By Aditi A. Davare
For his or her nice upside and the chance to be really cutting edge in invewtment approach, hedge cash signify the top of employment for lots of finance execs. for lots of job-seekers, even though, the idustry is a mysterious one, as employers are particularly small, and don't have established hiring courses like funding banks or mutual cash.
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Additional resources for Vault Career Guide to Hedge Funds
Sample text
These managers would detail in their investment mandate that the fund only invests in long/short equities or follows a statistical arbitrage model. However, some hedge funds leave their mandates vague to allow them to exploit opportunities when they become available or simply to change strategies. By having a broadly defined strategy, the manager could continue to generate returns for his investors given many different market conditions. Example of a Broad Investment Mandate A merger arbitrage manager may find that the deal market for mergers has dried up but that there are ample opportunities in the distressed debt market.
20 © 2004 Vault Inc. Vault Career Guide to Hedge Funds Why Hedge Funds are Different Mutual Fund Benchmark Example If the S&P 500 gained 5 percent in one year and the mutual fund manager gained 10 percent, then the manager beat his/her benchmark by 5 percent. Similarly, if the S&P declined 10 percent in one year and the mutual fund manager was down 5 percent, then the manager still beat the benchmark by 5 percent. The last example highlights that investors still lost 5 percent despite the fact that the manager outperformed their benchmark.
Once the analyst has calculated these expected returns he can then compute his expected value of the stock. The hedge fund trading strategies aim to maximize investor return while hedging market risk. Lets now take a look at these strategies in detail. Fixed Income Arbitrage Fixed income arbitrage (also known as relative value arbitrage) involves taking long and short positions in bonds and other interest rate-sensitive securities. The positions could include corporate debt, sovereign debt, municipal debt, swaps and futures.