By Alan H. Dorsey
Compliment for lively Alpha"Active alpha is the hunt for each subtle investor. This publication covers the entire key alpha resources at present mined by means of energetic managers, reduces the complexity of the topic, and is helping the investor start within the correct direction."-Mark Anson, leader government Officer, Hermes Pensions administration Ltd."Long-held conventional tools for making an investment huge portfolios are giving option to new strategies which are designed to enhance productiveness and diversification. those alterations locate their locus within the occasionally overly mysterious international of absolute go back techniques. during this ebook, Alan Dorsey demystifies that new international and offers a guiding pathway into the way forward for specialist portfolio administration. this is often a tremendous learn for any investor who plans to be triumphant going forward."-Britt Harris, leader funding Officer, instructor Retirement process of Texas"With nice lucidity, Alan Dorsey's publication, lively Alpha, fills a major void through making a choice on the correct institutional positive factors of this complicated topic and via offering a unifying analytic framework for knowing and developing portfolios of other resources. For an individual making an investment within the substitute category, from the hot pupil to the skilled practitioner, lively Alpha is an important learn. i'm recommending it to each person i do know with such an curiosity, and it's destined to turn into a far thumbed reference on my shelf."-Steve Ross, Franco Modigliani Professor of economic Economics, Sloan institution, MIT
Read Online or Download Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments (Wiley Finance) PDF
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Extra resources for Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments (Wiley Finance)
Although there are successful investment managers focused on pursuing global tactical asset allocation, it is an extremely difficult endeavor to accomplish from an investor’s perspective, unless it is a task explicitly outsourced to an investment manager. Compared with global tactical asset allocators, an investor may be unlikely to be successful in tactical rebalancing, whether among traditional or alternative factor exposures. The sophistication, skill, and rapidity of professional asset managers in this category tend to be superior to what investors might hope to replicate on their own.
Alternatively, an investment may not be properly evaluated because of an overlap of its underlying factors that may correlate with other assets during periods of market stress. There may also be qualitative considerations that cause certain alternative investments to correlate during periods of stress, such as episodic illiquidity. In addition to the identification of quantitative factor determinants of return and risk for alternative investments, identification of qualitative sources of correlation also help to ensure true diversification.
Therefore, while a strict adherence to rebalancing to strategic policy guidelines for alternative investments is important, it is not an absolute process; ranges around policy targets are useful; and tactical judgment based on qualitative and quantitative factors is important for each investor to consider. Most Favored Nation Most favored nation (MFN) clauses in investment management agreements ensure the equal and fair treatment of investors. Registration of hedge funds with the Securities and Exchange Commission (SEC) in the United States is a step toward the principle behind MFNs.