Here is a surprise. Hedge fund replication strategies, widely written off as a flawed experiment in financial alchemy when they first appeared on the scene a few years ago, have performed fairly well of late.
A recent analysis of replication funds shows they returned an average of 4.82% annually from April 2009 to July 2012 compared with 7.74% for the HFRI Fund Weighted Composite Index (HFRI HF index).
Although returns trailed the industry benchmark, replication strategies exhibited lower volati
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