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RMIM-8-hedge-fund-investment-strategies.html
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<!doctype html>
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<head>
<meta charset="utf-8">
<title>Risk Management and Investment Management | Chapter 8 | Hedge Fund Investment Strategies</title>
<meta name="description" content="Financial Risk Manager Part 2 Study Materials">
<meta name="author" content="MacLane Wilkison">
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<section>
<h1>Chapter 8</h1>
<h3>Hedge Fund Investment Strategies</h3>
<p>
<small>Created for <a href="http://alchemistsacademy.com">Alchemists Academy</a> by <a href="http://alchemistsacademy.com/about">MacLane Wilkison</a></small>
</p>
</section>
<section>
<h2>Types of Strategies</h2>
<ul>
<li>Arbitrage</li>
<li>Event-driven</li>
<li>Equity-based</li>
<li>Macro</li>
</ul>
</section>
<section>
<section>
<h1>Arbitrage</h1>
</section>
<section>
<h2>Fixed-Income Aribtrage</h2>
<p>Exploits pricing inefficiencies in fixed-income markets, combining long/short positions of various fixed-income securities</p>
</section>
<section>
<h2>Convertible Aribtrage</h2>
<p>Purchases convertible bonds and hedges equity risk by selling short the underlying common stock</p>
</section>
<section>
<h2>Relative-Value Arbitrage</h2>
<p>Exploits pricing inefficiencies across asset classes (e.g. pairs trading, dividend arbitrage, yield curve trades</p>
</section>
</section>
<section>
<section>
<h1>Event-Driven</h1>
</section>
<section>
<h2>Distressed Securities</h2>
<p>Invests in companies in a distressed situation (e.g. bankruptcies, restructuring), and/or shorts companies expected to experience distress </p>
</section>
<section>
<h2>Merger Arbitrage</h2>
<p>Generates returns by going long on the target and shorting the stock of the acquiring company</p>
</section>
<section>
<h2>Activism</h2>
<p>Seeks to obtain representation in a company's board of directors in order to shape company policy and strategic direction</p>
</section>
</section>
<section>
<section>
<h1>Equity-Based</h1>
</section>
<section>
<h2>Equity Long/Short</h2>
<p>Consists of a core holding of particular equity securities, hedged with short sales of stocks to minimize overall market exposure</p>
</section>
<section>
<h2>Equity Non-Hedge</h2>
<p>Commonly known as "stock picking"; invests long in particular equity securities</p>
</section>
</section>
<section>
<section>
<h1>Macro</h1>
</section>
<section>
<h2>Global Macro</h2>
<p>Leveraged bets on anticipated price movements of stock markets, interest rates, foreign exchange, and physical commodities</p>
</section>
<section>
<h2>Emerging Markets</h2>
<p>Invests a major share of portfolio in securities of companies or the sovereign debt of developing countries; primarily long investments</p>
</section>
</section>
<section>
<h1>THE END</h1>
<h3><a href="http://alchemistsacademy.com">AlchemistsAcademy.com</a></h3>
</section>
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