New York Akademi

Bu eğitimi Profesör John Longo vermektedir. Amerika'da 1.4 milyar dolarlık fonun yatırım stratejileri başkanı olan John Longo aynı zamanda "Hedge Fund Alpfa" kitabınında yazarıdır. Rutgers Üniversitesi'nde ders vermekte olan John, Wall Street Journal, CNBCe gibi yazılı ve görsel medyada da görüşlerine yer verilmektedir.

Attend this intensive and highly practical 2–day training course and learn how to:

• Create and manage the most common hedge fund strategies
• Perform due diligence on hedge funds
• Understand strategies of great hedge fund managers
• Analyze and evaluate funds of hedge funds
• Manage hedge fund risk and evaluate their performance
• Integrate hedge funds with traditional equity and fixed income portfolios
• Uncover current and future trends in the hedge fund industry

Course Director:

John M. Longo, PhD, CFA

Portfolio Manager, Investment Strategist, Finance Professor

WHO SHOULD ATTEND?

This course has been specifically designed for the benefit of:

• Private Bankers
• Wealth Managers
• Investment Analysts
•  Hedge Fund Service Providers
• Portfolio Managers
• Family Office Manager
• Risk Managers
• Regulators
• Individual Investors

Introductory knowledge of Finance and Accounted is assumed. Attendees should bring a laptop with Microsoft Excel in order to fully participate in the course.

 

Overview of the Hedge Fund Industry

• Hedge fund defined

• History of hedge funds
• Pioneering hedge funds of Benjamin Graham and A.W. Jones
• Analysis of the original A.W. Jones Long / Short model
• Size of hedge fund industry
• Number of funds
• Location of funds
• Hedge Fund asset under management

Hedge Funds vs. Traditional Long Only Investments

• Organization and Regulation
• Onshore funds
• Offshore funds
• Administration / Record Keeping
• Audit
• Accredited investors / 3c1 Fund
• Qualified Investors / 3c7 Fund
• Pricing
• Short-term focus
• Short selling strategies
• Emphasis on simultaneous positions in multiple instruments.
• Importance of the carry trade
• Liquidity / Lockups
• Transparency
• Fees
• Asset Based Fees
• Incentive Fees
• Fee Calculator

Most Common Hedge Fund Strategies

• Long / Short
• Long Only
• Short Only
• Market Neutral
• Sector Focused
• Statistical Arbitrage
• Global Macro
• Convertible Arbitrage
• Capital Structure Arbitrage
• Merger Arbitrage
• Distressed Securities
• Credit
• Activist Funds
• Managed Futures / Commodities
• Multistrategy
• Publicly traded hedge fund like structures
• Carry trades
• Call options on hedge funds strategies

Strategies of Great Hedge Fund Managers

• George Soros
• Edward Lampert
• Seth Klarman
• Paul Tudor Jones
• Michael Steinhardt
• Julian Robertson
• James Chanos
• others

Case Study:Managing A Hedge Fund

 

Fund of Hedge Funds

• History of fund of funds
• Size of fund of funds market
• Pros and cons of fund of funds
• Fund of funds vs. multistrategy fund
• Optimal fund of fund portfolio size
• Portfolio construction techniques.
• Intelligent rebalancing of the fund of fund portfolio
• Negotiating capacity
• Negotiating fees
• Obtaining adequate transparency
• Managing inflows and outflows smoothly

The Psychology of Hedge Fund Managers

• Behavioral Finance applied to hedge funds
• The importance of positive monthly returns
• The call option nature of hedge fund competition
• Hedge Fund Due Diligence
• Hedge Fund Red Flags
• Sample due diligence list
• How to assess operational stability
• How to conduct reference checks
• How to conduct background checks
• How to maintain and ongoing due diligence process
• Hedge Fund “Hall of Shame”
• Long Term Capital Management
• Amaranth
• Bear Stearns
• Madoff
• Others

Risk Management for Hedge Funds

• Using style analysis to detect style drift
• Measuring liquidity risk
• Measuring concentration
• Effective measurement of fund leverage
• Value at Risk (VAR) for hedge funds
• Conducting hedge fund stress tests
• Creating a risk dashboard for effective monitoring of hedge funds
• Discuss of “fat tails” and Black Swan Theory

Hedge Fund Performance Evaluation Techniques

• Concept of Alpha
• Sharpe Ratio
• Treynor Ratio
• Jensen’s Measure
• Sortino Ratio
• Upside to Downside Capture
• Batting Average
• Appraisal Ratio
• Omega Ratio
• Survival and other biases in hedge fund returns
• Using Hedge Funds to Capture Client Assets
• Lack of correlation with traditional investments
• Outperformance in down markets
• Why it is hard for investors to find hedge funds on their own

Discussion of Global Trends in Hedge Funds

• Greater transparency
• Lower fees
• Hedge fund replication – to a limited extent
• Increased liquidity
• Increased transparency
• Greater regulation
• Emerging market focus
• Focus on niche strategies
• Focus on emerging managers

Walk through Internet sites relevant to hedge fund research and management

• HedgeFund.net
• MAR Hedge
• HedgeWorld.com
• SmartMoney MarketMap
• SeekingAlpha.com
• Google Alerts
• Nasdaq Real-Time Filings website
• Delphion.com
• Many more

Case Study:Fund of Funds for Private Banking Clients