Funds of Funds Investing – David A.Strachman

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Valuable guidance on fund of funds investing

While capital markets have become more complex, investors are still looking to increase portfolio performance without increasing risk. Fund of funds investing is one such avenue to pursue. This practical guide provides you with the tools needed to understand and evaluate your investments in this often opaque area of finance. In Fund of Funds Investing, hedge fund expert Daniel Strachman and fund of funds manager Richard Bookbinder offer valuable insights into this world through an industry overview and review of essential issues including due diligence, risk and portfolio management, and multi-strategy funds.

• Outlines strategies that will help you invest directly in a wide range of hedge funds
• Other titles by Strachman: The Fundamentals of Hedge Fund Management, Essential Stock Picking Strategies, The Long and Short of Hedge Funds, Julian Robertson,andGetting Started in Hedge Funds, Second Edition
• Based on extensive interviews by the authors as well as their experiences in this field

Funds of Funds Investing is an important guide to one of the most misunderstood areas of modern finance.

From the Inside Flap

As capital markets continue to evolve, and become more efficient, investors are experiencing a moderation of returns. This has put many institutions, and individuals, in the difficult position of finding better ways to increase portfolio performance without increasing risk. In Fund of Funds Investing, hedge fund expert Daniel Strachman and fund of funds manager Richard Bookbinder provide you with the information needed to achieve this elusive goal.

Written in a straightforward and accessible style, Fund of Funds Investing offers a unique overview of this often misunderstood and opaque area of the investment marketplace. Through a series of high-level interviews, as well as direct industry experience, Strachman and Bookbinder explain the how’s and why’s of fund of funds investing, while providing you with the insights needed to make solid decisions about them—including how a fund of funds may fit into one’s portfolio.

Whether you’re just beginning to look for an entry point into the fund of funds arena or have a firm understanding of how they operate, this reliable resource has what you need to succeed. Page by page, it addresses essential issues including:

• How diversifying through fund of funds investing can deliver specific risk/return profiles unattainable through single manager investing
• Fund structures and fees
• Why the need for due diligence does not diminish when investing in a fund of funds
• The factors that affect alpha generation in an uncorrelated portfolio

And much more about investing, the markets, and the mayhem of 2008

Along the way, this book also looks back at the history of the fund of funds industry and examines where the industry is today—in the wake of Madoff, the credit crisis, and the failure of many hedge fund managers to perform during the extreme volatility of 2007, 2008, and even 2009.

Fund of funds will continue to grow in importance over the coming years. In order to effectively understand and evaluate these investments, you need the practical guidance that can only be found in Fund of Funds Investing.

From the Back Cover

Praise for Fund of Funds Investing

“This book is a clear, practical description and guide to fund of funds investing. Written by two experienced professionals, it will be a valuable tool for both individual and professional investors.”
—William Michaelcheck, Chairman and Chief Investment Officer, Mariner Investment Group

“Fund of Funds Investing provides a wealth of information for any investor looking to initiate, maintain, or expand their hedge fund investments.”
—Jay D. Levy, CPA, Partner and Financial Services Industry Co-Practice Director, J.H. Cohn LLP

“Strachman and Bookbinder have produced a real gem in Fund of Funds Investing. In plain, straightforward language, the authors demystify hedge funds, modern portfolio theory, the risks of alternative investing, and complex fund of funds structures. Seasoned industry professionals will keep it handy as a primer on how to explain these arcane concepts to their clients; the novice will use it to get a leg up. A must-read.”
—Gregory J. Nowak, Esq., Partner, Pepper Hamilton LLP

“Fund of Funds Investing is a must-read for those new to hedge funds, providing a strong primer on the fund of hedge funds investment model. The book is also valuable for the experienced investor, touching on a broad range of topics, with interesting perspective for the reader, especially following the cataclysmic events of 2008.”
—Virginia Reynolds Parker, CFA, Managing Member and Chief Investment Officer, Parker Global Strategies, LLC