Hedge Funds for Retail Investors? An Examination of Hedged Mutual Funds
研究模仿对冲基金策略的共同基金（对冲共同基金）的表现，发现其虽优于传统共同基金但不及对冲基金，原因在于监管和激励机制差异，对寻求低成本对冲基金收益的投资者有参考价值。
Abstract Recently, there has been rapid growth in the assets managed by “hedged mutual funds”—mutual funds mimicking hedge fund strategies. We examine the performance of these funds relative to hedge funds and traditional mutual funds. Despite using similar trading strategies, hedged mutual funds underperform hedge funds. We attribute this finding to hedge funds’ lighter regulation and better incentives. Conversely, hedged mutual funds outperform traditional mutual funds. Notably, this superior performance is driven by managers with experience implementing hedge fund strategies. Our findings have implications for investors seeking hedge-fund-like payoffs at a lower cost and within the comfort of a regulated environment.