Vị trí trị giá $ 30 mỗi cổ phiếu vào cuối tháng Giêng. Sự hợp tác này đã tăng $ ( x $ 5 tăng) được phân bổ 40% cho nhà đầu tư 1 (40% x $ 50,000 = $ 20,000) và 60% cho nhà đầu tư 2 (60% x $ 50,000 = $ 30,000). Giả sử quan hệ đối tác thừa nhận một đối tác thứ ba vào đầu tháng Hai. | 12 Marketing Hedge Funds Marketing is one of the most important functions of a hedge fund manager. Effective marketing increases the size of the assets under management which leads to higher fees. Especially for a new fund the world does not beat a path to the door of a new hedge fund regardless of the freshness of the investment plan. For certain funds past performance simplifies the marketing efforts but the typical hedge fund needs to tell a story about its performance good and bad. WHAT IS HEDGE FUND MARKETING Marketing is a well-developed discipline. Many consumer goods manufacturers spend considerable effort and expense in marketing their products. Surprisingly most of the same marketing concepts that are used to analyze beer sales paper goods and cosmetics apply to hedge fund marketing. However very few hedge fund managers start by identifying a need or want and design a product to satisfy that want. Instead they begin with a particular investment expertise develop a product and then set out the sell what they have created. What the manager sells differs from fund to fund. Most managers sell performance. Some managers emphasize the investment process. A small number of fund managers can market the credentials of certain key employees. Many hedge funds market the uniqueness of their investment products. Types of Hedge Fund Customers Any attempt to develop a comprehensive marketing plan for a hedge fund must begin from an understanding of the types of hedge fund customers and the needs and wants of each particular group. The major groups of hedge fund investors are described in Chapter 3. 193 194 HEDGE FUND COURSE Marketing and Hedge Fund Regulations in the United States Chapter 8 summarizes the regulations affecting hedge funds and hedge fund investors. To maintain an exemption from registration requirements under the Securities Act of 1933 and the Investment Company Act of 1940 hedge funds may not make general solicitations to sell their investments and may
