Hedge funds
Academy essentials
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Do not all invest in the same way; investment strategies differ depending on methods of portfolio construction and risk management techniques
Predominantly focused on high frequency trading
Tend to charge a higher fee structure than private equity funds
Tend to be open ended, with all capital invested at the start of a relationship
1. Which of the following statements about hedge funds is false?
Question 1 of 10
HF
1952
1975
1949
1938
Question 2 of 10
2. Which year is the earliest form of hedge fund strategy attributed to?
‘20/2’
‘2/22’
‘2/20’
‘2/2’
3. What is the most common hedge fund fee structure called?
Question 3 of 10
around $105.6mn
around $112.6mn
around $102.6mn
around $107.6mn
4. A US public pension fund has committed $100mn to a multi-strategy hedge fund in Pasadena. The firm charges a management fee of 2%, a performance fee of 20%, and has a hurdle rate of 8%. Based on a hypothetical return of $110mn, what would the return for the investor be?
Question 4 of 10
UCITS
Master feeder
Fund of one
5. Which describes a hedge fund structure where capital from US taxable, US-tax-exempt and non-US investors is pooled into one central fund to make operations more efficient?
Managed account
Question 5 of 10
Lock-up period
Clawback provision
Subscription frequency
Gate provision
6. Which of the following terms is not directly related to hedge fund liquidity?
Question 6 of 10
Opportunistic
Value-oriented
Fixed income arbitrage
Activist
7. Which of the following strategies is considered a relative value strategy?
Question 7 of 10
Market neutral
Short-bias
Long/short credit
8. Which of the following strategies is not considered an equity strategy?
Question 8 of 10
Event driven strategies
Relative value strategies
Credit strategies
Alternative risk premia
9. Which strategy best describes hedge funds undertaking trades in the securities of specific companies, seeking to exploit pricing inefficiencies that may occur before or after a corporate event?
Question 9 of 10
To provide an indication of a fund’s returns relative to its level of downside risk only
To anticipate future downturns by looking at the largest declines in a hedge fund’s historical performance from high to low
To compare the fund’s returns against an industry benchmark
To provide an indication of a fund’s returns relative to its level of risk
10. What is the Sortino Ratio generally used for?
Question 10 of 10
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