EVALUATING HEDGE FUND PERFORMANCE（对冲基金业绩评估） 网盘下载 pdf 免费 2025 在线 epub 电子版

Hedge funds can be a valuable part of your portfolio．But without the proper knowledge of how tO analyze the performance and risks of this investment，choosing the right fund or funds for your specific situation can be verv difficult．In Evaluating Hedge Fund Performance,Dr．Vinh Tran will help you overcome these obstacles by focusing on the hidden risks and pitfalls of hedge funds-in their roles 0f providing diversification and downside risk protection-and showing you how tO evalu．ate and select the appropriate hedge funds for a diversified portfolio．

Divided into three comprehensive parts、Evalu-ating Hedge Fund Performance takes the standard hedge fund book tO a new level by detailing how tO manage the risks associated with hedge funds and offering the best methods tO evaluate and moni tor them.

As a primer on hedge funds，Part 0ne ofthis book discusses the misconceptions about long-term investing and diversification in asset allocation and how hedge funds can fill the void left open by traditional long-only investments-so you can achieve long-term investment objectives with lower volatility．You’ll also receive a comprehensive review of the hedge fund industry,itS inves-tors，and how main hedge fund strategies have performed in past market conditions．

Part Two of the book iS devoted entirely tO issues concerning manager research and evaluation，and portfolio construction．Here，you’11 gain a better understanding of the risk/return characteristics of hedge fund strategies in order tO assess their potential role and added value in diversified port-folios of hedge funds．You’1l also discover how tO properly analyze，evaluate，and select individualhedge funds as well as assemble them in ways that will achieve your targeted risks and returns.

Rounding out the discussion of hedge funds, Part Three of this important guide will show you how to periodically review, evaluate, and assess the performance of funds in your portfolio, includ-ing their rates of return, volatility of these returns,and how these investment results were produced.The purpose of this part is to make sure your portfolio and its hedge funds continue to perform as expected.

Filled with in-depth insight and expert advice,Evaluating Hedge Fund Performance can help you make the most of this flexible investment vehicle.

作者简介：Dr. Vinh Q. Tran is a Senior Vice President in Global Wealth and Investment Management at Bank of America. He has over twenty years of experience in managing fixed income, relative value, global macro, and long/short equity strategies. he has advised institutional investors, funds of hedge funds, and high-net-worth individual investors in hedge fund investing and asset allocation strategies. Dr. Tran has also taught portfolio theory and quantitative methods as an adjunct professor of finance at New York University's Stern School of Business and Fairfield University. Author of Foreign Exchange Management in Multinational Firms, Dr. Tan has a PhD and an MBA in finance from the George Washington University, and a BA in accounting and a BS in political science from the University of Dalat in Vietnam.

Foreword by Thomas Schneeweis

Acknowledgments

Introduction by David Brown

PART ONE: A PRIMER ON HEDGE FUNDS

　CHAPTER 1　The Market Goes up Forever? Or The Paradox of Long-Term Investing

　　The Flaws of Long-Term Investing

　　The Wealth Reducing Effects of Volatility

　　“Pure” Equity Risk is Unacceptable

　　Diversification to Reduce Risks

　　Long-Term Investing with Low Correlated Assets and Downside Protection

　CHAPTER 2 It’s The Risk, Not The Return: Using Hedge Funds to Reduce Portfolio Risks

　　Not Necessarily Higher Returns

　　Consistency of Returns

　　Low Correlation with the Stock Market

　　Portfolio Effects of Hedge Funds

　　Alternative Investments in Uncertain Markets

　　Wealth Preservation

　　Prospective Long-Term Returns and Risks of Stocks

　CHAPTER 3 Going For The Gold: Growth and Strategies of Hedge Funds

　　Size of The Hedge Fund Industry

　　Investors in Hedge Funds

　　What are Hedge Funds?

　　Hedge Fund Strategies

　　Performance of Hedge Funds

PART TWO: EVALUATING AND SELECTING HEDGE FUND

　CHAPTER 4 The Skewed Statistics of Hedge Fund Retur

　　Perception of Risks: Numbers and Reality

　　Gaming the Sharpe Ratio

　　Alpha: Holy Grail or Wizard of Oz?

　　Returns of Hedge Funds Revisited

　　Benefits of Hedge Funds Revisited

　CHAPTER 5 Evaluating Hedge Fund Strategies

　　Which Strategies?

　　Is It Uncorrelated, Really?

　　How Neutral is Market Neutrality?

　　Market Risks of Hedge Fund Strategies

　　Leverage and Hedge Fund Returns

　　Low Correlations – The Good and the Poor

　CHAPTER 6 Picking the Winners

　　Sourcing Hedge Funds

　　Preliminary Screening

　　Strategy Alpha

　　Alpha Generation and Manager Talent

　　Due Diligence

　　The Risk and Performance Matrix

　CHAPTER 7 Constructing a Hedge Fund Portfolio

　　Effective Diversification to Reduce Risks

　　How Much in Hedge Funds?

　　How Many Hedge Funds?

　　Know Your Objectives

　　Hedge Fund Portfolios in Practice: Case Examples

　　Quantify Your Judgment

PART THERR: EVALUATING THE PERFORMANCE AND RISKS

　CHAPTER 8 Evaluating The Performance of Your Hedge Funds

　　How Well is Your Hedge Fund Portfolio?

　　Basic Concepts of Performance Measurement

　　Issues Directly Related to Hedge Funds

　　Market and Hedge Fund Indices

　　Know Your Managers or Key Drivers of Returns

　　Performance Benchmarks in Practice

　　Evaluating Performance: A Heuristic Process

　CHAPTER 9 Buyers Beware: Evaluating and Managing the Many Facets of the Risks of Hedge Funds

　　The Many Facets of Hedge Funds’ Risks

　　Investment Risks: Ongoing Focus

　　Evaluating the Risks of Your Hedge Funds

　　“Fat Tail” Risks and Other Quantities

　　Ongoing Risk Management: The Risk and Performance Matrix

　CHAPTER 10 Instant Diversification: Funds of Funds

　　Diversification Benefits of Funds of Funds

　　Fees and the Price of Access

　　Reduced Liquidity

　　Reduced Transparency

　　Generating Alpha: Portfolio Re-Balancing

　　Types of Funds of Funds

　　Performance of Funds of Funds

　　Investing with Funds of Funds

　CHAPTER 11 A Practical Guide to Investing in Hedge Funds

　　Investing on Hedge Funds

Notes

Bibliography

Index.

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A comprehensive look at hedge fund performance issues In Evaluating Hedge Fund Performance , Dr. Vinh Tran gives readers the information they need to construct an efficient hedge fund portfolio based on their own level of knowledge. From evaluating hedge funds to picking the winners, Dr. Tran covers some of the most important issues related to this flexible investment vehicle. Evaluating Hedge Fund Performance takes the standard hedge fund book to a new level by detailing how to manage the risk of hedge funds and offering the best methods to evaluate and monitor hedge funds. With strategy based on interviews and data from experts in the field, this book is a must–read for any investor or manager who is investing in hedge funds.

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