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Hedge Fund
Scholarly Compositions - Featured Authors
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Alexander M. Ineichen, CFA, CAIA
Managing
Director
Senior Investment Officer
Alternative Investment Solutions Team
UBS Global Asset Management
Brief
Biography:
Alexander M. Ineichen, Managing Director, is a Senior Investment
Officer for the Alternative Investment Solutions team, a key
provider within Alternative and Quantitative Investments, itself a
business within UBS Global Asset Management. Alexander’s main
responsibilities include hedge fund strategies, asset allocation and
research initiatives. Alexander started his financial career in
origination of risk management products at Swiss Bank Corporation in
1988. From 1991 to 2005, Alexander had various research functions
within UBS Investment Bank related to equity derivatives, indices,
capital flows and alternative investments.
Alexander is the author of the two UBS research publications “In
Search of Alpha—Investing in Hedge Funds” (October 2000) and “The
Search for Alpha Continues—Do Fund of Hedge Funds Add Value?"
(September 2001). As of 2005 these two documents were the most often
printed research papers in the documented history of UBS. He is also
author of "Absolute Returns—The Risk and Opportunities of Hedge Fund
Investing" (Wiley Finance, October 2002). Alexander has published
research on equity derivatives and hedge funds in various
peer-refereed financial journals, has contributed several chapters
to financial books and has written numerous articles for the
financial press.
Alexander holds a Federal Diploma of Economics and Business
Administration (SEBA) from the Universities of Applied Sciences SIB
in Zurich, Switzerland. Alexander also holds the Chartered Financial
Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA)
designations. Mr. Ineichen is a member of the CFA Institute and the
Board of Directors of the CAIA Association.
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The Alpha in Fund of Hedge Funds
by Alexander M. Ineichen, CFA, CAIA
UBS Warburg
February, 2002
Abstract
All hedge funds are not created equal. A poorly chosen portfolio
of hedge funds can produce disappointing results. All fund of
funds managers are not created equal, either. A poor choice of
fund of funds managers can yield disappointing results. This
article is designed to outline the value proposition of a fund
of hedge funds operation. We conclude that fund of funds add
value primarily through manager selection.
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Fund of Hedge Funds: Industry
Overview
by
Alexander M. Ineichen, CFA
January 4, 2002
Abstract
Given the current hype surrounding investing in hedge funds, we
assume that most investors by now will agree that investing in
hedge funds can make sense
when viewed not in isolation but in a portfolio context. The
next step, therefore,
is implementation. Investing in fund of hedge funds has some
advantages and
some disadvantages. This article is designed to look at the fund
of funds industry and contrast the advantages with the
disadvantages from the investors’ point of view.
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Hedge Funds: Bubble or New
Paradigm?
by Alexander M. Ineichen, CFA
UBS Warburg
November, 2001
Abstract
To some, hedge fund investing is a bubble, to others absolute
return strategies is a New Paradigm in asset management. Reality
is probably somewhere in between. On one hand expectations of
high positive absolute returns from hedge funds when equity
markets fall are probably too exaggerated. On the other hand,
the focus on positive absolute returns and defining risk in a
value-at-risk context might be in the process of replacing the
relative return approach.
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| HEDGE FUND RISK AND OTHER
DISCLOSURES |
Hedge funds, including fund of funds (“Hedge
Funds”), are unregistered private investment partnerships, funds or
pools that may invest and trade in many different markets,
strategies and instruments (including securities, non-securities and
derivatives) and are NOT subject to the same regulatory requirements
as mutual funds, including mutual fund requirements to provide
certain periodic and standardized pricing and valuation information
to investors. There are substantial risks in investing in Hedge
Funds. Persons interested in investing in Hedge Funds should
carefully note the following:
- Hedge Funds represent speculative investments and involve a
high degree of risk. An investor could lose all or a substantial
portion of his/her investment. Investors must have the financial
ability, sophistication/experience and willingness to bear the
risks of an investment in a Hedge Fund.
- An investment in a Hedge Fund should be discretionary capital
set aside strictly for speculative purposes.
- An investment in a Hedge Fund is not suitable or desirable for
all investors. Only qualified eligible investors may invest in
Hedge Funds.
- Hedge Fund offering documents are not reviewed or approved by
federal or state regulators
- Hedge Funds may be leveraged (including highly leveraged) and
a Hedge Fund’s performance may be volatile
- An investment in a Hedge Fund may be illiquid and there may be
significant restrictions on transferring interests in a Hedge
Fund. There is no secondary market for an investor’s investment in
a Hedge Fund and none is expected to develop.
