INTRODUCTION AUX HEDGE FUNDS
                         Ed. Économica (Paris), April 2010 - 550 pages



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TABLE OF CONTENTS

CHAPTER 1 - WHAT IS A HEDGE FUND ?                         CHAPTER 2 – HEDGE FUND CHARACTERISTICS
1.  H...
CHAPTER 3 - HEDGE FUND INVESTMENT STRATEGIES 
1. General classification
2. Equity market neutral funds                    ...
13. Multi-strategy funds                  18.5. Correlation trading
  13.1. Methodology
  13.2. Illustration              ...
CHAPTER 4 - HEDGE FUND PERFORMANCE                       CHAPTER 6 - HEDGE FUND, LTCM & RECENT
1. Data                    ...
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Table Of Contents

  1. 1. INTRODUCTION AUX HEDGE FUNDS Ed. Économica (Paris), April 2010 - 550 pages This book presents the hedge fund industry into deep details. It starts with the characteristics of these financial institutions and describes their specificities. More than half of the book focuses on the detailed presentation of the investment strategies. Each hedge fund strategy is presented into details and they are all illustrated by several practical examples obtained directly from hedge fund managers. The performance of the different strategies is analyzed into details and over various time frames. Then, the book focuses on the regulatory environment in which hedge funds are managed before focusing on the role of hedge funds during the financial crisis that the world faced over the last 20 years. This analysis includes the subprime crisis of 2007 and the banking crisis of 2008. The book then clearly distinguishes hedge fund from mutual funds. The book counts 550 pages in total and it is divided into 7 chapters listed hereunder. It has been completely updated. It is illustrated by more than 100 graphs and more than 50 tables. Over the next pages we report the full table of contents. CHAPTER 1 - WHAT IS A HEDGE FUND ? – 60 PAGES CHAPTER 2 – HEDGE FUND CHARACTERISTICS – 80 PAGES CHAPTER 3 - HEDGE FUND INVESTMENT STRATEGIES – 230 PAGES  CHAPTER 4 - HEDGE FUND PERFORMANCE OVER TIME – 40 PAGES  CHAPTER 5 - HEDGE FUND REGULAROTY ENVIRONMENT – 30 PAGES  CHAPTER 6 - HEDGE FUND? LTCM & RECENT CRISIS – 35 PAGES  CHAPTER 7 - HEDGE FUNDS VERSUS MUTUAL FUNDS – 15 PAGES  Added sections: + interesting websites + detailed index + glossary
  2. 2. TABLE OF CONTENTS CHAPTER 1 - WHAT IS A HEDGE FUND ? CHAPTER 2 – HEDGE FUND CHARACTERISTICS 1. Hedge fund: definition 1. Hedge fund data providers 2. Hedge funds over time 1.1. Indices – classifications 2.1. Hedge fund origin 1.2. Daily indices 2.2. The growth of the industry from 1949 until today 2. Hedge fund creation 2.3. The repartition of the industry in investment 2.1. Definition of the objective of the fund strategies 2.2. Investment strategy 3. Hedge funds in the world 2.3. Risk profile accepted 3.1. Hedge funds in the US & in Canada 2.4. Alternative risks selection 3.2. Hedge funds in Europe 2.5. Manager 3.3. Hedge funds in Asia 2.6. Management methodology 3.4. Hedge funds in Eastern Europe 2.7. Hedge fund domicile 3.5. Hedge funds in Latin America 2.8. Distribution 3.6. Future perspectives of the industry 3. Hedge fund typical structure 4. The big names in the hedge fund world 4. Hedge funds & risk 4.1. Georges Soros 4.1. Investment risk 4.2. Julian Robertson 4.2. Model risk 4.3. Michael Steinhardt 4.3. Manager & industry risk 4.4. John