The top 10 papers for institutional investors
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Here is our list of the best and most popular Hedge Fund white papers so far in 2016. Topics include the use of Hedge Funds by pension funds and insurers, hedge fund return persistence and a number of insightful surveys, including one exploring hedge fund distribution.
Global Alternatives Survey (Willis Towers Watson, July 2016)
This comprehensive 99-page document examines current trends in ten different alternative asset classes including hedge funds, private equity, infrastructure, real estate, illiquid credit and insurance-linked securities. The survey reveals how the preferences for alternative assets vary between different types of asset owner, and lists the top alternative asset managers within each category.
Alignment of interests between HF managers and investors (AIMA, Sep 2016)
This paper has been authored by AIMA. It investigates the methods used to bring together the interests of hedge fund managers and hedge fund investors. The paper's findings are based on a survey comprising 120 respondents with over $500bn of assets under management.
Is the Hedge Fund Heyday Behind Us? (Cambridge Associates, Feb 2016)
Are the hedge fund glory days over? Cambridge Associates survey the marketplace and re-examine the arguments for allocating to hedge funds.
Factor Investing: From Traditional to Alternative Risk Premia Harvesting (EDHEC)
This detailed paper by EDHEC-Risk Institute examines factor investing beyond traditional factors. It seeks to analyze what the best possible approach is for harvesting alternative long/short risk premia.
Institutional Investors in Hedge Funds Survey (JP Morgan, April 2016)
This 76-page paper is the 13th annual survey of institutional investors in hedge funds by JP Morgan. It continues to help investors gauge the state of the hedge fund industry - trends and investment behavior. The report includes analysis of investors' criteria for selecting hedge funds, and examines investors hedge fund portfolios in 2015, before exploring future hedge fund flows and anticipated trends.
The Use of Hedge Funds by Insurance Companies (Patpatia, April 2016)
This in-depth analysis of insurers’ alternative investment practices is based on interviews with senior investment decision-makers from insurance companies ranging across business lines and size segments. The report includes a detailed exploration of insurance alternative investment trends, with a particular focus on hedge funds.
Hedge fund financing challenges under Basel III and beyond (AIMA, 2016)
This report seeks to "cut through some of the noise" and provide a clear overview of how Basel III and its associates rules have affected hedge fund managers so far. The report also explores ways in which the relationship between hedge fund managers and prime brokers and other financing counterparties might change over the coming years.
Hedge Fund Return Persistence: Only Winners in Tough Times Repeat (2016)
The authors of this paper construct two hedge fund performance measures - UpsideReturns and DownsideReturns - set on the level of overall sector returns. They show that hedge fund performance is not persistent following strong markets. It apparently retains some strength when following weak markets.
Global Hedge Fund Distribution Survey 2015: "Distribution Disrupted" (PwC/AIMA)
This 30-page report was produced by PwC in conjunction with AIMA. It analyzes the disruptive forces currently impacting upon hedge fund distribution, and explores how hedge fund firms are responding and thriving under these conditions. The report explores which products are selling at present, the landscape for liquid alts, the impact of regulation and the sophistication and requirements of investors.