Suchergebnisse

"Hedge-Fonds bilden eine alternative Anlageform, die im Gegensatz zu traditionellen Investitionsfonds (Aktien, Immobilien) keinerlei Anlagerichtlinien unterliegt. Hedge-Fonds sind durch spekulative Anlagestrategien gekennzeichnet, die auf absolute Renditen abzielen und mit hohen Risiken verbunden sind. Hedge-Fonds-Beteiligungen werden in erster Linie für Kreditinstitute und andere institutionelle Investoren (z.B. Versicherungen) aufgelegt." (Textauszug)

"A rare look at the hedge fund industry's top performers that introduces the most talented new managers, handpicked by the masters themselves. With unprecedented candor and detail, the most successful hedge fund managers reveal their personal journeys, their individual strategies for producing outstanding returns, attributes most important to the job, and how they survived the subprime crisis"--Provided by publisher

This thesis, as the title suggests is motivated by the fact that the hedging decision is a rather controversial matter, which cannot get a clear answer. Yet, the decision" To Hedge or not to Hedge?" is very important to thousands of investors and asset managers. With the thesis and the attendant empirical work, we shall try to shed some light on aspects of the extensive debate in the existing literature. The hedging motivation differs from investor to investor across the world. In the literature it has been almost exclusively analyzed from the perspective of the US investor. This study also analyzes it from the perspective of the European investor and the Japanese investor. The decision to hedge or not to hedge has grown in significance lately as the international capital has progressively become more mobile. Because of eliminations of the government's prohibitory the motivation for an international investment is being more and more strong. As a result, investors are exposed not only to the interest rate risk but to foreign exchange risk as well. The latter, additionally, appears to be more pronounced compared to the former. Hedging exchange rate risk is easier said than done. This has to do with the many aspects of the decision. Namely, should we make full or partial hedging? Is there any optimal hedge ratio? Should we face hedging as a passive strategy or an active one? Should we buy a particular foreign asset from a particular country or we must diversity in several countries? Or finally' should we hedge at all?

In der jüngsten Vergangenheit sind Hedge Funds im Rahmen der "Heuschreckendebatte" einmal mehr Gegenstand ausführlicher Berichterstattung in den Medien. Dabei wird und wurde das Thema durchaus kontrovers diskutiert, was sich am Beispiel des Hedge Funds LTCM verdeutlichen lässt. Zum einen wurden die "Magier der Märkte" dafür bewundert, wie sie in den Jahren 1994-1997 während turbulenter Marktphasen durchschnittliche Nettorenditen von 32% p.a. erzielten. Zum anderen erweckten sie Skepsis, da sie im September 1998 die Stabilität des Finanzsystems gefährdeten und auf Initiative der FED durch einen Notkredit gerettet werden mussten. Im Zuge der Liberalisierung des Investmentrechts 2004 steht deutschen Anlegern nunmehr erstmals eine regulierte Direktbeteiligung an dieser Anlageform offen, die sich in der Vergangenheit durch hohe Renditen, geringe Schwankungsbreiten und eine geringe Korrelation gegenüber den Aktien- und Anleihemärkten auszeichnete. Diese Eigenschaften sollten insbesondere vor dem Hintergrund der Baisse an den Weltbörsen und dem niedrigen Zinsniveau zu Beginn des Jahrtausends dafür sorgen, dass das Interesse der Anlegerschaft an dieser Vermögensklasse steigt. Andererseits handelt es sich bei Hedge Funds um heterogene, intransparente und komplexe Anlagevehikel, die erhebliche Risiken beinhalten können. Hedge Funds stellen für viele Anleger eine Black Box dar. Weder die typischen Merkmale und Eigenschaften von Hedge Funds noch deren spezifische Rendite-Risiko-Profile sind mit der Vorstellung von traditionellen Anlageformen in Einklang zu bringen und werfen vielfältige Fragen auf. Diese Arbeit verfolgt daher das Ziel, einen Überblick über die Assetklasse der Hedge Funds zu geben und deren Hintergründe zu erhellen. Im Mittelpunkt stehen dabei empirische Untersuchungen der Rendite- und Risikoeigenschaften sowie der Performance von Hedge Funds. Es wird insbesondere untersucht, inwieweit Hedge Funds tatsächlich überdurchschnittliche marktunabhängige Renditen bei geringem Risiko bieten und den traditionellen Anlageklassen überlegen sind.

"Overview of the hedge fund industry and various hedge fund investment strategies. Includes industry data, graphs, and manager examples" - Provided by publisher

While there may be a consensus in the industry that hedge funds clones will bring better liquidity and lower fees, it is still debatable whether replication products should serve as a complement in the hedge fund allocation decision or as a replacement. This book offers the reader valuable insights into the thinking behind hedge fund replication.

The Complete Guide to Hedge Funds and Hedge Fund Strategies is a comprehensive resource for investment practitioners, providing complete coverage of characteristics, constraints, risks and limitations of hedge fund investing. The book starts out by examining the fundamentals of hedge funds ₆ their history and evolution, their key characteristics and what makes them different from other investment vehicles. It then describes in detail and with practical illustrations from the industry, the 20 main investment strategies implemented by hedge fund managers, including classic strategies like equity hedge, convertible arbitrage or event driven strategies but also less covered ones like mortgage backed securities, PIPE funds, volatility arbitrage or asset based lending. This is followed by a comprehensive analysis of the historical performance of hedge funds, compared to traditional investments, using classical and more advanced tools, and then a review of the funds during the financial crisis of 2002-2008. Finally, the book presents up to date coverage of regulation and governance of hedge funds, including UCITS and the Alternative Investment Fund Management Directive. The book is illustrated with more than 100 tables and 200 figures to illustrate key concepts. The Complete Guide to Hedge Funds and Hedge Fund Strategies will be an essential reference for anyone investing in or working in hedge funds and for anyone with an interest in these alternative investments, and how they work.