04.08.2011 Other Voices: Not your father’s fund of hedge funds
By Michael Bernstein, CFA, CAIA

If you ask ten funds of hedge fund (“FOHF”) managers to state whether they generate more of their returns from manager selection or strategy allocation, a couple of things will happen. The first is that all 10 will tell you it is very difficult to quantify how much comes from one vs. the other. This is true, but when hard pressed (i.e., when forced to fill out

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