基于对冲基金的投资组合新架构研究

Research on a new framework of investment portfolios based on hedge funds

本文在分析传统的投资对冲基金组合架构存在不足的基础上，提出了新的资产组合构架模型，并通过美国市场的数据论证了对冲基金为何不是一个纯粹超额收益的制造者而更多是一个风险溢价的提供者以及将对冲基金与传统资产有机整合到一起的好处，为投资者优化资产投资组合提供了新的方法。

By analyzing the shortcoming of traditional Hedge fund investment portfolios, we set up a new investment portfolio model about Hedge Funds. In this way, we deduce that Hedge fund can not only take advantage of the Alpha benefit of the Hedge Fund but also we can extract the beta benefit of the Hedge Funds, which can benefit from the integration of Hedge fund and traditional asset. The model is a new way for investors to optimize their assets investment portfolios.