Equity hedge fund returns have been disappointing over the last 14 years An exposure analysis shows
no structural factor exposure, but frequent factor rotation Multi-factor long - short products are an interesting alternative, depending on the fee level INTRODUCTION Hedge fund assets reached an
SUMMARY Some
factors show
structural sector
exposure while others rotate sectors frequently Sector concentrations explain
factor performance and may represent concentration risks Value is currently long Financials, Low Volatility is short Health Care, and Growth is short Energy INTRODUCTION Despite