Cutting through the black box: Transparency and disclosure


Long known for secretiveness, the hedge fund industry has begun to be more proactive in balancing the need to keep investors informed and protecting the confidentiality that is often essential to implementing investment strategies.

Hedge fund transparency is the process of disclosing performance data and fund holdings to investors, and is among the most important tools of communication between funds and investors. But it is only as good as investors' ability to process and understand the nece