Paulson 4.4. Portfolio construction risk 4.5. Louis Bacon 4.5. Valuation risk 4.6. Paul Tudor Jones II 4.6. Infrasturcutre & governmental risk 4.7. Bruce Kovner 4.7. Counterparty risk 4.8. Steve Cohen 4.8. Default risk 4.9. Alan Howard 4.9. Liquidity risk 4.10. Stephen Feinberg 4.10. Operational risks Chapter summary 5. Hedge fund investors 5.1. Typical investors 5.2. Institutional investors 6. Constraints 6.1. Minimum investments 6.2. Liquidity constraints 6.3. Global assets limit 7. Fee structure 7.1. The classical structure 7.2. Specificities – high watermark & hurdle rate 7.3. Management & performance fee illustration 7.4. Equalisation 8. Short selling 9. Leverage 10. Gross & net exposition 11. Active trading 12. Other characteristics 13. Hedge funds and other alternative assets 14. Strengths and weaknesses 15. Funds and managed accounts 16. Replication 17. New structures 18. Fund listing 19. Insurance against fraud Chapter summary 2
  3. 3. CHAPTER 3 - HEDGE FUND INVESTMENT STRATEGIES  1. General classification 2. Equity market neutral funds 7. Merger arbitrage 2.1. Methodology 7.1. Methodology 2.2. Neutrality definition 7.2. Illustration 2.3. Quantitatively managed portfolios - Alcan-Rio Tinto 2.4. Risk management - MFS Communication 2.5. Illustrations 7.3. Advantages & drawbacks - Career Education Corporation & Apollo Group 7.4. Performance - Daimler-Chrysler AG & Ingersoll Rand 2.6. Advantages & drawbacks 8. Distressed securities 2.7. Performance 8.1. Origin of the difficulties 8.2. Methodology 3. Fixed income arbitrage 8.3. Illustration 3.1. Methodology 8.4. Advantages & drawbacks 3.2. Risk analysis 8.5. Performance 3.3. Additional considerations 3.4. Illustration 9. Private investments in Public Entities 3.5. Advantages & drawbacks 9.1. Methodology 3.6. Performance 9.2. Types of transactions 9.3. Underlying risks 4. Mortgage backed securities 9.4. Valuations 4.1. The securities 9.5. Specificities of the deals outside the US 4.2. Methodology 9.6. Illustrations 4.3. Risk analysis - Ascent Solar Technologies 4.4. Illustration - Quest Minerals & Mining Corporation 4.5. Advantages & drawbacks - Puda Coal Inc. 4.6. Performance 9.7. Advantages & drawbacks 9.8. Performance 5. Convertible arbitrage 5.1. Principles 10. Relative value arbitrage 5.2. Methodology: approach 9.1. Methodology 5.3. Methodology: investment strategy 9.2. Illustration 5.4. Specific risks - Theoritical 5.5. Illustrations - Verizon Communications - Seagate Technology - BRE Properties 11. Closed-ended fund arbitrage - Teva Pharmaceuticals 10.1. Methodology 5.6. Advantages & drawbacks 10.2 Illustrations 5.7. Performance - Gartmore European Investment Trust (GEO) 5.8. Synthetic convertibles - JPM Gleming Overseas (JMO) 10.3. Advantages & drawbacks 6. Event driven 10.4. Performance 6.1. Methodology 6.2. Special situations 12. Volatility arbitrage 6.3. Activists 11.1. Methodology 6.4. Illustrations 11.2 Illustrations - Cumulus Media 11.3. Advantages & drawbacks - Seat 11.4. Performance 6.5. Advantages & drawbacks 6.6. Performance
