260:, where many FOFs put substantial investments into the scheme. It became clear that a motivation for this was the lack of fees by Madoff, which gave the illusion that the FOF was performing well. The due diligence of the FOFs apparently did not include asking why Madoff was not making this charge for his services. 2008 and 2009 saw FOFs take a battering from investors and the media on all fronts from the hollow promises made by over-eager marketers to the strength (or lack) of their due diligence processes to those carefully explained and eminently justifiable extra layers of fees, all reaching their zenith with the Bernie Madoff fiasco.
378:
524:
574:
549:
499:
476:
453:
428:
403:
2491:
2481:
2471:
1961:
1951:
1931:
1911:
1901:
1367:
597:
43:
2501:
1941:
1921:
1375:
2178:
626:
Funds of hedge funds generally charge a fee for their services, always in addition to the hedge fund's management and performance fees, which can be 1.5% and 15–30%, respectively. Fees can reduce an investor's profits and potentially reduce the total return below what could be achieved through a less
622:
to provide broad exposure to the hedge fund industry and to diversify the risks associated with a single investment fund. Funds of hedge funds select hedge fund managers and construct portfolios based upon those selections. The fund of hedge funds is responsible for hiring and firing the managers in
263:
These strategic and structural issues have caused fund-of-funds to become less and less popular. Nonetheless, fund-for-funds remain important in particular asset classes, including venture capital and for particular investors in order for them to be able to diversify their too low or too high level
290:
has asset-allocation mutual funds, which own other
Vanguard mutual funds. The "parent" funds may own the same "child" funds, with different proportions to allow for "aggressive" to "conservative" allocation. This structure simplifies management by separating allocation from security selection.
239:
After allocation of the levels of fees payable and taxation, returns on FOF investments will generally be lower than what single-manager funds can yield. However, some FOFs waive the second level of fees (the FOF fee) so that investors only pay the expenses of the underlying mutual funds.
309:
has target-date ETFs that own other iShares ETFs; Vanguard has target-date mutual funds that own other
Vanguard mutual funds. In both cases, the same funds are used as the asset-allocation funds. Since a provider may have many target dates, this can greatly reduce duplication of work.
1354:
214:, the benefit of diversification can be the reduction of volatility while maintaining average returns. However, this is countered by the increased fees paid both at FOF level and at the level of the underlying investment fund.
228:
In its article on Funds of Funds, Investopedia notes that, "Historically, a fund of funds showed an expense figure that didn't always include the fees of the underlying funds. As of
January 2007, the
167:. A fund of funds may be "fettered", meaning that it invests only in funds managed by the same investment company, or "unfettered", meaning that it can invest in external funds run by other managers.
1831:
1409:
206:
Investing in a collective investment scheme may increase diversity compared with a small investor holding a smaller range of securities directly. Investing in a fund of funds may achieve greater
246:, endowments and other institutions often invest in funds of hedge funds for part or all of their "alternative asset" programs, i.e., investments other than traditional stock and bond holdings.
1904:
2474:
1402:
1101:
994:
962:
1478:
967:
1061:
623:
the fund. Some funds of hedge funds might have only one hedge fund in them, which lets ordinary investors into a highly acclaimed fund, or many hedge funds.
2451:
1964:
1395:
305:
A target-date fund is similar to an asset-allocation fund, except that the allocation is designed to change over time. The same structure is useful here.
2355:
1876:
1370:
225:
for FOFs are typically higher than those on traditional investment funds because they include the management fees charged by the underlying funds.
