Hedge fund (in detail)
Privaat fonds met agressieve strategieën.
Een hedge fund is een private investment vehicle voor accredited (rijke) investors. Anders dan mutual funds: kunnen short, leverage, derivatives en complexere strategies gebruiken.
Structure:
- Limited partners (LPs): investors die kapitaal verschaffen
- General partner (GP): fund management firma
- Investment period: vaak meerjarige lock-up
- Fee structure: typically 2-and-20 (2% mgmt fee + 20% performance fee)
Strategieën:
- Long/short equity: long onder-, short overgewaardeerd
- Global macro: bets op valuta, rentes, commodities
- Event-driven: M&A arbitrage, distressed debt
- Statistical arbitrage: kwantitatieve modellen
- Activist: forces companies to change (Ackman, Icahn)
- Quantitative: systematic algorithms (Renaissance Medallion)
Bekende hedge funds:
- Renaissance Technologies (Medallion): ~30% net per jaar sinds 1988 (closed to outsiders)
- Citadel: $50B+ AUM
- Bridgewater: $150B+ AUM (largest)
- D.E. Shaw: quant
- Pershing Square (Ackman)
- Tiger Global: tech focus, bad 2022
Performance:
Hedge funds onderpresteren de S&P 500 over 10+ jaar, NA fees. Buffett's beroemde bet: hij weddete $1M tegen hedge fund index over 10 jaar. S&P won met 7,1% vs 2,2% hedge fund return.
De high fees (2-and-20 over $1B = $20-40M/jaar regardless of performance) eten returns op.
Hedge fund vs mutual fund:
| Hedge fund | Mutual fund | |
|---|---|---|
| Investors | Accredited only | Open to all |
| Liquidity | Lock-up periods | Daily |
| Strategy | Flexible (short, leverage) | Long-only typically |
| Fees | 2-and-20 | 0,5-2% |
| Regulation | Lighter | Heavy (SEC, MiFID) |
Voor retail:
Niet toegankelijk (minimum $1M+). Indirect via funds-of-funds (hoge layered fees, vermijd).