Every local TV news channel has some segment that helps some consumer in distress–someone wronged by a renegade dry cleaner who made a hole in a beloved cashmere sweater, or a pet owner who bought amutt instead of a pedigree pure bred. Invariably, the segment is called something along the lines of “the Investigators,” or “XYZ news channel On Your Side.”
This blog entry is my version of that regular feature on your local news. My focus: the returns printed in hedge fund marketing materials, and why a magazine that ranks hedge funds by returns will change their data labeling practices.
I was chasing down a tip for another story when I was sent some marketing materials for the fund of funds, Innovation Fund. The materials were reprints of a ranking published by HFM Week, a trade publication. That’s when I saw something that was a little confusing on the chart that ranked diversified, offshore funds of funds with a minimum of $250m and a 5-year track record.
