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This presentation is for information purposes only and does not constitute an offer to purchase securities
or an interest in any Hedge Fund.
Nothing herein should be construed as investment advice, an opinion regarding the appropriateness or
suitability of any investment, a recommendation or an offer or solicitation for the purchase or sale of any
security or the Funds, nor an inducement or solicitation of any type.
No representation is made that the objectives or goals of the Funds will be met or that any particular
investment that they make will be profitable or will not incur losses. Presenter shall have no liability for
investment decisions based upon, or the results obtained from, the information provided herein.
Examples of trades are provided for illustrative purposes only and results may not be replicated.
Past performance is no guarantee of future results.
Investing in hedge funds and trading in commodities is very risky; investors may lose their entire
Performance information is generated by the Fund’s administrator and audited annually.
Hedge fund is private investment vehicle, a business:
-Audited, legally protected structure with alignment of interests (SPV)
-Objective is to offer absolute return ~20%/year, regardless of market
-World has ~9000 funds
-In 1990 AUM = $39B
-2013 asset class AUM stands at $2,5T
-New capital/reinvestments 40%/60%
-65% of investors are institutions (pensions etc)
-On average, HFs decrease volatility by 10%
General Information about HFs
-1923, first notice, Graham, “share in the business”
-1949, second notice, Alfred Jones, real hedge
-Allignment of interests between investors and manager
-Goal is to make 15-20% per year (~1,5% per month) for 20 years
Net worth ~$11B
Fund made $15B in 2007
This year Fund up ~30%
Fund lost $1B June 2007
Donated >$1B - children
Net worth ~$100M
Net worth ~$23B
Made $1B shorting GBP, THB, JPY
Married Sep13 third time…
Fund lost $6,5B, nat gas
Banned from trading
Charged $30M fine
Expected risk (vol, std.dev)
What is an asset (class)?
Expected Return, %
Money can be allocated to generate cashflow… into an asset
Expected Risk, %
Hedge Funds: Conclusions
World Standard of competition
Creating “Benchmark” prices
Exclusive ability to “join” hot
Outperforming long term by ~5%
The most dynamic business. Ever.