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Tactical Portfolios: Strategies and Tactics for Investing in Hedge Funds and Liquid Alternatives


Praise for Tactical Portfolios

“In Tactical Portfolios, Bailey McCann brings clarity to the complex and often opaque world of hedge fund investments. Bailey’s erudite description of the main hedge fund strategies will quickly orient readers to the range of diversification and return characteristics attending these strategies. Topics ranging from the significance of third-party service providers to the role of new entrants, provide an advanced handbook for investors.”

—Lee Partridge, Salient Partners

“Bailey’s exposition of leading-edge aspects of specific hedge fund strategies is exceptionally sharp and timely. Tactical Portfolios goes deeper into the core of specific sources of Alpha for a diverse array of hedge fund investment styles and is at the same time broad enough in terms of coverage to be of interest to everyone in the hedge fund industry.”

—Nigol Koulajian, CIO and Founder, Quest Partners LLC

“Good work! A highly informative book covering a broad range of essential tactics for hedge fund investors. Experienced hedge fund investors and new hedge fund investors will both benefit from this book.”

—Jon Sundt, President, Chief Executive Officer, Altegris

“Using real world examples Bailey McCann has written a book that should be accessible and interesting for investors considering hedge funds for the first time. It is also a great read for experienced hedge fund professionals. As the founder of my own hedge fund I found interesting perspectives which I hadn’t considered. She covers a lot of topics in an engaging way.”

—Eli Combs, President, MeehanCombs

“Over the last ten years, Opalesque has published a large number of interesting interviews with the who’s who of hedge fund managers. This book walks through a number of hedge fund categories, where the strategy explanations are peppered with quotes from these conversations. Especially interesting are the chapters covering topics that aren’t frequently covered in other books, including emerging managers and service providers, as well as material covering changes in the global regulatory environment as recent as 2013. The coverage of these new and rapidly-changing topics alone makes this book worth a read.”

—Keith H. Black, PhD, CFA, CAIA , Managing Director, CAIA Association; co-author, CAIA Level I and II textbooks: Core Topics and Advanced Core Topics in Alternative Investments

Tactical Portfolios is a must read primer for investors exploring opportunities in hedge funds and who want to develop a better understanding of the world of hedge fund investing. The environment is changing rapidly, and Bailey does a thorough job of highlighting the basics of various hedge fund strategies and the areas, such as due diligence, that are so important in the evaluation process.”

—William Lloyd, Managing Director, VelocityShares LLC

“In Tactical Portfolios: Strategies and Tactics for Investing in Hedge Funds and Liquid Alternatives, Bailey McCann provides a brilliant guide to the complex world of hedge funds. From new innovative investment strategies to the ever-evolving regulatory environment, McCann presents a straightforward explanation of the industry written so that nearly anyone can understand it. I highly recommend it.”

—Mitch Ackles, President, Hedge Fund Association

“An investment of $100 in the S&P 500 Index in January 2000 stood at $126 by the end of 2013. $100 invested with the average hedge fund manager stood at $226 by the end of 2013. This book is a timely reminder as to why an investment style that involves risk management and hedging is superior to an investment style that doesn’t.”

—Alexander Ineichen, Founder, Ineichen Research and Management, author of Asymmetric Returns

BAILEY McCANN is the U.S.-based Senior News Editor at Opalesque and an analyst who focuses on alternative investing. Prior to her work with Opalesque, she provided research and media intelligence for members of Congressional and White House offices, government contractors, and Fortune 500 companies.

Introduction vii

Preface xi

Chapter 1
Hedge Fund Strategies and How They Work 1

Chapter 2
Emerging Managers
Benedicte Gravrand 29

Chapter 3
How to Approach Investing in Hedge Funds: Investment Structures 61

Chapter 4
How to Approach Investing in Hedge Funds: Service Providers and Due Diligence 79

Chapter 5
Regulatory Regime Changes and Impact 115

Chapter 6
Managed Futures
Mark Melin 133

Chapter 7
Investment Mechanics 171

About the Author 191

About the Contributors 193

Additional Resources 195

Index 197