The aspects of uniformity

academic paper

Examining correlation within funds of hedge funds, it is important to understand sources of risk premia and their contribution to total return. We examine here alternative risk premia and how we manage risks of alternative beta and add value in portfolio construction through non-parametric techniques.

In a long-only context, the capital asset pricing model (CAPM) enables a manager to generate excess returns (versus the risk free rate) from systematic exposure to market risk (beta) plus added

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