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I would advise watching these investment vehicles, but not being an early buyer. As I see it, you have a master cook who is managing other "expert" cooks. The main problem is that every cook in the kitchen is taking their own cut out of the contents of your wallet, and this represents a significant headwind for future performance. Also, what evidence exists that this collaboration of cooks will produce a satisfying meal (risk-adjusted performance) ? I suspect that the meal will be bland and the many cooks will be wealthier.
Reasonable "hedgy" funds that I would consider would be PAUIX, FMLSX, ARLSX, MFLDX, and VIMNX (under current management). At this time, I don't feel the need for such funds in my portfolio, and I only have footholds in PAUIX, BPLSX and TFSMX. Although not truly "hedgy," I continue to like certain Risk Parity funds (we own AQRIX plus a foothold in ABRIX), as they have had decent performance and relatively poor correlation to all asset classes that I have tested.
I wouldn't invest in Blackstone, funds or otherwise. Nothing against private equity, I just don't think the company is shareholder friendly (but that's just me.)
I also recommend MFLDX, ARLSX, PAUIX, BPLSX, AQRIX, FMLSX. Lastly, the new ARDNX (which is a fund of hedge funds, and actually includes some famed funds) looks promising.
Comments
Regards,
Ted
Blackstone Website: http://blackstone.com/docs/pdfs/Fact-Card---Blackstone-Alternative-Alpha-Fund.pdf
Reuters.Com; http://www.reuters.com/assets/print?aid=USBRE8B51KR20121206
Reasonable "hedgy" funds that I would consider would be PAUIX, FMLSX, ARLSX, MFLDX, and VIMNX (under current management). At this time, I don't feel the need for such funds in my portfolio, and I only have footholds in PAUIX, BPLSX and TFSMX. Although not truly "hedgy," I continue to like certain Risk Parity funds (we own AQRIX plus a foothold in ABRIX), as they have had decent performance and relatively poor correlation to all asset classes that I have tested.
Kevin
I also recommend MFLDX, ARLSX, PAUIX, BPLSX, AQRIX, FMLSX. Lastly, the new ARDNX (which is a fund of hedge funds, and actually includes some famed funds) looks promising.