Hedge Funds / Alternative Assets (ECFS992)

This unit provides a broad coverage of the hedge fund industry, with an emphasis on investment management. This unit builds an overview of the industry, beginning with a definition. A portion of the unit is dedicated to developing an understanding of the background knowledge required before spending a considerable amount of time analysing the different hedge fund strategies. Within each strategy, concepts such as risk/return, qualitative risks and business models are discussed. Fund of hedge funds and the role of hedge funds within a diversified portfolio is discussed. Controversies and characters of the industry add some flair to the unit as well as providing good examples of the industry in practice.

Learning Outcomes:

  1. Solid and broad understanding of the hedge fund industry. This includes understanding the greater flexibility and fewer constraints hedge funds have compared with traditional funds.
  2. Understand, analyse and appropriately explain a range of different hedge fund strategies, including their return opportunities.
  3. Understand and critically evaluate key hedge fund considerations, including risk/return trade-off, as well as specific qualitative risks which need to be managed.
  4. Assess and have an understanding of the issues faced by fund of hedge funds.
  5. Understand the key issues when considering the role of hedge funds within a diversified portfolio.
  6. Understand and review high profile hedge fund case studies.

Topics:

  1. Introduction
  2. What is a Hedge Fund?
  3. Key Knowledge Concepts
  4. 'Disasters' and 'Legends' Introduction
  5. Industry Participants
  6. Styles I - Long Short Equity
  7. Styles II – Relative Value Equity Strategies
  8. Styles III – Credit and Fixed Income Strategies
  9. Styles IV – Tactical Strategies
  10. Styles V – Multi-Strategy Funds
  11. Portfolio Construction and Hedge Funds
  12. ‘Disasters’ and ‘Legends’ Within the Hedge Funds Industry

Prerequisite Units:

Lecturers:

Unit Guides:

  • Hedge Funds - The link will provide a list of guides for this unit. If the desired term/location is not listed, please view the latest one available.

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