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

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

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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