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Following the success and popularity of its annual European Hedge Funds Awards, Hedge Funds Review decided to fete the successes of a largely unsung part of the hedge fund industry ' the fund of funds groups. Funds of funds have returned an average of between 4% and 6% a year during the past two years of difficult markets, making them appealing to long-only equity investors of all types. We thought it would be interesting to look at the data and find out how well some funds of funds have

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