# Risk assessment warning for medium-term investment horizons

## Such hedge funds cannot be assessed just by data

More often than not systematic strategies are appraised almost exclusively on a sample of returns, usually realised but sometimes theoretical/simulated. As a consequence, assets under management (AUM) growth for systematic investment managers often follows a non-linear, convex, path with rapid increases in assets after 24-36 months of proven realised returns. In contrast, AUM growth for long/short managers tends to follow a more linear path. This is understandable, since for the most part