FUNDS OF FUNDS seek to generate returns above that of the overall hedge fund industry by opportunistically selecting hedge fund strategies, substrategies, and managers, and weighting them differently than the overall industry allocates assets to them. Fund of fund performance is produced by the underlying strategy exposures and by whatever excess return, or “alpha,” a hedge fund manager operating within a strategy can produce. As with investors in traditional investment classes such as stocks and bonds, not every hedge fund investor can ...
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