Multi-Manager Funds: A Toolkit for Evaluation

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This report examines the characteristics of multi-manager hedge funds that sufficiently differentiate them from their traditional multi-strategy counterparts to warrant particular consideration by potential investors. Our examination does not lead us to make a blanket endorsement of one type over the other. Rather, our discoveries provide insight into the significant ways the funds within the MM group differ not only from MS funds, but also from each other. The resulting questions investors should include in their due diligence process are provided here as a resource for investors that want to avoid unexpected outcomes and build on their qualitative analysis of the firm’s potential to ultimately select the fund that is the best fit for their needs.