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First Opportunity Fund: A Good Way To Acquire Top-Rated Hedge Funds At A 25% Discount

Seeking Alpha – If you want to invest in hedge funds in the U.S., you have to be an “accredited investor” with a net worth of at least $1 million not including your house, or an annual income over $200,000 a year for the last two years ($300,000 if married). Even if you do qualify, hedge fund management fees are quite steep and there are often lockup restrictions that limit how and when you can sell your shares.

But there is a way for any investor to participate in hedge funds at a discounted price. The First Opportunity Fund, Inc. is a closed-end fund that trades in the OTC market. FOFI has positions in hedge funds that total about 33% of the fund assets and are managed by Wellington. There were two hedge fund positions held by the fund as of March 31, with about $50 million in each.

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