THE HEDGE FUND JOURNAL

Download Issue	Quantitative Equity Management Issue 39, July/August 2008 he classical view of financial markets holds that the relentless activity of market speculators makes markets efficient, hence the absence of profit opportunities. This view formed the basis of academic thinking for several decades starting in the 1960s.

Download Issue	Outlook Issue 39, July/August 2008 Two themes dominated in May, the continued rise in the price of crude oil and concerns over global inflation. While the MSCI World Index gained over 1%, we observed a large regional dispersion in performance. It was a positive month for US equity markets, as the S&P500 gained 1.3% and the NASDAQ added 4.55%. The Russell 2000 rose 4.48% as small caps rebounded strongly mirroring an improvement in risk sentiment.

Download Issue	Sub-Prime and Hedge Fund Time Bombs Issue 39, July/August 2008 The sub-prime crisis impacted alternative investments from July 2007 to March 2008, mainly through ‘time bomb explosions’, ie. a massive drawdown on hedge fund managers, with apparently nothing in their track records prior to June 2007 that could have suggested any potential high risk.

Download Issue	Proposed Changes in EU Regulation Issue 39, July/August 2008 On 1 April 2008 Charlie McCreevey, European Commissioner for Internal Market and Services, gave a briefing to the European Parliament’s Committee on Economics and Monetary Affairs, addressing the recent financial turmoil and some proposed regulatory policy responses.

Download Issue	Asian Fund Industry Issue 38, June 2008 Assets invested in hedge funds focusing on Asia declined by approximately 10% in the first quarter of 2008, representing only the latest chapter in the development of the Asian hedge fund industry. As is frequently true with regard to both investing in hedge funds and investing in Asia, the details become more interesting as they become more clearly understood.

Download Issue	Investment Issue 37, May 2008 In the current climate of economic downturn and skittish investors, portfolio managers are increasingly concerned about maintaining a stable capital base and avoiding mass redemptions.

Download Issue	Hedge Fund Investing in Distressed Securities Issue 37, May 2008 The sharp correction in the US sub-prime market in mid-2007 was the catalyst for what has been a near perfect storm in the global credit markets.

Download Issue	The Rise of Absolute Return Investing Issue 37, May 2008 The nature of pension fund investing changed following the dot-com bubble and subsequent rise of hedge funds. The end of the world’s longest equity bull run in 2000 gave investors reason to question the use of market indices as their benchmarks.

Download Issue	Institutional Assets Issue 36, April 2008 Of the 6,000 reported funds of hedge funds globally, between two thirds and half that figure appear to correspond to share classes and clones, leaving around 2500 genuine funds of hedge funds. Overall, estimates suggest that about $800bn to $1,000bn of hedge fund assets are managed through funds of hedge funds.

Download Issue	The Great Divide Issue 35, March 2008 We have not seen a shakeout in the hedge fund industry for a while now, and certainly not to the extent of that which occurred during the 1970s recession/stagflation, or the late 1990s Asia crisis. As usual, it is difficult market conditions that tend to separate those with skill from the lucky ones.

Download Issue	Funds of Hedge Funds Issue 35, March 2008 Asia is often described as the most exciting market place for many industries in the early twenty-first century.

Download Issue	Distressed Debt Issue 35, March 2008 2008 could be hailed the ‘Year of the Vulture’. A survey conducted by Debtwire, information provider on the distressed debt and leveraged finance markets, suggests rising default rates, cooling European economies ...

Download Issue	Event Driven: 2008 Elections - Primaries Issue 34, February 2008 he primary election for the next President of the United States has started. We highlight the key policy praoposals of the candidates with the highest odds of becoming the party nominee to determine which stocks and sectors may benefit or suffer when he/she gets elected.

Download Issue	Securities Lending Issue 34, February 2008 The Hedge Fund Working Group [HFWG] has recently released the findings of its consultation with the hedge fund industry, encapsulated in a set of voluntary standards. Much of its emphasis is on the conflicts of interest between managers and investors, and the improvement of governance within funds themselves. Compliance with the hedge fund standards will be voluntary, working on the basis of a ‘comply or explain’ scenario.

Download Issue	A New Paradigm in Quantitative Investing Issue 33, December 2007 / January 2008 A few weeks after the unusually large drawdowns attracted everyone’s attention to the perils of ‘quantitative’ investing, the popular opinion of what may have happened, has been formed. The answer, apparently, lies in the quantitative space becoming overcrowded, with most models generating similar forecasts and thus similar portfolios.

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he classical view of financial markets holds that the relentless activity of market speculators makes markets efficient, hence the absence of profit opportunities. This view formed the basis of academic thinking for several decades starting in the 1960s.

The sub-prime crisis impacted alternative investments from July 2007 to March 2008, mainly through ‘time bomb explosions’, ie. a massive drawdown on hedge fund managers, with apparently nothing in their track records prior to June 2007 that could have suggested any potential high risk.

On 1 April 2008 Charlie McCreevey, European Commissioner for Internal Market and Services, gave a briefing to the European Parliament’s Committee on Economics and Monetary Affairs, addressing the recent financial turmoil and some proposed regulatory policy responses.

In the current climate of economic downturn and skittish investors, portfolio managers are increasingly concerned about maintaining a stable capital base and avoiding mass redemptions.

The sharp correction in the US sub-prime market in mid-2007 was the catalyst for what has been a near perfect storm in the global credit markets.

The nature of pension fund investing changed following the dot-com bubble and subsequent rise of hedge funds. The end of the world’s longest equity bull run in 2000 gave investors reason to question the use of market indices as their benchmarks.

Asia is often described as the most exciting market place for many industries in the early twenty-first century.

2008 could be hailed the ‘Year of the Vulture’. A survey conducted by Debtwire, information provider on the distressed debt and leveraged finance markets, suggests rising default rates, cooling European economies ...

he primary election for the next President of the United States has started. We highlight the key policy praoposals of the candidates with the highest odds of becoming the party nominee to determine which stocks and sectors may benefit or suffer when he/she gets elected.