Fung, William; Hsieh, David A; Naik, Narayan; … - C.E.P.R. Discussion Papers - 2006
We use a comprehensive dataset of Funds-of-Hedge-Funds (FoFs) to investigate performance, risk and capital formation in … identify FoFs capable of delivering persistent alpha. We find that these more successful hedge funds experience far greater … superior performance over time. In keeping with this implication, we provide evidence that even successful hedge funds have …