DGAM Unique Strategies Fund: Diversified Global Asset Management (DGAM)

DGAM specialises in complex strategies

Every hedge fund claims its returns are uncorrelated to the broader markets. Yet the reality is that many hedge funds earn the bulk of their returns from a combination of simple market betas.

This poses a problem for institutions that invest in hedge funds for diversification, says Sa'ad Shah, a managing director at Diversified Global Asset Management (DGAM), a fund of hedge funds manager based in Toronto, Canada.

"Hedge funds can provide a false sense of diversification because at the end of th