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For the vast majority of hedge fund investors, past performance still acts as the most important variable when assessing whether or not to invest in a particular hedge fund.

If hedge funds show consistent returns, we should, in theory, be able to invest in a manager with a good track record and assume that performance will be as impressive in the future.

However, GAM believes that past performance is no longer an accurate guide to future risk/return profiles at either strategy or manager level

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