229:
2055:
1997:
1698:
1693:
987:
1601:
126:
679:
957:
1486:
1463:
327:
334:
market. The following ranking of private-equity FOF investment managers is based on information published by Preqin in 2020:
2525:
1934:
1676:
1378:
1198:
1128:
980:
64:
60:
107:
952:
1944:
1914:
1086:
694:
79:
2494:
2329:
1924:
1681:
1344:
1107:
660:
171:
2317:
1511:
1506:
1501:
1496:
1491:
1279:
910:
233:
86:
857:
2028:
1558:
1118:
432:
31:
896:
53:
2530:
2456:
2400:
2119:
1990:
1768:
1718:
1656:
1616:
1563:
1066:
1035:
257:
207:
2293:
2163:
1954:
1871:
1866:
1274:
1188:
689:
670:
164:
93:
2303:
2298:
2262:
2123:
1851:
1846:
1801:
1349:
1334:
1308:
1303:
1153:
1081:
1023:
211:
1553:
2405:
2202:
2075:
2051:
1861:
1826:
1723:
1329:
1243:
75:
2430:
2088:
2060:
2041:
1778:
1686:
1143:
1003:
684:
665:
563:
457:
2484:
2335:
2247:
2083:
2065:
1983:
1806:
1591:
1468:
1133:
1029:
751:
648:
632:
442:
279:
838:
651:
for access to private capital markets. Clients are usually university endowments and pension funds.
2504:
2390:
2217:
2192:
1881:
1743:
1651:
1646:
1642:
1596:
1096:
323:
148:
2415:
2360:
2272:
1856:
1816:
1753:
1748:
1586:
1298:
1208:
1173:
538:
480:
287:
160:
871:
2138:
2114:
2098:
2036:
1821:
1548:
1543:
1538:
1453:
1169:
578:
513:
382:
2307:
2242:
1661:
1530:
1441:
1217:
1183:
1051:
675:
601:
300:
273:
187:
100:
2446:
2350:
2340:
2321:
2288:
2212:
2207:
2143:
2128:
1841:
1763:
1611:
1573:
1448:
1422:
1258:
1248:
1238:
1233:
1213:
1011:
191:
793:
769:
2345:
2325:
2093:
2046:
1666:
1581:
1458:
1418:
1292:
1203:
1193:
523:
367:
331:
222:
183:
156:
678:, operator of perhaps the first "Fund of Funds" from 1962 until its collapse in 1970.
2519:
2420:
2385:
2311:
1773:
1758:
1626:
1387:
1288:
1253:
1138:
1113:
1076:
822:
573:
553:
548:
498:
475:
452:
427:
417:
407:
402:
392:
254:
250:
2425:
2380:
2267:
2252:
2133:
1886:
1811:
1783:
1728:
1621:
1339:
1284:
1091:
322:(formerly known as Private Equity Intelligence), in 2006, funds investing in other
243:
195:
151:
of holding a portfolio of other investment funds rather than investing directly in
17:
821:
Smith, David M (2010). "Mutual Fund Fees and
Expenses". In Haslem, John A. (ed.).
737:
De Vries, M. F. R. "The entrepreneurial personality: a person at the crossroads."
2257:
2197:
2177:
1671:
1313:
1071:
713:
628:
377:
175:
42:
2006:
1836:
1606:
1178:
1148:
1056:
1046:
619:
503:
179:
936:
2410:
2023:
1733:
253:
and safety of investing in FOFs has come under question as a result of the
914:
824:
Mutual Funds: Portfolio
Structures, Analysis, Management, and Stewardship
596:
278:
The FOF structure may be useful for asset-allocation funds, that is, an "
972:
170:
There are different types of FOF, each investing in a different type of
306:
283:
1436:
528:
319:
286:
has asset-allocation ETFs, which own other iShares ETFs. Similarly,
1123:
897:"iShares Adds Four Allocation ETFs to Core Lineup - Yahoo Finance"
152:
911:"FUND OF FUNDS PE VC CREDIT | 5Capital Advisors Placement Agent"
1979:
1391:
976:
232:
began requiring that these fees be disclosed in a line called '
1975:
282:(ETF) of ETFs" or "mutual fund of mutual funds". For example,
36:
647:
is a fund of funds that invests in a portfolio of different
618:
is a fund of funds that invests in a portfolio of different
937:"Market Analysis: State of the Venture Capital Industry"
858:"Fund of funds take a public beating in post-Madoff era"
2439:
2373:
2281:
2235:
2226:
2185:
2152:
2107:
2074:
2022:
2013:
1792:
1711:
1635:
1572:
1529:
1520:
1477:
1429:
1322:
1267:
1226:
1162:
1010:
953:
Investing in
Private Equity through a Fund of Funds
67:. Unsourced material may be challenged and removed.
