In the future perfect

Despite a rough few months for managed futures and CTAs, Refco Alternative Investments' Advantage Multi-Manager Fund continues to offer diversification away from traditional assets, and other hedge fund strategies in its allocation to underlying CTA and managed futures funds

So your hedge fund portfolio has US long/short, Europe long/short, fixed income and event-driven strategies. Well diversified, or so you think. What happens if a massive shock hits markets?

Suddenly, your broadly spread exposure to alternative investments correlate, and head south in unison. That, says Pierre Maliczak, head of Refco Alternative Investments (RAI), Europe, is when you need a big put option.

Step in managed futures and commodity trading advisers (CTAs) and, in RAI's case, the Refco

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