Abstract
We use the live Barclay Hedge database and examine 25 of the largest onshore and offshore hedge funds during the 2009-2013 period. Our results show that the majority of our considered large hedge funds do a poor job of outperforming the S&P 500 Index over the 5-year after the crisis and a good job of outperforming the HFR hedge fund index. However, large funds have better risk control measures than the S&P 500 over the 5-year period as well as better risk-adjusted returns. The performance persistence tests reveal that during our sample period, winners remain winners.
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