Industry Overview

• The origins of hedge funds
• Differences vs traditional asset managers
• Motivations
• Key players
• Growth and performance
• Funds of hedge funds
• Parties involved

Directional Strategies

• Equity long/short
• Dedicated short selling
• Emerging markets
• Futures/CTAs

Non-Directional Strategies

• Convertible arbitrage
• Fixed income arbitrage
• Equity neutral
• Merger arbitrage
• Distressed securities

Derivative Instruments & How They Are Used

• Options
• Futures/forwards
• Swaps

Can Hedge Funds Continue To Add Value?

• Arbitrage opportunities
• Risk taking
• Leverage

Measuring Risk

• Traditional risk measures
• Impact of skewed return distributions
• Alternative measures
• Operational Risk

Performance Measurement

• Risk-adjusted returns
• Biases in data
• Fee calculation
• Identifying good managers

Operational Risk

• Major risk factors
• Valuation and pricing issues

The Future

• Changing hedge fund strategies
• Potential for out performance
• Institutionalisation of market