Active risk behaves differently from passive risk. Often investors add active managers to their portfolios on an ad-hoc basis. In this paper we define active risk and highlight challenges and benefits of doing so in a structured manner

In this paper we examine two closely related questions regarding hedge fund liquidity: (i) Is there a cost associated with enhanced liquidity provisions? (ii) If so, what is the main driver of this cost? To answer these questions, we conducted a series of statistical analyses upon a broad sample...

When it comes to allocating to traditional asset classes mean-variance optimization approach is usually satisfactory. However, naively extending this approach does not work when constructing strategic portfolios using alternative asset classes

Hedge Fund managers are expected to create excess investment returns (Alpha) through two primary skills based sources: (i) Security selection: buying undervalued securities and selling overvalued securities (ii) Market timing: entering markets in advance of, or when they are rising and exiting,...

The economic stimulus provided by abundant liquidity, low or negative real interest rates, and, in many markets, the rapid and dramatic appreciation of multi -family housing sets the economic backdrop for real estate markets. Against this backdrop, commercial real estate investment markets have...

NTRs typically invest in sector specific real estate programs, targeting stable, fully occupied properties subject to long-term leases to strong credit tenants. They are thus able to generate immediate, durable, rent-driven cash flows from the inception of the investment as capital is deployed...

In this paper we analyze mezzanine capital's investment characteristics; make the distinction between mezzanine capital and high yield debt; explore supply and demand factors that drive pricing; point out similarities and differences in its usage in the U.S. and Europe as well as highlight...