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# 金融代写|对冲基金代写Hedge Funds代考|FINE456 WHAT ARE HEDGE FUNDS?

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## 金融代写|对冲基金代写Hedge Funds代考|WHAT ARE HEDGE FUNDS?

Hodder and Jackworth (2007) define hedge funds very generally as “a compensation scheme for a pool of money to be collectively managed and invested on behalf of the capital providers.” Some jurisdictions have differing views on what hedge funds are and by taking into account the investment strategies used, they have specified such funds as Sophisticated Alternative Investment Vehicles, Highly Leveraged Institutions, and Leveraged Investment Funds (see Table $1.1$ and Donaldson, 2003). Other jurisdictions such as the US and the UK do not promulgate a legal definition of hedge fund (see Garbaravicius and Diereck, 2005).

It is said that no man is an island, and that holds true for hedge fund managers. Hedge fund investment strategies are facilitated by various external (and increasingly internal) service providers, as depicted in Figure 1.1. Hedge fund managers, rather obviously, have overall authority over the functions of the fund and determine the investment strategies. If they are successful, they may manage a few funds in tandem. They may have assisting them other investment and professional advisors such as lawyers, accountants, consultants, and tax and audit specialists. There are also the administrators that assist the fund managers in providing fund administrative and accounting services, including record keeping, independent valuation of investments and meeting disclosure requirements. The registrar or transfer agent may assist the fund manager in processing subscriptions and redemptions and in maintaining the register of shareholders. Sometimes, depending on the structure of the fund and the human resource of the manager, these ments and execution of investments are more often than not carried out by external prime brokers which can be either securities firms or banks. Occasionally, the prime brokers themselves decide to set up their own fund, and they therefore also become hedge fund managers. There is, of course, another service provider, the custodian that has custody over the fund assets. Again, this duty may sometimes be carried out internally by the prime broker.

## 金融代写|对冲基金代写Hedge Funds代考|HOW LARGE IS THE HEDGE FUND INDUSTRY?

By 2005 hedge funds collectively accumulated over a trillion dollars in assets, while at the peak prior to the financial crisis which started in the first week of August 2007, industry estimates suggest the market grew above $\$ 2.5$trillion in assets (Ineichen and Silberstein, 2008). This amount, while not trivial, was comparatively small compared to the size of worldwide mutual fund capital, which was estimated at US\$24.32 trillion by the Investment Company Institute. There has always been significant scope for hedge funds collectively to move markets. For example, in the week of August 6, 2007, hedge funds following long/short equity strategies experienced massive losses. Empirical evidence on this event shows significant and growing systematic risk in the hedge fund industry (see Khandani and Lo, 2007 and Getmansky et al., 2004).

As at 2016, hedge funds around the world collectively accumulated over $\$ 3$billion in assets under management. In 2017 and 2018 hedge funds continued to grow over the$\$3$ billion mark. See Figure 1.2.

Figure $1.2$ also shows a very high degree of return volatility in the hedge fund industry. For example, in 2008 aggregate returns were $-20 \%$ when high leverage and low liquidity proved fatal to many funds, while in 2019 they were $+20 \%$. And there is massive variability in hedge fund returns amongst the top quartile funds and bottom quartile funds, as well as across different hedge fund strategies from one year to the next.

Recent practitioner reports ${ }^1$ highlight the role of large market swings in affecting hedge fund returns. For example, Covid has caused incredible variance in the market, which has enabled some hedge funds to make significant amounts of money but allowed others to lose tremendously. Macro strategy funds have been particularly affected by Covid. On average, hedge fund returns in January-August were $2 \%-3.7 \%$ in aggregate according to Hedge Fund Research and Eurekahedge, respectively. ${ }^2$ So far, Covid has not been as bad as the Global Financial Crisis period, but it remains to be seen with further time and research how hedge funds will fare through the crisis and the months ahead coming out of the crisis.

## 金融代写|对冲基金代写Hedge Funds代考|WHAT ARE HEDGE FUNDS?

Hodder 和 Jackworth (2007) 将对冲基金定义为“代表资本提供者集体管理和投资的资金池的补偿计划”。一些司法管辖区对什么是对冲基金有不同的看法，并考虑到所使用的投资策略，它们指定了诸如复杂的另类投资工具、高杠杆机构和杠杆投资基金等基金（见表1.1和唐纳森，2003）。美国和英国等其他司法管辖区没有颁布对冲基金的法律定义（见 Garbaravicius 和 Diereck，2005）。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。