Study of the Theory, Strategy, Return and Risk for Hedge Fund Investment
Date Issued
2004
Date
2004
Author(s)
Chern, Jeng Huei
DOI
zh-TW
Abstract
It has been over 50 years since the idea of hedge fund investment was introduced in the market. The investment volume of hedge fund in the U.S.A. and European countries is expanded remarkably but, however, the Asian market is still in the initial stage. Especially in Taiwan, hedge fund is regarded as a mysterious investment product as in fact, not too many people knows what the hedge fund is all about. This thesis is trying to elaborate the whole concept of hedge fund from the investors point of view.
Initially, we use Relative Return approach, a traditional way for evaluating investment performance, to compare with so-called Absolute Return approach, a core idea for hedge fund investment. Also, we discuss in details the special features of hedge fund and its differences from the traditional mutual fund.
To justify the rationale behind the hedge fund investment, we introduce the past history, changes and developments of the hedge fund. We specifically clarify some misunderstandings about investing the hedge funds among investors.
This thesis is particularly emphasized on the discussion of investment strategies of hedge fund together with their return and risk analyses. We also involve how the fund managers are able to generate better return with low volatility by using different hedge fund strategies and risk control processes.
Before the ending of the thesis, we illustrate the reasons why investors should add hedge funds into their investment portfolio. Besides, we give certain guidelines for selecting proper hedge funds as well as the performance evaluation criteria followed by a real case as an example.
Lastly, by applying the experience learned from Hong Kong government for developing hedge fund investment, we recommend Taiwan government expedite the open market policy with fast financial market renovation timetable to creat a new environment for hedge fund investment in Taiwan.
Subjects
對沖基金
傳統共同基金
絕對報酬概念
Absolute Return approach
Hedge Fund
the traditional mutual fund
Type
thesis
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