  4. 4. 13. Multi-strategy funds 18.5. Correlation trading 13.1. Methodology 13.2. Illustration 19. Short selling 13.3. Advantages & drawbacks 19.1. Methodology 13.4. Performance 19.2. Illustration - Okamura 14. Asset based lending funds - New Century FInancial 14.1. Methodology 19.3. Advantages & drawbacks 14.2. 6 sub-strategies 19.4. Performance 14.3. Risks 14.4. Illustration 20. Macro - Real estate financing 20.1. Principles - Legal claim financing 20.2 Methodology - Life insurance financing 20.3 Illustration 14.5. Advantages & drawbacks - Yen-USD carry trade 14.6. Performance - Interest rate fall - Sector consolidation 15. Long/short equity 20.4. Advantages & drawbacks 15.1. Methodology 20.5. Performance 15.2. Equity non-hedge 15.3. Additional considerations 21. Commodity trading advisors 15.3. Illustration 21.1. Methodology - Clip Corporation 22.2. Short term traders - Barnes & Nobles 21.3 Illustration 15.4. Advantages & drawbacks 21.4. Advantages & drawbacks 15.5. Performance 21.5. Performance 16. Emerging markets 22. Fund of Funds 16.1. Methodology 22.1. Why funds of hedge funds 16.2. Illustration 22.2. Methodology - Billabong 22.3. The choice of fund of hedge funds - Li & Fung 22.4. Advantages & drawbacks 14.5. Advantages & drawbacks 22.5. Performance 14.6. Performance 23. Other strategies 17. Sector funds 23.1. Electricity trading 17.1. Methodology 23.2. Option arbitrage 17.2. Illustration 23.3. Climate investing - Pediatrix Medical Group 23.4. Market timing - Triad Hospitals, Inc. 23.5. Wine investment - Host Hotels & Resorts, Inc. 23.6. MLP 17.3. Advantages & drawbacks 17.4. Performance Chapter summary Appendix A: Bond rating 18. Credit/high yield Appendix B: Convertibles basics 18.1. Methodology Appendix C: duration & convexity 18.2. Illustration Appendix D: The HFR, inc. indices 18.3. Advantages & drawbacks Appendix E: The Greeks 18.4. Performance 4
  5. 5. CHAPTER 4 - HEDGE FUND PERFORMANCE CHAPTER 6 - HEDGE FUND, LTCM & RECENT 1. Data CRISIS 1.1. Hedge fund specificities 1. Long Term Capital Management 1.2. The biases 1.1. The situation in September 1998 1.3. The indices 1.2. Description of Long Term Capital Management 2. Hedge fund industry perfrmance 1.3. The history of the debacle 3. Hedge fund performance & volatility per strategy 1.4. Why the fund was saved? 3.1. Analysis 1.5. The effects and questions 3.2. Graphical analysis 1.6. After LTCM 3.3. Risk-return (volatility, maximum monthly loss, 2. Hedge funds and recent crises beta) 2.1. The 1992 exchange rate mechanism crisis 3.4. Performance during uncertainty 2.2. The bond market crisis of 1994 4. Scientific publications 2.3. The Mexican crisis of 1994-95 5. Correlation analysis 2.4. The Asian crisis of 1997-98 5.1. Correlation between hedge fund and clasical 2.5. The subprime crisis of 2007 indices 2.6. The liquidity crisis of 2008 5.2. Correlation between hedge fund strategies 2.7. Frauds in the industry Chapter summary Chapter Summary CHAPTER 5 - HEDGE FUND REGULATION CHAPTER 7 - HEDGE FUNDS VS MUTUAL FUNDS 1. Principles 1. Legislation comparison 2. Hedge fund regulation 1.1. Management - prospectus, short sales, liquidity, 3. US & Canada leverage & investment products 4. In Europe 1.2. Associated costs - United Kingdom 1.3. Communication - Germany 1.4. Investors - Luxembourg 1.5. Registration - Italy 1.6. Other - Switzerland 2. Other main differences - France 2.1. Personal investment - Belgium 2.2. Objective - Ireland 2.3. Securities in the portfolio - Malta 2.4. Investment strategies - Spain 2.5. Size of the industry - Hedge funds & UCITS III 3. Comparison table 5. Offshore centres 4. Comparison in terms of risk-return profile - Cayman Island Chapter summary - BVI Chapter summary Appendix: Interesting websites Glossary References

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