330:) amounted to 14% of all committed capital in the
163:. This type of investing is often referred to as
194:in 1962. It went bankrupt after being looted by
1102:Qualifying investor alternative investment fund
958:ALTERNATIVE ASSETS—PRIVATE EQUITY FUND OF FUNDS
190:FOF. The original Fund of Funds was created by
1991:
1403:
988:
8:
1905:Private equity and venture capital investors
1062:Labour-sponsored venture capital corporation
174:(typically one type per FOF), for example a
2475:Alternative investment management companies
2452:Standards Board for Alternative Investments
2500:
2356:Taxation of private equity and hedge funds
2232:
2019:
1998:
1984:
1976:
1940:
1920:
1877:Taxation of private equity and hedge funds
1694:Private investment in public equity (PIPE)
1526:
1410:
1396:
1388:
1374:
995:
981:
973:
963:Hedge Fund of Funds - Strategy Definitions
336:
264:of assets under management appropriately.
127:Learn how and when to remove this message
2395:
2159:
794:"Final Rule: Fund of Funds Investments"
705:
2056:fixed-income relative-value investing
872:"When Fund-Of-Funds for Venture Work"
7:
490:Fort Washington Investment Advisors
65:adding citations to reliable sources
30:For the Swiss investment fund, see
25:
2499:
2490:
2489:
2480:
2479:
2470:
2469:
2176:
1960:
1959:
1950:
1949:
1939:
1930:
1929:
1919:
1910:
1909:
1900:
1899:
1373:
1366:
1365:
968:Fund Manager November Commentary
770:"Fund of Funds (FOF) Definition"
595:
572:
547:
522:
497:
474:
451:
426:
401:
376:
41:
234:Acquired Fund Fees and Expenses
52:needs additional citations for
1677:Publicly traded private equity
1199:Socially responsible investing
1129:Split capital investment trust
1:
1945:List of venture capital firms
1087:Open-ended investment company
935:TrueBridge (27 August 2009).
739:Journal of management studies
720:. Financial Times. 2015-03-08
714:"Definition of fund of funds"
695:List of exchange-traded funds
645:fund of venture capital funds
639:Fund of venture capital funds
2330:security characteristic line
1925:List of private equity firms
1682:Business Development Company
1345:Returns-based style analysis
1108:Real estate investment trust
913:. 2023-06-06. Archived from
856:Opalesque (28 August 2009).
661:Collective investment scheme
590:
567:
542:
517:
492:
469:
446:
421:
396:
371:
172:collective investment scheme
2318:Capital asset pricing model
2037:Capital structure arbitrage
1280:Efficient-market hypothesis
467:Pathway Capital Management
2547:
2120:Commodity trading advisors
1769:High-net-worth individuals
1559:Leveraged recapitalization
1119:Short-term investment fund
433:Conshohocken, Pennsylvania
298:
271:
32:Investors Overseas Service
29:
2465:
2457:Managed Funds Association
2401:High-net-worth individual
2174:
1895:
1657:Limited liability company
1617:Venture capital financing
1564:Dividend recapitalization
1363:
1067:Listed investment company
1036:Fonds commun de placement
2294:Arbitrage pricing theory
1275:Arbitrage pricing theory
827:. Wiley. pp. 51–74.
