Abstract
The author starts by observing that new attempts to create an investable hedge funds index are several. Yet, in this article, he shows that, in spite of these serious efforts, the hedge funds universe lacks the elements necessary to construct an investable index that can be used as a passive hedge fund investment vehicle. He concludes that hedge funds do not meet the tests for an asset class and do not fit into any of the classifications of asset classes proposed by Greer [1997].
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Hedge Funds, Asset Allocation, and Investable Benchmarks
