CHICAGO (HedgeWorld.com) – Hedge Fund Research Inc. unveiled four hedge funds of funds indexes, extending the firms HFRI Fund of Funds Index and database.

The four sub-indexes are: HFRI FOF Diversified Index, HFRI FOF Conservative Index, HFRI FOF Market Defensive Index and the HFRI FOF Strategic Index.

The HFRI FOF Diversified Index, unsurprisingly, contains funds using a diversified approach. The HFRI FOF Conservative Index contains funds focused on strategies such as equity market neutral, fixed-income arbitrage and convertible arbitrage. The HFRI FOF Market Defensive Index, which contains funds with low correlation to general market benchmarks, includes short-biased funds and futures funds. The HFRI FOF Strategic Index, which includes funds targeting hedge funds that take a little more risk, contains funds of funds using opportunistic strategies such as emerging markets, sector specific, and long/short equity.

HFR offers a two-page analysis of each fund of funds in the index, updating the reports every two weeks, said Joshua Rosenberg, president of HFR.