690:Boutique investment bank
671:Manager of managers fund
351:Assets under management
165:multi-manager investment
2406:Institutional investors
2299:Assets under management
2124:managed futures account
1724:Institutional investors
1350:Traditional investments
1335:Commodity pool operator
1309:Noisy market hypothesis
1304:Modern portfolio theory
1154:Unitised insurance fund
1082:Open-ended fund company
1024:Common contractual fund
718:Financial Times Lexicon
326:(i.e., FOFs, including
212:modern portfolio theory
2431:Sovereign wealth funds
2203:High-frequency trading
2052:Fixed income arbitrage
1862:Liquidation preference
1827:Distribution waterfall
1779:Sovereign wealth funds
1330:Alternative investment
1244:Institutional investor
2526:Investment management
2273:Structured securities
2089:Distressed securities
2061:Statistical arbitrage
2047:Equity market neutral
2042:Convertible arbitrage
1935:Venture capital firms
1687:Venture capital trust
1144:Unit investment trust
1004:Investment management
685:Sovereign wealth fund
666:Investment management
649:venture capital funds
564:Adams Street Partners
458:Boston, Massachusetts
393:Goldman Sachs AIMS PE
2391:Financial endowments
2336:Fundamental analysis
2084:Shareholder activism
2066:Volatility arbitrage
1915:Private equity firms
1643:Private equity firms
1592:Post-money valuation
1469:Equity co-investment
1134:Tax transparent fund
1030:Exchange-traded fund
633:exchange-traded fund
443:HarbourVest Partners
324:private-equity funds
314:Private-equity funds
280:exchange-traded fund
61:improve this article
2505:List of hedge funds
2495:Hedge fund managers
2411:Insurance companies
2396:Fund of hedge funds
2304:Black–Scholes model
2218:Proprietary trading
2193:Algorithmic trading
2160:Fund of hedge funds
1965:Portfolio companies
1882:Undercapitalization
1734:Insurance companies
1652:Limited partnership
1597:Pre-money valuation
1189:Manager of managers
1097:Private-equity fund
845:. 12 December 2008.
758:. 27 November 2009.
741:14.1 (1977): 34–57.
616:fund of hedge funds
610:Fund of hedge funds
149:investment strategy
27:Investment strategy
18:Fund of hedge funds
2361:Technical analysis
1817:Capital commitment
1587:Business incubator
1554:Buy–sell agreement
1299:Martingale pricing
1209:Thematic investing
1174:passive management
539:AlpInvest Partners
481:Irvine, California
258:investment scandal
2513:
2512:
2369:
2368:
2172:
2171:
2139:Long/short equity
2115:Convergence trade
2099:Special situation
1973:
1972:
1822:Capital structure
1707:
1706:
1549:Divisional buyout
1544:Management buyout
1539:Financial sponsor
1385:
1384:
1163:Investment styles
899:. Yahoo! Finance.
752:"Complexity pays"
607:
606:
579:Chicago, Illinois
514:Pantheon Ventures
383:Baar, Switzerland
353:(billions of USD)
137:
136:
129:
111:
16:(Redirected from
2538:
2531:Investment funds
2503:
2502:
2493:
2492:
2483:
2482:
2473:
2472:
2416:Investment banks
2263:Foreign exchange
2233:
2180:
2020:
2000:
1993:
1986:
1977:
1963:
1962:
1953:
1952:
1943:
1942:
1933:
1932:
1923:
1922:
1913:
1912:
1903:
1902:
1764:Commercial banks
1754:Investment banks
1662:Carried interest
1527:
1430:Investment types
1412:
1405:
1398:
1389:
1377:
1376:
1369:
1368:
1218:growth investing
1184:Impact investing
1052:Investment trust
997:
990:
983:
974:
941:
940:
932:
926:
925:
923:
922:
907:
901:
900:
893:
887:
886:
884:
883:
876:Alerion Ventures
868:
862:
861:
853:
847:
846:
835:
829:
828:
818:
812:
811:
809:
807:
798:
790:
784:
783:
781:
780:
766:
760:
759:
748:
742:
735:
729:
728:
726:
725:
710:
676:Bernard Cornfeld
602:Lisbon, Portugal
600:
599:
577:
576:
552:
551:
527:
526:
504:Cincinnati, Ohio
502:
501:
479:
478:
456:
455:
431:
430:
406:
405:
381:
380:
346:Name of the firm
337:
301:Target date fund
295:Target-date fund
274:Asset allocation
268:Asset allocation
188:investment trust
132:
125:
121:
118:
112:
110:
69:
45:
37:
21:
2546:
2545:
2541:
2540:
2539:
2537:
2536:
2535:
2516:
2515:
2514:
2509:
2461:
2447:Fund governance
2435:
2365:
2289:Absolute return
2277:
2228:
2222:
2213:Program trading
2208:Prime brokerage
2181:
2168:
2148:
2144:Trend following
