Funds of hedge funds look to focus and diversify both at once

Concentration on largest holdings has grown but average holding size has shrunk

FoHF flows were positive in only one quarter last year

In the past several years, the capital-raising/retention environment for commingled fund of hedge funds (FoHF) products has been difficult, and continued to be so into the end of 2015. FoHFs experienced outflows of $45.54 billion in 2015, representing 4.86% of the group's total assets under management (AUM) at the year's onset. Flows were only positive in Q2 ($2.57 billion) and most severely negative in Q4 (-$19.99 billion). Asset change due to performance was relatively mild compared with the c