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A Survey of Demographics and Performance in the Hedge Fund Industry

Arindam Bandopadhyaya and James L. Grant
The Journal of Investing Summer 2007, 16 (2) 7-17; DOI: https://doi.org/10.3905/joi.2007.686408
Arindam Bandopadhyaya
Chairman of the Department of Accounting and Finance and associate professor at the University of Massachusetts in Boston, MA.
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  • For correspondence: arindam.bandopadhyaya@umb.edu
James L. Grant
With JLG Research and assistant professor of the Department of Accounting and Finance at the University of Massachusetts in Boston, MA.
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Abstract

We investigate hedge fund demographics using data from the Alternative Asset Center (AAC) and then hedge fund performance over the twelve years since inception of the Credit Suisse/Tremont Hedge Fund Indices (HFI, 1994–2005). We find that hedge funds are largely domiciled “offshore” while hedge-fund managers are located primarily in the United States, particularly New York, California, Illinois, Connecticut and Florida. We find that the annualized performance of hedge funds as an “asset class” is about the same as that of U.S. equities (S&P 500). That being said, the real benefit of hedge funds lies in risk management as the volatility of HFI is considerably lower than the stock market. We also find that most hedge-fund “styles” provide solid absolute and risk-adjusted returns and conclude that hedge funds have been a worthwhile investment vehicle for fund indexers and active investors.

TOPICS: Real assets/alternative investments/private equity, risk management, portfolio construction

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A Survey of Demographics and Performance in the Hedge Fund Industry
Arindam Bandopadhyaya, James L. Grant
The Journal of Investing May 2007, 16 (2) 7-17; DOI: 10.3905/joi.2007.686408

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A Survey of Demographics and Performance in the Hedge Fund Industry
Arindam Bandopadhyaya, James L. Grant
The Journal of Investing May 2007, 16 (2) 7-17; DOI: 10.3905/joi.2007.686408
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