2129:Dedicated short
2103:
2070:
2027:
2015:
2009:
2004:
1974:
1969:
1955:Angel investors
1891:
1842:High-yield debt
1795:financial terms
1794:
1788:
1703:
1631:
1612:Startup company
1568:
1522:
1516:
1473:
1425:
1423:venture capital
1416:
1386:
1381:
1359:
1318:
1263:
1259:Performance fee
1249:Net asset value
1239:Fund governance
1234:Closed-end fund
1222:
1158:
1015:
1013:
1006:
1001:
949:
944:
934:
933:
929:
920:
918:
909:
908:
904:
895:
894:
890:
881:
879:
870:
869:
865:
855:
854:
850:
837:
836:
832:
820:
819:
815:
805:
803:
796:
792:
791:
787:
778:
776:
768:
767:
763:
750:
749:
745:
736:
732:
723:
721:
712:
711:
707:
703:
657:
641:
612:
594:
571:
546:
521:
496:
473:
450:
425:
400:
375:
352:
328:secondary funds
316:
303:
297:
276:
270:
223:Management fees
220:
210:. According to
208:diversification
204:
192:Bernie Cornfeld
141:"fund of funds"
133:
122:
116:
113:
76:"Fund of funds"
70:
68:
58:
46:
35:
28:
23:
22:
15:
12:
11:
5:
2544:
2542:
2534:
2533:
2528:
2518:
2517:
2511:
2510:
2508:
2507:
2497:
2487:
2477:
2466:
2463:
2462:
2460:
2459:
2454:
2449:
2443:
2441:
2437:
2436:
2434:
2433:
2428:
2423:
2421:Merchant banks
2418:
2413:
2408:
2403:
2398:
2393:
2388:
2386:Family offices
2383:
2377:
2375:
2371:
2370:
2367:
2366:
2364:
2363:
2358:
2353:
2348:
2346:Securitization
2343:
2338:
2333:
2315:
2301:
2296:
2291:
2285:
2283:
2279:
2278:
2276:
2275:
2270:
2265:
2260:
2255:
2250:
2245:
2239:
2237:
2230:
2224:
2223:
2221:
2220:
2215:
2210:
2205:
2200:
2195:
2189:
2187:
2183:
2182:
2175:
2173:
2170:
2169:
2167:
2166:
2156:
2154:
2150:
2149:
2147:
2146:
2141:
2136:
2131:
2126:
2117:
2111:
2109:
2105:
2104:
2102:
2101:
2096:
2094:Risk arbitrage
2091:
2086:
2080:
2078:
2072:
2071:
2069:
2068:
2063:
2058:
2049:
2044:
2039:
2033:
2031:
2029:relative value
2017:
2011:
2010:
2005:
2003:
2002:
1995:
1988:
1980:
1971:
1970:
1968:
1967:
1957:
1947:
1937:
1927:
1917:
1907:
1896:
1893:
1892:
1890:
1889:
1884:
1879:
1874:
1869:
1864:
1859:
1854:
1849:
1844:
1839:
1834:
1829:
1824:
1819:
1814:
1809:
1804:
1798:
1796:
1790:
1789:
1787:
1786:
1781:
1776:
1774:Family offices
1771:
1766:
1761:
1759:Merchant banks
1756:
1751:
1746:
1741:
1736:
1731:
1726:
1721:
1715:
1713:
1709:
1708:
1705:
1704:
1702:
1701:
1696:
1691:
1690:
1689:
1684:
1674:
1669:
1667:Management fee
1664:
1659:
1654:
1649:
1639:
1637:
1633:
1632:
1630:
1629:
1624:
1619:
1614:
1609:
1604:
1599:
1594:
1589:
1584:
1582:Angel investor
1578:
1576:
1570:
1569:
1567:
1566:
1561:
1556:
1551:
1546:
1541:
1535:
1533:
1524:
1518:
1517:
1515:
1514:
1509:
1504:
1499:
1494:
1489:
1483:
1481:
1475:
1474:
1472:
1471:
1466:
1461:
1456:
1451:
1446:
1445:
1444:
1433:
1431:
1427:
1426:
1419:Private equity
1417:
1415:
1414:
1407:
1400:
1392:
1383:
1382:
1364:
1361:
1360:
1358:
1357:
1352:
1347:
1342:
1337:
1332:
1326:
1324:
1323:Related topics
1320:
1319:
1317:
1316:
1311:
1306:
1301:
1296:
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947:External links
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863:
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839:"Madoff money"
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332:private-equity
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1729:Pension funds
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1487:Early history
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1254:Open-end fund
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1139:Umbrella fund
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1132:
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1127:
1125:
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1120:
1117:
1115:
1114:Royalty trust
1112:
1109:
1106:
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917:on 2023-06-06
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843:The Economist
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756:The Economist
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418:Hamilton Lane
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261:
259:
256:
255:Bernie Madoff
252:
251:due diligence
247:
245:
244:Pension funds
241:
237:
236:' (AFFE)."
