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The Journal of Wealth Management

The Journal of Wealth Management

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Primary Article

To Outperform the Market

Get Out of It!

Majed R. Muhtaseb
The Journal of Wealth Management Fall 2002, 5 (2) 66-74; DOI: https://doi.org/10.3905/jwm.2002.320446
Majed R. Muhtaseb
Research director at Global Fund Analysis in London, U.K. Global Fund Analysis offers research and consultancy services on offshore funds, both traditional and hedge.
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Abstract

Voluminous research documents the fact that many active fund managers underperform the major market indexes. In general, long-only managers (mutual and pension funds) are more constrained than hedge fund managers. The more constrained a manager is, the smaller is his ability to exploit potential opportunities. Thus long-only investing can lead to positive risk-adjusted performance, although on average smaller than that of hedge fund investing. Hedge funds sell short, leverage, use derivatives, manage risk, and, among other things, do not manage their portfolios against a benchmark. That is, hedge funds import and use tools from outside of the long-only investing world and thus are able to outperform more consistently on a risk-adjusted basis.

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The Journal of Wealth Management
Vol. 5, Issue 2
Fall 2002
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To Outperform the Market
Majed R. Muhtaseb
The Journal of Wealth Management Jul 2002, 5 (2) 66-74; DOI: 10.3905/jwm.2002.320446

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To Outperform the Market
Majed R. Muhtaseb
The Journal of Wealth Management Jul 2002, 5 (2) 66-74; DOI: 10.3905/jwm.2002.320446
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