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 … superior performance over time. In keeping with this implication, we provide evidence that even successful hedge funds have … experienced a recent, dramatic decline in risk-adjusted performance. …