235:
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78: –
77:
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72:Find sources:
66:
62:
56:
55:
50:This article
48:
44:
39:
38:
33:
19:
2258:Fixed income
2134:Global macro
2076:Event-driven
1887:Vintage year
1812:Capital call
1784:Crowdfunding
1738:
1719:Corporations
1622:Venture debt
1340:Robo-advisor
1285:Fixed income
1216: /
1172: /
1092:Pension fund
1041:
930:
919:. Retrieved
915:the original
905:
891:
880:. Retrieved
878:. 2012-10-11
875:
866:
851:
842:
833:
823:
816:
804:. Retrieved
800:
788:
777:. Retrieved
774:Investopedia
773:
764:
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738:
733:
722:. Retrieved
717:
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358:Headquarters
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196:Robert Vesco
169:
144:
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90:
83:
71:
59:Please help
54:verification
51:
2485:Hedge funds
2248:Derivatives
2243:Commodities
2198:Day trading
2108:Directional
2007:Hedge funds
1749:Foundations
1672:Pledge fund
1464:Secondaries
1314:Yield curve
1227:Terminology
1179:Hedge Funds
1072:Mutual fund
1012:Investment
629:mutual fund
620:hedge funds
186:FOF, or an
176:mutual fund
2520:Categories
2440:Governance
2014:Investment
1837:Envy ratio
1744:Endowments
1607:Seed money
1521:Terms and
1149:Unit trust
1057:Hedge fund
1047:Index fund
1016:structures
921:2023-08-19
882:2021-12-27
806:27 January
779:2021-12-15
724:2015-03-08
701:References
627:expensive
588:Caixagest
180:hedge fund
161:securities
87:newspapers
2374:Investors
2024:Arbitrage
1807:Cap table
1712:Investors
1636:Structure
1454:Mezzanine
1442:Leveraged
1293:Convexity
159:or other
117:June 2008
2016:strategy
1857:Leverage
1793:Related
1523:concepts
1371:Category
1289:Duration
655:See also
554:New York
408:New York
288:Vanguard
202:Features
147:) is an
2236:Markets
2227:Related
2186:Trading
1867:M&A
1574:Venture
1479:History
1449:Venture
1104:(QIAIF)
801:sec.gov
635:(ETF).
307:iShares
284:iShares
182:FOF, a
178:FOF, a
101:scholar
2308:Greeks
2253:Equity
1832:EBITDA
1531:Buyout
1459:Growth
1437:Buyout
1268:Theory
1170:Active
1110:(REIT)
529:London
320:Preqin
153:stocks
103:
96:
89:
82:
74:
2351:Short
2341:Hedge
2322:alpha
2229:terms
2153:Other
1647:funds
1512:2020s
1507:2010s
1502:2000s
1497:1990s
1492:1980s
1355:UCITS
1214:Value
1124:SICAV
1038:(FCP)
1032:(ETF)
1026:(CCF)
797:(PDF)
157:bonds
108:JSTOR
94:books
2326:beta
2282:Misc
1699:SPAC
1645:and
1602:SAFE
1421:and
1379:List
1014:fund
808:2024
341:Rank
249:The
80:news
1872:PME
1852:IRR
1847:IPO
1802:AUM
631:or
591:39
585:10
568:40
543:42
518:47
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397:65
372:100
230:SEC
145:FOF
63:by
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643:A
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139:A
2332:)
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