- A Hedge Fund may have little or no operating history or
performance and may use hypothetical or pro forma performance
which may not reflect actual trading done by the manager or
advisor and should be reviewed carefully. Investors should not
place undue reliance on hypothetical or pro forma performance.
- A Hedge Fund’s manager or advisor has total trading authority
over the Hedge Fund.
- A Hedge Fund may use a single advisor or employ a single
strategy, which could mean a lack of diversification and higher
risk.
- A Hedge Fund (for example, a fund of funds) and its managers
or advisors may rely on the trading expertise and experience of
third-party managers or advisors, the identity of which may not be
disclosed to investors
- A Hedge Fund may involve a complex tax structure, which should
be reviewed carefully.
- A Hedge Fund may involve structures or strategies that may
cause delays in important tax information being sent to investors.
- A Hedge Fund may provide no transparency regarding its
underlying investments (including sub-funds in a fund of funds
structure) to investors. If this is the case, there will be no way
for an investor to monitor the specific investments made by the
Hedge Fund or, in a fund of funds structure, to know whether the
sub-fund investments are consistent with the Hedge Fund’s
investment strategy or risk levels.
- A Hedge Fund may execute a substantial portion of trades on
foreign exchanges or over-the-counter markets, which could mean
higher risk.
- A Hedge Fund’s fees and expenses-which may be substantial
regardless of any positive return- will offset the Hedge Fund’s
trading profits. In a fund of funds or similar structure, fees are
generally charged at the fund as well as the sub-fund levels;
therefore fees charged investors will be higher that those charged
if the investor invested directly in the sub-fund(s).
- Hedge Funds are not required to provide periodic pricing or
valuation information to investors.
- Hedge Funds and their managers/advisors may be subject to
various conflicts of interest.
The above general
summary is not a complete list of the risks and other important
disclosures involved in investing in Hedge Funds and, with respect
to any particular Hedge Fund, is subject to the more complete and
specific disclosures contained in such Hedge Fund’s respective
offering documents. Before making any investment, an investor should
thoroughly review a Hedge Fund’s offering documents with the
investor’s financial, legal and tax advisor to determine whether an
investment in the Hedge Fund is suitable for the investor in light
of the investor’s investment objectives, financial circumstances and
tax situation.
All performance information is believed
to be net of applicable fees unless otherwise specifically noted. No
representation is made that any fund will or is likely to achieve
its objectives or that any investor will or is likely to achieve
results comparable to those shown or will make any profit at all or
will be able to avoid incurring substantial losses. Past performance
is not necessarily indicative, and is no guarantee, of future
results.
The information on the Site is intended for
informational, educational and research purposes only. Nothing on
this Site is intended to be, nor should it be construed or used as,
financial, legal, tax or investment advice, be an opinion of the
appropriateness or suitability of an investment, or intended to be
an offer, or the solicitation of any offer, to buy or sell any
security or an endorsement or inducement to invest with any fund or
fund manager. No such offer or solicitation may be made prior to the
delivery of appropriate offering documents to qualified investors.
Before making any investment, you should thoroughly review the
particular fund’s confidential offering documents with your
financial, legal and tax advisor and conduct such due diligence as
you (and they) deem appropriate. We do not provide investment advice
and no information or material on the Site is to be relied upon for
the purpose of making investment or other decisions. Accordingly, we
assume no responsibility or liability for a ny investment decisions
or advice, treatment, or services rendered by any investor or any
person or entity mentioned, featured on or linked to the Site.
The information on this Site is as of the date(s) indicated,
is not a complete description of any fund, and is subject to the
more complete disclosures and terms and conditions contained in a
particular fund's offering documents, which may be obtained directly
from the fund. Certain of the information, including investment
returns, valuations, fund targets and strategies, has been supplied
by the funds or their agents, and other third parties, and although
believed to be reliable, has not been independently verified and its
completeness and accuracy cannot be guaranteed. No warranty, express
or implied, representation or guarantee is made as to the accuracy,
validity, timeliness, completeness or suitability of this
information.
Any indices and other financial benchmarks
shown are provided for illustrative purposes only, are unmanaged,
reflect reinvestment of income and dividends and do not reflect the
impact of advisory fees. Investors cannot invest directly in an
index. Comparisons to indexes have limitations because indexes have
volatility and other material characteristics that may differ from a
particular hedge fund. For example, a hedge fund may typically hold
substantially fewer securities than are contained in an index.
Indices also may contain securities or types of securities that are
not comparable to those traded by a hedge fund. Therefore, a hedge
fund’s performance may differ substantially from the performance of
an index. Because of these differences, indexes should not be relied
upon as an accurate measure of comparison.
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