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Hedge Funds

Submitted by pcdog on August 19, 2007

Category: Business
Words: 4940 | Pages: 20
Views: 224
Popularity Rank: 44,937
Average Member Grade: N/A (Add a Comment / Grade this Paper)

Discussion topic: Hedge funds
I. Introduction
Hedge funds are private investment funds which charge a performance fee and typically open to only a limited number of investors. They are largely open to accredited investors only. Under Rule 506 of Regulation D of the Securities Act of 1933, accredited investor refers to an institution or high-net-worth individual that meets the following criteria: 1) Net worth higher than $1 million (for individuals or married couples) 2) Annual income greater than $200,000 for individuals or $300,000 for married couples in each of the last two years, as well as a reasonable expectation for such earnings in the current year 3) Employed as an officer or general partner of the fund 4) A bank, licensed broker-dealer, employee-benefit plan, trust or endowment with assets of $5 million or more that exists for a purpose other than investing in the fund.

Hedge funds are limited only by the terms of the contracts governing the particular fund. They may be either long or short assets and may enter into futures, swaps and other derivative contracts. Therefore, hedge funds can follow more complex investment strategies. The funds, often organized as limited partnerships, typically invest on behalf of high-net-worth individuals and institutions. Their primary objective is often to preserve investors' capital by taking positions whose returns are not closely correlated to those of the broader financial markets. Such vehicles may employ leverage, short sales, a variety of derivatives and other hedging techniques to reduce risk and increase returns Because of the substantial risks involved in unregulated, complex, and leveraged investments, hedge funds are normally open only to professional, institutional or otherwise accredited investors. This restriction is often implemented through limits on participating investors or minimum investment amounts.

II. History
The classic hedge-fund concept, a...

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