Complete Guide to Hedge Funds and Hedge Fund Strategies

One-stop-guide to the hedge fund industry, investment and trading strategies adopted by hedge funds and the industry's regulation. For anyone with an interest in investing or managing funds, it presents everything practitioners need to know to understand these investment vehicles from their theoretical underpinnings, to how they work in practice.

“'Hedge funds and the hedge fund industry are by definition at the leading edge of developments in the asset management sector and constantly evolving. Investors require a fundamental understanding of strategies and market structure. Capocci's book brings a timely and useful update to previous publications as well as a deep insight into the quantitative approach necessary to implement hedge fund investments.' - Florence Lombard, CEO, Chartered Alternative Investment Analyst Association 'Daniel has produced an exhaustive study of the hedge fund industry. He covers structure, evolution, performance, personality and regulation amongst key topics. Hedge funds are here to stay, even if they evolve in structure. Given that, this book is an essential resource for all those seeking to invest in or understand this highly diverse asset class. Daniel's perspective is unique having worked in the industry and seen it first hand but also having gone away to think deeply and research the industry further with his doctorate.' - Ian Mukherjee, founder and Chief Investment Officer, Amiya Capital 'This book is an admirable reference point for anyone interested in a comprehensive treatment of hedge fund strategies and performance, particularly for those funds domiciled outside the United States.' - Stephen Brown, David S. Loeb Professor of Finance, New York University - Stern School of Business 'A timely reference guide for the industry as it moves onto a more mature footing. An essential resource for practitioners and students of the hedge fund industry.' - Tom Kehoe, Alternative Investment Management Association (AIMA) 'This is an excellent 'go to' text for answers to many key questions on the hedge fund industry - answers that are presented with a fine balance between rigorous analysis and intuitive, practical examples.' - William Fung, Visiting research Professor of Finance, London Business School, Vice chairman, CFA Research Foundation”

'Hedge funds and the hedge fund industry are by definition at the leading edge of developments in the asset management sector and constantly evolving. Investors require a fundamental understanding of strategies and market structure. Capocci's book brings a timely and useful update to previous publications as well as a deep insight into the quantitative approach necessary to implement hedge fund investments.'

- Florence Lombard, CEO, Chartered Alternative Investment Analyst Association

'Daniel has produced an exhaustive study of the hedge fund industry. He covers structure, evolution, performance, personality and regulation amongst key topics. Hedge funds are here to stay, even if they evolve in structure. Given that, this book is an essential resource for all those seeking to invest in or understand this highly diverse asset class. Daniel's perspective is unique having worked in the industry and seen it first hand but also having gone away to think deeply and research the industry further with his doctorate.'

- Ian Mukherjee, founder and Chief Investment Officer, Amiya Capital

'This book is an admirable reference point for anyone interested in a comprehensive treatment of hedge fund strategies and performance, particularly for those funds domiciled outside the United States.'

- Stephen Brown, David S. Loeb Professor of Finance, New York University - Stern School of Business

'A timely reference guide for the industry asit moves onto a more mature footing. An essential resource for practitioners and students of the hedge fund industry.'

- Tom Kehoe, Alternative Investment Management Association (AIMA)

'This is an excellent 'go to' text for answers to many key questions on the hedge fund industry - answers that are presented with a fine balance between rigorous analysis and intuitive, practical examples.'

- William Fung, Visiting research Professor of Finance, London Business School, Vice chairman, CFA Research Foundation

Daniel Capocci is Senior Investment Manager at Architas Multi-Manager, a member of the Global AXA Group and has been analysing the hedge fund industry for 15 years firstly as an academic and secondly as a hedge fund investor. On the academic side, Daniel has published research in globally-recognized professional and academic journals, including the Journal of Empirical Finance, the European Journal of Finance and the International Journal of Financial Economics and he has presented at numerous academic and professional conferences. On the investment side, he has spent the bulk of his career analysing individual hedge funds and managing hedge fund portfolios, first investing in offshore funds and more recently focussing his research on alternative UCITS. Daniel published his first book on the topic 'Introduction to Hedge Funds' in 2004 and has contributed to nine other books related to the subject over the years. He holds a PhD from HEC Management School of the University of Liège in Belgium, which focused on the 'Analysis of Hedge Fund Strategies'. He is Chartered Alternative Investment Analyst (CAIA) holder since 2006 and CAIA Chapter Executive. Daniel is Research Associate with the HEC School of Management at the University of Liège in Belgium and with the EDHEC Risk and Asset Management Centre.

The Complete Guide to Hedge Funds and Hedge Fund Strategies is a comprehensive resource for investment practitioners, providing complete coverage of characteristics, constraints, risks, opportunities and limitations of hedge fund investing. The book starts out by examining the fundamentals of hedge funds e" 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 2007e"2008. Finally, the book presents up to date coverage of regulation and governance of hedge funds, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, alternative UCITS and the Alternative Investment Fund Management Directive. The book is illustrated with more than 80 tables and 220 figures to explain 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.

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