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'Absolute' return objective |
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Flexible investment strategies |
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Unconstrained by benchmark index |
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Lower correlation to markets |
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Take long and short positions |
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May employ leverage |
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Manager fees tied to performance |
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Usually large minimum investment size |
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Usually sold by Offering Memorandum only
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'Relative' return objective |
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Limited investment strategies |
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Constrained by a benchmark index |
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Higher correlation to markets |
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Take long-only positions |
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No use of leverage |
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Manager fees not typically tied to performance |
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Small minimum investment size |
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Usually sold by Prospectus only | |