used to try and optimally extract alpha and potentially generate consistent returns.
What does the X-ray machine reveal about hedge funds? (GSAM, 2018)
The authors collect position-level information from 13F filings across a subset of hedge fund managers to learn more about equity hedge fund investment behaviour and capture their stock-selection capabilities.
Do alpha males deliver alpha? Testosterone and hedge funds (2018)
In the hedge fund world, too much testosterone may be a very bad thing. The authors show that hedge fund managers with higher testosterone levels may have lower risk-adjusted returns and a greater propensity for behavioural biases.
Industry leaders on the future of the hedge fund industry (AIMA, 2018)
This 108-page report discusses the evolution of the hedge fund industry since the first hedge fund was created 70 years ago and then turns to questions about the future of the industry itself.
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