This paper successfully replicates Kosowski, Naik, and Teo (2007) and Jagannathan, Malakhov, and Novikov (2010), two seminal studies of hedge fund performance persistence. We show that top funds continue to add value in a more recent sample, even when using novel “real-time” data that approximates an investor’s actual…

In this Q&A, Michael Cummins, portfolio management lead at Finbourne Technology, deconstructs some of the key findings from the recent AIMA Emerging Stronger industry report. The Q&A uncovers the vast opportunity that rising allocator interest brings, and the operational challenges that emerging hedge funds can…